New Hampshire Housing Market ~ Good News for New Hampshire

By
Real Estate Agent with BHG The Masiello Group

New Hampshire Best Place to Live in AmericaNew Hampshire economic fundamentals continue to be good indicators that housing will remain a sound long-term investment in the State of New Hampshire.  

Peter Francese, Director of Demographic Forecasts for the New England Economic Partnership. points to the housing market in the past 10 years to illustrate the point that buying a home is still a good long term investment.  (See chart 1 below).  Francese points out that “a home is both a place of your own to live in and, if you take care of it, a fine long-term investment.”

Chart 1 shows the 10-year trend in number of owned homes from the Census Bureau and the inflation-adjusted selling price trends for each NH county.   From 2000 to 2010, home prices increased at a rate that exceeded inflation in every county in New Hampshire ~ and rose by double-digits in nine out of 10 counties.

Francese further points out that on average, a New Hampshire home purchased in 2000 increased 50 percent in nominal dollars and 19 percent in real inflation-adjusted dollars by 2010. These increases occurred despite the unprecedented decline in home values during the last half of the decade.

While the recent economic climate causes uncertainty, Francese remains confident that the fundamentals for a healthy real estate market in NH are still at play. He reassures New Hampshire home buyers “ there can be no doubt about this fundamental point: a dwelling purchased in New Hampshire in 2010 or 2011 will both provide the buyer with a home and increase in value over the next decade, just as it did in the last decade. Count on it.”

The state of New Hampshire is better off than many states.  This fact along with the growing population of millenials bode well for the future of the housing market.  As the millenials form households and if they stay or relocate to New Hampshire, then both homes sales and prices will be on the rise.

Chart 2 shows the number of renters and owners by age…. There are over 81,000 young adult households under age 35 in New Hampshire and only 39 percent are homeowners.  (Down from 41 percent found in the 2000 Census.)

In total, there are 368,000 homeowners in New Hampshire, up 11 percent since 2000. Over 100,000 of those homeowners (27.5 percent) have no mortgage. In addition, there are about 150,000 renters, up 5 percent since 2000.

Every year, between 10,000 and 15,000 young adults will graduate from one of New Hampshire’s 30 colleges and universities. Those who decide to stay here will mostly be today's renters, but tomorrow's first time homebuyers. At the same time, the fast-growing ages 55 to 64 homeowners will be in the prime time to buy their second home, or their retirement home.

While the future is difficult to predict, Francese feels confident that “the underlying economic fundamentals are in place in New Hampshire and we should start preparing for the coming period of housing market recovery."

Francese-August11-Chart1.gif
 Francese-August11-Chart2.gif
Source: Census Bureau and New Hampshire Housing Finance Authority (Chart 1); Census Bureau (Chart 2).

 

Discover the New Hampshire Advantage

New Hampshire was named the Most Livable State in America  (6th year in a row!)

New Hampshire is the Safest State in America, 2010

New Hampshire is  Third Healthiest State in America

New Hampshire is the Best place in the US for children to live!

The interest rates continue to be at historically low rates and the inventory and pricing is advantageous to Buyers.   Sellers who prepare their homes and price them for the current market conditions are able to sell their homes.  If you would like to know if it is a good time to buy a home or to sell, please contact me and I will be happy to assist ~ 603-566-1715 or email RealEstateAgentNH@gmail.com.

_________

Disclaimer: Information herein may come from various sources, some of which may not be reliable and may change without any notice. Joan Whitebook does not guarantee or is any way responsible for the accuracy of the information in this blog and information provided is without warranties of any kind, either express or implied. Information on this blog represents the opinions and ideas of the author; comments by others may not express the views of the author.  Joan Whitebook (c) 2011, BHG the Masiello Group, Andrew White Managing Broker.  Licensed in NH  Photos Copyright © 2011 By Joan Whitebook, can be used with written permission only.  Portions of Post excerpted by permission of Peter Francese and NHAR.

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Comments (22)

Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Jerry ~  We are not out of the woods yet, but this analysis over 10 years is very encouraging.  Francese is a very bright guy so I am optimistic that recovery will be on the way in time.

George ~ We ahve a way to go for sure, but it looks like we have some economic fundamentals that may bode well for this recovery of the housing market.  I'm keeping my fingers crossed.

Aug 28, 2011 01:49 PM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

The news from New Hampshire continues to be good.  Thanks for keeping us updated Joan.

Aug 28, 2011 05:57 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Jane ~  It's good to know that NH seems to be heading toward a recovery.  We will see how things develop in the next few months.  We are all keeping our fingers crossed.

Aug 29, 2011 02:33 AM
Lynn911.com ~ Dallas Real Estate Agent Top Team
Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com - Dallas, TX

Joan good news for your area ... so very true regarding students who graduate do typically stay local to that community

dallas homes for rent by owner dallas houses for rent by owner lynn911.com

Aug 29, 2011 02:10 PM
Debbie Walsh
Shahar Management - Middletown, NY
Hudson Valley NY Real Estate 845.283-3036

Joan what a nice report.  I like how you related the college graduates to future renters, buyers and sellers.

Aug 30, 2011 07:30 AM
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Joan a very informative report.   Yes the graduate today will be the first time buyers tomorrow.

Just wished more communities had reports like this one.

Sep 01, 2011 11:17 AM
Karen Hawkins, MBA - Langley & Surrey, BC
Royal Pro Real Estate Network - Langley, BC

Very interesting post, Joan - definitely good news for New Hampshire!

Sep 02, 2011 05:59 PM
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Joan - definitely good news for homeowners in NH your comment below says it all for me ..... NH is certainly doing its bit when it comes to fuelling the Recovery Train

"From 2000 to 2010, home prices increased at a rate that exceeded inflation in every county in New Hampshire ~ and rose by double-digits in nine out of 10 counties."

Sep 03, 2011 04:27 PM
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

Joan - This is great news for New Hampshire home owners and buyers, and it's well presented and explained.

Sep 03, 2011 06:46 PM
Lisa Wetzel
RE/MAX Realty Affiliates - Carson City, NV
CDPE, SFR carsonvalleyland.com

Joan ... Looks like things are steady and getting better in New Hampshire!  Just what we want to hear!  Keep up the  Good work!

Sep 04, 2011 03:18 AM
Teri Eckholm
Boardman Realty - White Bear Lake, MN
REALTOR Serving Mpls/St Paul North & East Metro

Joan--Though no one can guarantee what anything will do in real estate, I think it is a good bet that buyers today are poised for having some equity if they are able to stay in their home for 10 years...that is if they do not use their equity during the decade for other things too. Good report.

Sep 04, 2011 02:25 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

Lynn  & Debra ~  It is important to create a community where young folks want to live and work after college.

Jennifer ~ Looks like things are moving in the right direction in NH.  I hope things are improving in NY as well.

Kathy~ We are hoping that this trend continues.  The market still has its challenges for sure, but we hope we are moving toward recovery.

Christine ~ Thanks for your kind words.  Hope all is well in Costa Mesa.

Lisa ~  New Hampshire is a great place to live.  If you get this way, please give me a call.

Teri ~ Thanks for stopping by and for your kind words.  It is important that buyers look at homeownership as a long term investment.

Sep 05, 2011 02:54 AM
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Way to go, Joan.  New Hampshire continues to be a desirable place to live.  You must be very proud.

Sep 05, 2011 02:19 PM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Joan, You are the number 1 good news spokesman for New Hampshire.  I love your posts because they are always upbeat!

Sep 06, 2011 01:21 PM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

If one's purpose for buying a home is to live in it, raise a family in it, retire in it, and perhaps even die in it, it's a great investment, both financially and with memories, regardless of when one buys it.

Sep 06, 2011 02:34 PM
Michelle Gibson
Hansen Real Estate Group Inc. - Wellington, FL
REALTOR

Joan - That is excellent news for the New Hampshire housing market.

Sep 07, 2011 08:59 AM
Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Joan, As others have said the market forecast about NH is promising.  "Slow and steady' has been the description of the Erie market in the past, present and future.  Based on Peter F's analysis I think NH might fit that description, too.  Unlike some markets that experience drastic highs and lows we just plod along no matter what is happening elsewhere in the country.  Keep going, Joan.

Sep 07, 2011 01:14 PM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Just popping back in.. I'm looking for data on Oklahoma schools.. it's that time of the year. 

Sep 09, 2011 02:19 PM
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®
There's nothing like hearing GOOD real estate news to a REALTOR's ear! Thanks for sharing your good news! :)))
Sep 15, 2011 02:59 AM
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

Hi Joan:

Great news about New Hampshire....

So glad to hear that some areas are recovering in this economy!

Sep 17, 2011 03:58 PM