Portsmouth New Hampshire Real Estate update October 2022.

By
Real Estate Agent with RE/MAX Shoreline New Hampshire & Maine

Closed sales. Portsmouth, NH, is a town of approximately 22,000 people and an area of just under 17 square miles, making it a fairly small city with a small but pricey real estate market. Because of that, the number of closed sales dropping 23.5% in October versus the same time in 2021 doesn’t mean much.

Average days on the market for Portsmouth NH single family homes and condosAverage days on the market for Portsmouth, NH, single-family homes and condos.

The average days on the market tell us how lively the market is and how fast homes sell. The Portsmouth average for single-family homes and condos of 33 days tells us the market is still pretty vibrant despite rising interest rates. Why is that? The supply of homes for sale is still low, and demand is still pretty strong.

Portsmouth NH absorption rate for October 2022Portsmouth NH absorption rate October 2022.

The absorption rate, or the number of months’ supply of homes for sale, is a great market indicator to determine whether we’re in a seller’s or buyer’s market. Above 6 months is considered a buyer’s market, and below 6 months tends to favor sellers. The October number of 2.5 months says we’re still firmly in a seller’s market with low supply and high demand.

Portsmouth NH median sales price for single family homes October2022Portsmouth NH median sales price for single-family homes October 2022

In October, the median sales price for a single-family home in Portsmouth was $699,900, a 12% increase over October 2021. Again an indicator of continued strong demand for Portsmouth homes.

Portsmouth NH median sales price for condominiums October 2022Portsmouth NH median sales price for condominiums October 2022

Portsmouth, NH, condo prices continue to rise, with the median price breaking through the million-dollar barrier this past October to $1,019,500!

Portsmouth, NH pending sales for single family homes and condosPortsmouth, NH, pending sales for single-family homes and condos.

Pending sales are a great indicator of the short-term future. Pending sales are homes currently under contract and closing in the next 30 to 60 days. By knowing this number, we can project the likelihood of the sales volume for the next few months. Portsmouth single-family homes and condo pending sales are up slightly from September, which is a good sign, especially with interest rates rising.

That’s the story for the Portsmouth, NH, real estate market for October 2022. If you have questions or would like to know the numbers for your New Hampshire town, we’re happy to provide them.

New Hampshire REALTORS Ann Cummings and Jim LeeAnn Cummings and Jim Lee, REALTORS, Home Sellers, Problem Solvers

Ann Cummings and Jim Lee, REALTORS, your local real estate experts.

Posted by

Jim Lee , REALTOR®, Certified Residential Specialist (CRS)

http://JimLee.com  RE/MAX Shoreline

100 Market St., Suite #200, , Portsmouth, NH 03801 Phone: (603) 431-1111 x3801

Visit New Hampshire Maine Real Estate.com to search homes, get Seacoast area information, and find out how great living on the New Hampshire and southern Maine Seacoast really is.

 

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Comments (4)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Jim  interesting blog to share with us this morning in the Rain.  Make it a great Sunday!

Nov 20, 2022 09:00 AM
Roy Kelley
Retired - Gaithersburg, MD

Families on the move will appreciate your local real estate reports.

Have an outstanding week.

Nov 20, 2022 09:20 AM
Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Enjoyed your blog page, and I added you as a

friend. I would love the follow back. Bill

Nov 20, 2022 10:42 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jeff, great market update fo Portsmouth, and you are enjoying a healthy median price!

Nov 20, 2022 11:14 AM