Read on to see the latest Portsmouth property trends.
The average price for a Portsmouth single-family home in September was $628,156, that’s a 26.8% decrease from the same time period in 2022. The Portsmouth condo average was $$1,030,245, a 9.8% jump from September 2022.
There were 25 closed sales of single-family homes and condos in September vs. 38 in 2022. That’s a 34.2% drop. Because Portsmouth is a fairly small market area, the short-term data shows some wide fluctuations but the overall, long-term pricing trend is very robustly up.
What does the rest of 2023 look like for the Portsmouth NH real estate market?
Total pending sales of both single-family homes and condos in September were 31, a 10.7% increase from September 2022. Interestingly enough, Portsmouth’s pending sales have remained pretty consistent in roughly the 20 to 40 range for the past 10 years. I also attribute this to the small market Portsmouth represents.
In this just past September, the average days on the market for a Portsmouth single-family home or condo was 9 days and there was a 2.7-month supply of homes for sale. That indicates that Portsmouth and the rest of the New Hampshire Seacoast area is still firmly a seller’s market.
Pending sales are a reliable near-term future market indicator because these pending sales with become closed sales in the next 30 to 60 days and be available to both Realtors and appraisers as comparables. Based on these indicators it appears that the Portsmouth, NH real estate market will continue to rise.
Why is buying a home such a great investment? Watch our short video to learn one huge reason.
Click here to take a look at the current Portsmouth, NH homes for sale.
We’ll be back next month with another Portsmouth, NH real estate update for you. Questions? We’re always ready to talk about real estate, just give us a call, text, or email.
Ann Cummings & Jim Lee, REALTORS. Serving the New Hampshire Seacoast & southern Maine
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