New Hampshire’s housing market reached an unsettling milestone in 2024: the median price of a single-family home climbed to $514,000, breaking the half-million mark for the first time in state history. Let that sink in. Ten years ago, that number was $228,000. Five years ago, $300,000. Even in 2023, we were at $470,000.

What does this mean for the Granite State? It means we’re facing a housing crisis like never before—a crisis of affordability, supply, and opportunity.

For context, the affordability index in New Hampshire stood at just 59 by the end of 2024, compared to 131 in December 2019. In plain terms, the median household income in New Hampshire is now only 59% of what’s needed to qualify for a median-priced home. That affordability gap explains the growing anxiety I see in my work every day. Homeowners and buyers alike are asking the same question: If I had to move, where would I go?

The Reality of Rising Costs

Since 2019, home prices in New Hampshire have risen a staggering 70%. Yet incomes haven’t come close to keeping pace. Families are feeling the squeeze, not just from rising prices but from the ripple effects of limited inventory.

Let’s talk specifics:

• Single-family homes: The median price ended 2024 at $514,000, with December’s median slightly lower at $507,000.
• Condos: Median price in December? $443,000, capping off a year-long average of $415,000.
• Supply: Inventory at the close of December 2024 was razor-thin—just 1.5 months for homes and 1.7 months for condos.

Here’s a county-by-county breakdown of single-family home median prices in December 2024:

• Belknap: $439,500
• Carroll: $450,000
• Cheshire: $385,000
• Coos: $277,500
• Grafton: $412,500
• Hillsborough: $526,500
• Merrimack: $476,500
• Rockingham: $640,000
• Strafford: $486,500
• Sullivan: $395,000

And for condos:

• Belknap: $395,000
• Carroll: $780,000
• Cheshire: $0 (no units sold in December)
• Coos: $559,000 (based on one sale)
• Grafton: $364,900
• Hillsborough: $375,450
• Merrimack: $389,900
• Rockingham: $522,000
• Strafford: $374,900
• Sullivan: $0 (no units sold in December)

These numbers aren’t just statistics—they’re roadblocks for buyers, sellers, and communities across the state.

What’s Behind the Crisis?

It’s not just the high prices—it’s the lack of inventory driving this market imbalance. Restrictive zoning laws and outdated regulations have bottlenecked development, choking the supply of homes while demand continues to rise.

Interestingly, recent surveys show that Granite Staters want solutions:

• 74% of New Hampshire residents believe there isn’t enough affordable housing in their communities.
• 50% of voters don’t think they could afford to stay in their community if they had to move.
• Voters overwhelmingly support allowing both attached and detached ADUs (Accessory Dwelling Units) and housing on smaller lots.

These are clear signals to policymakers: the public understands that expanding housing options is key to solving the affordability crisis.

Signs of Progress

While the overall picture is grim, there are bright spots of innovation and collaboration. Take Rochester’s Rapids on Cocheco project: a 52-unit workforce housing development made possible by partnerships between the city, HUD, private developers, and New Hampshire Housing. Or Berlin’s transformation of the old Brown Elementary School into housing—a prime example of reimagining underutilized assets for the greater good.

These projects show what’s possible when state and local governments, private developers, and communities work together.

What Needs to Change?

Addressing this crisis requires bold action on several fronts:

1. Streamline Approvals: As Governor Ayotte rightly pointed out in her inaugural address, housing projects shouldn’t be delayed by unnecessary red tape. State-level permits should take no more than 60 days.
2. Loosen Zoning Restrictions: We need to allow for a broader range of housing options—smaller lots, denser housing, and more ADUs—to increase inventory while preserving New Hampshire’s rural character.
3. Public-Private Partnerships: Projects like those in Rochester and Berlin should become the norm, not the exception.

Governor Ayotte summed it up perfectly: “The journey of a thousand steps begins with one. There is no simple solution to this crisis, but we need to bring everyone to the table—state, local communities, and the private sector—to figure out where the opportunities are and how we can clear the way.”

Luxury Market Booms While Others Struggle

At the same time, the high-end market is thriving. Portsmouth saw its highest-ever home sale in 2024: a $6.8 million waterfront property. The Seacoast region closed the year with record-high median prices of $800,000 for single-family homes and $577,950 for condos.

It’s a tale of two markets: unprecedented luxury sales alongside growing affordability anxiety for middle- and lower-income families.

What’s Next?

The solution to New Hampshire’s housing crisis isn’t going to come overnight. It will take cooperation, creativity, and a commitment to putting people’s needs ahead of outdated policies.

The stakes couldn’t be higher. This isn’t just about the real estate market—it’s about the fabric of our communities and the future of our state. If you’re navigating this challenging market, let’s talk. Whether you’re buying, selling, or simply exploring your options, I’m here to help you find your way forward.