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ew Hampshire's real estate landscape is characterized by stability in commercial sectors and a persistent housing market imbalance. According to recent reports, office space and industrial/warehouse markets are experiencing steady conditions.

    The residential market, however, remains marked by high prices and limited supply. January data revealed a median sales price of $502,500 for single-family homes, a 12.9% increase over the previous year. This trend is consistent with the past four years, where historically low inventory and higher prices have been the norm.

    Susan Cole, president of the New Hampshire Association of Realtors' Executive Committee, attributes this situation to supply issues rather than market fluctuations. "By any metric, we're not seeing a material change in our housing market," she said. The months supply for houses was 1.5, a 15.4% jump over last year, while condos had a months supply of 1.7%, a 6.3% increase.

    To address the shortage, Cole advocates for legislation that reduces zoning restrictions on new home construction. "If New Hampshire is to offer affordable housing to young families and workers while preserving its rural character, we need to revisit our zoning policies," she said. The NHAR supports bills like HB 459 and SB 84, which limit lot size minimums and set maximum requirements for single-family homes.

    These changes aim to ease the housing shortage by allowing property owners more flexibility in developing smaller lots. "Thoughtful adjustments to zoning regulations will help us fix our housing crisis," Cole said. Many buyers don't need large plots of land, and these reforms can make a significant difference.

    Here's a breakdown of median house prices for each county:

    * Belknap: $500,000

    * Carroll: $429,000

    * Cheshire: $375,000

    * Coos: $312,000

    * Grafton: $409,950

    * Hillsborough: $525,000

    * Merrimack: $490,000

    * Rockingham: $670,000

    * Strafford: $450,000

    * Sullivan: $382,450

    Condo prices by county:

    * Belknap: $370,000

    * Carroll: $590,000

    * Cheshire: $315,000

    * Coos: $415,000

    * Grafton: $495,000

    * Hillsborough: $360,000

    * Merrimack: $340,000

    * Rockingham: $499,000

    * Strafford: $355,000

    * Sullivan: $630,000

    In commercial real estate, the office market showed signs of stabilization in 2024, with a vacancy rate rising by just 0.2% year-over-year to finish at 13.8%. This marks the smallest annual increase in two years, suggesting a potential leveling-off in market conditions.

    The industrial market has been experiencing a steady increase in vacancy since Q4 2022 due to new construction addressing the shortage of industrial/warehouse space. However, the vacancy rate has started to stabilize in the second half of 2024, ending the year at 5.4%.