According to the New England 2016 Housing Forecast by RE/MAX INTEGRA, first-time buyers are expected to play a significant role in this year’s housing market, which will also continue to experience inventory shortages in key areas, rising home values and higher interest rates.
Despite a winter season that slowed the housing market for more than six weeks as New Englanders dug out of record snowfall, the 2015 regional housing market ended with home sales rising 9 percent higher than 2014.
At $240,000, the average median sales price of a single-family home in New Hampshire was up 5.3 percent over 2014. Single-family home transactions increased 11.6 percent year-over-year, and condominium transactions increased 15 percent from 3,284 transactions in 2014 to 3,776 in 2015. That was the highest percentage sales increase in New England.
Fueling the market was pent-up demand from homebuyers forced to put their plans on hold as the region struggled with historic winter conditions. Sellers reacted to the inclement weather by pulling their homes off the market, which set the stage for the perfect storm of consumer demand and limited inventory when the snow melted.
RE/MAX INTEGRA, New England data illustrates a steady market in 2015 with approximately 13,510 additional single-family homes and condominiums sold throughout the region.
“Throughout New England, we experienced moderate price increases,” Dan Breault, executive VP and regional direcgtor of Re/MAX INTEGRA New England. “Single-family homes increased 2.1 percent on average and condominiums rose 2.6 percent over last year’s prices. When we see homes appreciating between two and four percent, this indicates that affordability is still high and as long as inventory expands in 2016, the New England housing market will remain healthy.”