The Effect of New Home Construction on the NH Real Estate Market
It seems like everywhere you look lately in New Hampshire, the real estate market is tighter and tighter. A recent surge in housing prices has created a sellers’ market. From concerns about new buyers being priced out of the Seacoast to the fast-paced development of condos in the Lakes Region impacting views of the shoreline and increasing traffic, it seems that there is a high demand for limited space and property.
Though it might be a great time to put your home on the market and make a move, there’s not a huge influx of people moving into the state and buying up all of the real estate. In fact, according to U.S. Census data, “The state has one of the slowest growth rates in the nation at a simple 0.16%, which positions 45th in the nation.”
The reality is that homeowners are still reluctant to sell their homes, making houses in the low- and median-range price points hard to find. This situation is driving up prices across the state.
But there is another option for potential homebuyers who want to find their dream house in an affordable price range. That’s because one sector of the market is unaffected by the reluctance of homeowners to put their properties up for sale: new home construction. New Hampshire builders are increasing market supply by developing large plots of land into individual properties or entire communities, creating a new space in the market for those seeking a home to call their own.
Sure, property is limited in many areas of the Seacoast and in New Hampshire’s southern tier along the border with Massachusetts, regions which have always been in demand. But just a few miles away there are ample opportunities to develop entirely new communities. You can purchase the home you want, with the features you’re looking for, without scouring the resale listings and making an individual seller the middleman.
Interested in seeing what we’re building throughout New Hampshire? Schedule a model home tour!