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Realtors: New Hampshire inventory collapsed, affordability worsened; modest sales rebound possible
Summary
The New Hampshire Association of Realtors reported a roughly 60% decline in housing inventory since 2019 and said median sale prices remain high; the group urged expanding housing supply to improve affordability.
Bob Quinn, chief executive officer of the New Hampshire Association of Realtors, told the Senate Ways and Means Committee that the state’s housing market has diverged from national trends, with a steep decline in inventory and continuing price pressure.
Quinn said housing inventory fell about 60% between March 2019 and March 2025 while many Sun Belt markets saw inventory increase. He said median sale prices remain elevated (the group cited a recent median sale price around $515,000) and that days on market nationally have shortened in New Hampshire — the association reported a statewide median days-on-market figure near 28 in 2024 compared with roughly 100 days a decade earlier.
Quinn said residential gross sales have started a modest rebound and that commercial activity in New Hampshire appears steadier than in large urban markets. The association estimates that residential closed sales rose in 2024 and that gross residential sales volume has shown a steady increase over the past year.
Quinn and committee members discussed the role of mortgage rates, building permits and zoning. Quinn said the primary remedy to improve affordability and the index grade (New Hampshire received a “C–” in a recent affordability report) is more housing inventory, including multifamily and accessory dwelling approaches. He said statewide permit counts have stayed roughly steady in recent years — roughly 4,500–5,000 permits annually — and that several communities have taken steps to permit more units while many others remain resistant.
The association recommended statewide policy changes to increase supply; members noted that some proposed bills this session seek to ease local restrictions and speed permitting. Quinn told lawmakers that while some buyers are out-of-state, a large share of purchases are intra-state moves by New Hampshire residents, and that senior homeowners who want to downsize frequently cannot find smaller, available units in their communities.
