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Housing commission review shows rising prices, scarce entry‑level supply in New London
Summary
At a meeting of New London’s Housing Commission, members reviewed 2024–25 sales data showing an 8% rise in median single‑family prices and a marked drop in lower‑priced sales; commissioners discussed rent levels, data gaps and potential sources such as Zillow Rental Manager to improve local rental statistics.
NEW LONDON — The New London Housing Commission reviewed a 2024–2025 housing market report that showed rising prices and sharply thinner inventory at lower price points, and discussed how limited local data complicates planning.
A staff member presented a town-level summary showing the median single‑family sale price rising from $692,000 in 2024 to $750,000 in 2025, about an 8% increase. The presenter also noted that sales in the $300,000–$400,000 band fell from four transactions to one, a 75% drop, but cautioned the count is small and therefore volatile. At the high end, sales above $1,000,000 increased from six to 40 during the same period.
“The big picture is prices are going up,” the staff member said, urging the commission to consider how supply is shifting across price tiers. Commissioners framed that shift as a widening disparity in the local market: affluent buyers are driving the high end while fewer homes are available for first‑time buyers or downsizers in the sub‑$500,000 range.
Commissioners examined related cost metrics. Using a round example cited at the meeting, a $500,000 house with 20% down and a $400,000 mortgage at about 6% interest yields a monthly principal‑and‑interest payment in the roughly $2,400 range; members noted taxes and insurance would add to that monthly obligation.
Panelists also compared local rents to county fair‑market figures. The New Hampshire Housing Finance fair‑market rent for a two‑bedroom in Merrimack County was cited at about $1,974 per month (gross), with a recommended utility allowance reduction of roughly $200–$250; the staff member warned this county average likely understates New London’s local rents because Concord skews the county sample.
Multiple commissioners highlighted the limits of available rental data and discussed options for improving counts. The commission agreed to explore whether Zillow Rental Manager can generate usable local reports and to consider landlord outreach so the town can build a more complete rental inventory.
Why it matters: Commission members said the town’s ability to recommend zoning or other responses depends on better, more local data. Narrow supply at lower price points could push first‑time buyers out of the market and complicate local housing goals.
What’s next: Staff will circulate the full procedures and data packet to commissioners, and the group plans to follow up after consulting the planning board and once committee appointments by the selectboard are finalized.
