New Hampshire’s housing market continues its historic climb, with home prices hitting a new record high in April 2025 and affordability reaching alarming lows. The median price for a single-family home in the state rose to $528,000, marking the 63rd consecutive month of year-over-year price increases, according to data released by the New Hampshire Association of REALTORS® (NHAR).
The relentless rise in prices is amplifying concerns over housing affordability, particularly for middle-income buyers. NHAR’s Affordability Index—a measure of whether the typical household earns enough to qualify for a mortgage on a median-priced home—remained below 60 for the fifth consecutive month, standing at 57 in April. That figure indicates that the state's median household income is just 57% of what's needed to purchase a median-priced home under current interest rates.
To put that in perspective, the Affordability Index was above 200 as recently as 2013, and remained over 100 until 2021, signaling a sharp and rapid decline in purchasing power for prospective homebuyers.
New Hampshire Association of Realtors
Inventory Constraints Continue to Pressure Market
While inventory levels increased 31% compared to April 2024, New Hampshire’s housing market remains historically tight. The state had only 1.6 months’ supply of homes for sale in April—far below the 5 to 7 months typically considered a balanced market. This lack of available housing is widely seen as the primary driver of continued price escalation.
“Even with modest increases in listings, demand is still outpacing supply at every turn,” said a spokesperson from NHAR. “We haven’t seen a balanced market in over eight years.”
In October 2016, New Hampshire had more than 7,300 single-family homes on the market. Today, that number has plummeted to just 1,614 as of the end of April 2025—a staggering 78% decreaseover that period.
Outlook
The persistent imbalance between supply and demand has made New Hampshire one of the least affordable housing markets in the region, despite having no major metro center. Rising interest rates and construction delays have compounded the issue, leaving many buyers priced out or forced to make compromises.
Housing advocates are urging policymakers to prioritize solutions that promote affordable development, zoning reform, and first-time homebuyer assistance to address what is becoming a long-term structural challenge.
As the state heads into the busy summer housing season, it remains to be seen whether recent inventory gains will be enough to slow price growth—or if 2025 will mark yet another year of affordability setbacks for New Hampshire’s homebuyers.