Hanover, NH Real Estate Ownership is Your Ticket to Everyday LeisureThe 2020 real estate market was as unpredictable as everything else in 2020 across all segments of our region. The already low housing inventory in the Upper Valley region was further diminished to levels not seen in decades. As I write this on January 12, 2021 for example there are 3 single family homes for sale in Hanover, 4 in Grantham, 12 in Hartford, 9 in Lebanon and 6 in Norwich. In past years homes for sale in these Towns at this time of year would have numbered in the teens, twenties and thirties.
Breaking the Upper Valley market apart by price point, property type and counties provide some insight into how unusual the market was in 2020 when compared to 2019.
At the upper end of the market in Grafton, Merrimack, Sullivan Counties in NH we saw units sold for 1 million plus rise from 51 in 2019 to 104 in 2020. In Windsor and Orange Counties in VT sales rose from 27 in 2019 to 72 in 2020. There are only 19 homes for sale in all 5 counties now priced over 1 million, inventory at this price point has been largely consumed as we enter 2021.
In the 500K to 1 million market segment sales in Windsor and Orange Counties moved from 125 in 2019 to 244 in 2020. In Grafton, Merrimack and Sullivan 2019 unit sales were 266, in 2020 they rose to 441. There are 38 homes on the market now in all 5 Counties in the $500-$1,000,000 range, again inventory is seriously depleted as we enter 2021.
Sales in the 200K to 500K range in Merrimack, Grafton and Sullivan Counties rose from 2,274 units in 2019 to 2,624 in 2020. In Windsor and Orange Counties sales rose from 518 in 2019 to 705 in 2020. Inventory in this price point in all 5 counties now is 143 units, once again a depleted inventory as we enter 2021.
Condo sales in Grafton, Merrimack and Sullivan Counties rose from 244 in 2019 to 261 in 2020. In Orange and Windsor Counties sales rose from 909 units to 966 units.
Land sales in Grafton, Merrimac and Sullivan Counties rose from 575 in 2019 to 966 in 2020. In Windsor and Orange Counties sales rose from 153 to 271. Clearly a major shift towards new construction occurred as inventory of available homes has diminished.
What does all this bode for real estate in our region in 2021? If you are selling your home, life is good, prices and demand are at all time highs. If you are considering buying a home, it is going to be an adventure. Be prepared for limited choices and ready for multiple offers on those limited choices. Having a well informed agent on your side as a Buyer will be a real advantage in the hunt for a home in 2021.
See what the new listings on the real estate market.