Lakes Region market update; under $400K listings needed

It’s Columbus Day weekend, with lots of visitors enjoying the fall spectacle of color. I researched the real estate market we’ve experienced in the Lakes Region for the 9-month period ending Sept. 30 and compared it to the same 9-month period in 2023. I pulled up 25 towns and cities which comprise the Lakes Region and here is what I came up with.

Single-family home sales

There were 1,118 single family homes sold during this nine-month period resulting in a 10.5% increase over the previous year, the median sales price was $467,250 (a 6.9% increase from 2023) and the median days on the market was 11 days, total sales volume was $762,819,779 (a 4.7% increase from 2023). The lowest sales price was a seasonal camp with 500 square foot in Freedom for $60,000. The highest was a waterfront home in Gilford that sold for $7 million.

Condominium sales

There were 244 condominium homes sold during nine-month period resulting in a 14.1% decrease from 2023. The median sale price was $372,000 (an 8.1% decrease from 2023). Total sales volume was $11,237,050 (a 14.4% decrease from 2023). The lowest sales price was a quarter share 740 square foot condominium in Gilford for $24,500. The highest was a 2,552 square foot Lake Winnipesaukee townhouse at Jonathan's Landing in Moultonborough that sold for $1.63 million.

Waterfront sales – Lake Winnipesaukee 

There were 65 waterfront homes sold (one less than 66 in 2023), the median sales price was $1.77 million (a 28.8% decrease from 2023), and the median days on the market was 13 days. The lowest price was on Rattlesnake Island in Alton at $387,000. The highest price was $7 million in Gilford. Total sales volume was $54,279,590 (a 25.5% decrease from 2023).

Waterfront sales – Lake Winnisquam

Fourteen waterfront homes sold (a 100% increase over 2023), the median sales price was $1.41 million (a 19.4% decrease from 2023) and the median days on the market was 24. The lowest price was $360,000 in Belmont, the highest was $3.6 million for a 4,457 square foot waterfront home in Meredith. Total sales volume was $20,559,000 (a 72% increase over 2023).

Waterfront sales – Newfound Lake

Five waterfront homes sold (a 37.5% decrease from 2023), the median sales price was $1.4 million (a 19.4% decrease from 2023), median days on the market was five days. The lowest price was $425,000 for a 1,492 square foot cottage in Hebron. The highest price was $4.77 million for a 4,374 square foot waterfront home in Hebron. Total sales volume was $10,925,000 (a 51.2% decrease from 2023).

It looks like the single-family home category held up pretty good for the 25 towns and cities representing the Lakes Region, where sales were up 10.5% and the median sales price was up 6.9% over 2023 thus far. However, the waterfront and condominium sectors showed decreases on average. The condominium sector showed a decrease in sales units of 14.1% and the median sales price decreased 8.1%.

For waterfronts, on Winnipesaukee, we saw consistently the same number of homes sold. However, the median sales price decreased 28.8% and total sales volume decreased 25.5% from the previous year. On Winnisquam, unit sales went up 100% however, the median sales price decreased 19.4% from 2023 and total sales volume increased 72% over 2023. On Newfound Lake, unit sales decreased 37.5% from 2023 and the median sales price decreased 19.4%, as well as the total sales volume decreased 51.2% from 2023.

We are seeing price reductions and longer days on the market for some properties in the upper middle price range and higher price ranges. However, for single-family homes priced under $400,000, the choices are limited.

To give you an example, in order to show you what we’re up against with affordable housing, I pulled up the number of single-family homes for sale on Oct. 9 in seven towns/cities priced at $400,000 and under. Here are the statistics; which are not encouraging:

Alton, zero homes; Moultonborough, zero homes; Meredith, one home; Wolfeboro, four homes; Gilford, six homes; Belmont, six homes; and Laconia, eight homes

Let’s hope we see more inventory coming on the market below $400,000 heading toward the end of this year and into 2025. There certainly is a backlog of buyers in that category. At Roche Realty Group, we also have a strong demand for water access properties with a beach and possibly a boat slip included. Lake and mountain view properties and properties with acreage are also on many buyers’ wish lists. Newly constructed homes have done well this year. When you drive around the Lakes Region, you can see newly built homes blended with the spectacular fall foliage.

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This article was written by Frank Roche, president of Roche Realty Group with offices in Meredith and Laconia, and can be reached at 603-279-7046. Visit rocherealty.com to learn more about the Lakes Region and its real estate market.