Most real estate figures agree: The price of homes in New Hampshire aren’t rising as steeply as they have in recent years.

Indeed, growth in the state’s monthly median home sale price has recently declined to its slowest pace since before the COVID pandemic, matching up with national trends showing a slight moderation in prices due to an encouraging increase in the number of homes for sale.

Without a doubt, prices are still rising and setting new records in New Hampshire. In May, the statewide median price for a single-family home hit $505,000, while the year-to-date statewide price rose to $490,000, according to data from The Warren Group, publisher of The Registry Review.

But the monthly median sale price was up only 3 percent in May on a year-over-year basis, and the year-to-date price was up only 5.38 percent through May 31 on the same basis – both only half the increase as seen during the same time periods in 2024.

Still, price changes vary from county to county, sometimes significantly so and sometimes defying overall statewide trends.

In particular, data for the state’s two largest counties – Hillsborough and Rockingham – shows how much price trends can vary from market to market in New Hampshire.

In Hillsborough County, home to the cities of Manchester and Nashua, the year-over-year median price for a single-family home was actually down 1.9 percent in May, to $517,500, while the year-to-date median price rose by only 3 percent through May 31, to $515,000, according to Warren Group data.

In Rockingham County, home to Portsmouth and other popular Seacoast-area communities, the year-over-year median price for a single-family home was up 8.3 percent in May, to $650,000, considerably higher than last year’s growth rate in May 2024.

But Rockingham’s year-to-date median price rose by 6.37 percent, to $620,000, for a slightly lower YTD growth rate compared to 2024, according to Warren Group data.

The Registry Review recently talked to leading agents in the Hillsborough and Rockingham counties to see what’s going on in their respective housing markets – amid rising inventory across the state.

Hillsborough Hitting a Ceiling

Bill Weidacher, operating principal at Keller Williams Realty-Metropolitan in Bedford, said he’s definitely noticing a cooling of prices in Hillsborough County.

“We’re still seeing appreciating prices, but not nearly as much we’ve seen in the past,” he said. “We’re starting to see a more buyer-friendly market. It’s a more flexible market.”

He said the moderation in prices is partly attributable to an increase in the inventory of homes in his market – and across the state as well.

Weidacher estimated the inventory in his general area has increased by about 10 percent compared to last year.

The New Hampshire Association of Realtors, meanwhile, reports statewide year-over-year new listings of single-family homes were up 19 percent in June and up year-to-date by 11.6 percent through June.

“People can actually make choices when buying,” Weidacher said of the greater number of homes for sale on the market.

But the major reason for the slowing rate of price growth is not an increase in inventory, Weidacher said.

Instead, it’s about affordability. Many people simply can’t afford today’s home prices.

“That’s the single biggest reason for the slowdown in the appreciation of prices. People can’t afford prices that keep going up and up and up.”

And that unaffordability is putting a downward pressure on prices, he said.

Over the past month, there were about 620 recorded price cuts in Hillsborough, Merrimack and Rockingham counties, compared to 350 to 400 price changes during the same time period in 2024, Weidacher said.

“That’s the most price changes I’ve seen since 2019,” he said of this year’s numbers. “It shows the sellers initially picked the wrong prices. They weren’t getting action, so they had to lower their prices.”

As for the rest of this year, Weidacher said he’s optimistic prices will continue to moderate, as long as inventory levels keep improving.

Rockingham’s Luxury Buyers Get Edge

With its beautiful coasts and quaint communities, Rockingham County homes remain the most expensive in the state.

But John Rice, broker agent at Tate & Foss Sotheby’s International in Rye, said even the popular Seacoast area is seeing a small easing in prices.

And it’s mostly due to rising inventory.

As chief statistician for the Seacoast Board of Realtors, Rice said that data he’s collected for 13 Seacoast towns shows a 17 percent year-to-date jump in closed sales through June, compared to the same period last year.

As of the end of June, meanwhile, there were about 185 homes listed for sale in those same 13 communities, compared to 122 homes listed for sale during the same time period last year, he noted.

“That’s quite an improvement in inventory,” he said. “We’re seeing the most listings we’ve had in five years.”

The net result for the 13 sample communities: median home price increased by only 2.8 percent year-to-date through June, to $825,000, Rice said.

“Price increases have definitely slowed down – just a tad. But prices remain so high in the area. That hasn’t changed,” he said.

Many homes in the Seacoast area continue to be sold for millions of dollars, often to out-of-state buyers who are paying cash.

“These are people who want what they want – and they don’t let logic get in the way,” Rice said. “They’re not letting high prices get in their way.”

As for the rest of 2025, Rice said the direction of today’s housing market is hard to predict.

“There’s no telling how much product will be put out there,” he said of listings in the second half of 2025. “But if inventory keeps increasing, it will inevitably lead to downward pressures on sale prices.”