New Hampshire housing market cools as policy targets supply
Driving economic shifts
New Hampshire's economy is influenced by a consistent inflow of residents from Massachusetts, particularly in southern counties. This migration pattern contributes to sustained demand for housing, even as job growth has shown signs of slowing across the state in 2025.
Housing market right now
The median sale price for a single-family home in New Hampshire increased by approximately 3.9% in 2025, a slower pace compared to previous years. Inventory has shown slight improvement, but supply remains below levels considered balanced for the market.
Migration patterns
New Hampshire continues to experience net in-migration, primarily from Massachusetts, which has historically driven population growth. This trend, however, has seen slower overall growth since the early 2020s, with an estimated 6,800 people added to the population between July 2024 and July 2025.
Headwinds
Job growth in New Hampshire stalled in 2025, with a decline in overall employment by November. Wage growth has not kept pace with inflation, and the state faces an aging population, with more than one in three residents over 55.
Key facts
- The median sale price of a single-family house in New Hampshire increased by about 4% from 2024 to 2025, the lowest annual increase since 2016.
- New Hampshire's population increased by an estimated 6,800 people between July 1, 2024, and July 1, 2025.
- In July 2025, New Hampshire enacted new laws to ease restrictions on residential construction, including expanding Accessory Dwelling Units and permitting multi-family development in commercial zones.
- Job growth in New Hampshire stalled in 2025, with approximately 706,100 jobs reported in the state by November 2025, down from a peak of 711,600 in December 2024.
- The I-93 Exit 4A interchange was completed in July 2025, with phases two and three of road construction connecting Londonderry to Derry continuing through 2028.