2024 Market Recap and Preparing for the 2025 Spring Market
As we head into 2025, it’s a great time to reflect on the trends and highlights of the 2024 Seacoast New Hampshire real estate market and look ahead in anticipation for the 2025 spring selling season. Whether you’re planning to sell your home, keeping an eye on the market, or thinking of purchasing a home, understanding the key takeaways from the past year will help you make informed decisions moving forward.
2024 Market Highlights
- Steady Home Appreciation:
- Throughout 2024, home values continued their upward trajectory, with median home prices increasing by 8.1% in the Seacoast area. This sustained growth was fueled by strong buyer demand and limited inventory.
- Low Inventory Levels:
- The inventory shortage remained a consistent theme, with fewer homes available for sale compared to previous years. This created a seller’s market in many neighborhoods, giving homeowners the upper hand in negotiations.
- Mortgage Rate Movements:
- While mortgage rates experienced some fluctuations, they remained relatively higher than many anticipated. Many thought interest rates would be considerably lower with the Federal Reserve’s action on lowering the federal funds rate.
- Luxury Market Trends:
- The luxury sector in the Seacoast saw increased activity, with buyers drawn to waterfront properties and high-end finishes. Homes in this category often sold faster and at higher prices than anticipated.
- Seasonal Patterns:
- Spring and summer continued to dominate as the busiest seasons for real estate, while fall and winter brought steadier but slower activity. Sellers who listed during peak times often saw higher returns.
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What to Expect in 2025
As we gear up for the 2025 spring market, here are some anticipated trends:
- Increased Buyer Competition:
- With rates still stubbornly high, buyers are acting as if this is the new normal for the interest rate environment. Inventory is likely to remain low, sellers should expect competitive offers and potentially quicker sales.
- Rising Home Prices:
- If 2024’s appreciation trend continues, homeowners can look forward to increased equity and strong selling opportunities. The Seacoast area is still viewed as a bargain compared to the Greater Boston area, with many people still seeking to call New Hampshire home.
- Focus on Market-Ready Homes:
- Buyers are increasingly drawn to move-in-ready properties. Investing in small upgrades or staging your home could yield significant returns. Homes that are staged, have little to no deferred maintenance, and are move-in ready will sell for a higher price than those in need of repairs.
- Sustainability and Smart Homes:
- Energy efficiency, solar panels, and smart home technology are increasingly becoming top priorities for buyers, especially younger ones entering the market. Features like a Nest Thermostat, integrated home cameras, updated windows, and enhanced insulation can make your home stand out. These upgrades not only add convenience but also boost the perceived value of your property, giving you a competitive edge.
Tips to Prepare for the Spring Market
- Know Your Home’s Value:
- The first step in preparing for a spring sale is understanding your home’s current market value. Reach out for a free, personalized valuation to see where you stand. Do you think it’s better to price your home high and hope for that potential buyer, or do you think it’s better to price at the lower end of the range to increase competition?
- Declutter and Stage:
- A clean, well-staged home creates a lasting first impression. Consider decluttering, repainting, or updating fixtures to enhance your home’s appeal. If there is any deferred maintenance like drywall repairs, or trim repairs (interior and exterior) now is the time to start addressing those. You only have one chance to make a first impression in the market, make it count!
- Market Timing:
- Spring is traditionally the busiest real estate season. Listing early can help you stand out before the market becomes crowded with competition. Looking at median home prices in 2024, January’s median home price was $666,250, while waiting a little longer, median home prices peaked in June 2024 at $922,500 for single-family homes.
- Partner with an Expert:
- Navigating a competitive market requires expertise. Work with a local agent who understands the nuances of the Seacoast real estate market to maximize your home’s potential.
Why Now is the Time to Act
If you’ve been considering selling your home, 2025’s spring market could present an incredible opportunity. With strong buyer demand, increasing home values, and market conditions favoring sellers, now is the time to start preparing.
Let’s make sure your home shines this spring. Contact me today for a free consultation, and let’s create a strategy tailored to your goals!
Oh, and by the way, whether buyers or sellers, I am never too busy to take care of your referrals!
