More of the Same?

More of the Same?

Since my last report, the overall market has remained relatively stable, with a few exceptions. 

One significant change has been observed in Norwich's listing inventory (relative to other towns). In June, the market was considered a buyer's market, with 7.6 Months of Supply. By October, however, this shifted back toward a seller's market, with only 4.8 months of available listings. While this figure is still relatively high compared to other towns in this report, it does indicate increased activity. Since July, four sales have closed in town, and nine listings are currently on the market. There is not enough additional data to establish meaningful trends; therefore, other metrics in this report have no values.

Similar dynamics are occurring in Lyme. Currently, there are just five active listings, with six sales having closed since July. This is typical for Lyme, as it has always been a relatively small market. Like Norwich, the available data is not sufficient to draw meaningful conclusions.

In Hanover, the Median Selling Price escalated throughout the summer, reaching $945,000 in October, though this reflects a decline of -4.5% from September. A few significant sales can greatly influence the Median Sale Price. In July, three notable sales occurred: $1.620m, $2.525m, and $2.6m. In total, there were 21 sales in Hanover over the summer, indicating a robust market despite the limited number of homes for sale at any one time. Only nine active listings are currently contributing to an ongoing seller's market.

The market in Lebanon has remained very active, driven by better-than-average inventory and continued buyer demand. The Month's Supply of Inventory is now 3.22, which represents an increase of over 45% from September to October. This points to a slowing market following the summer selling season. However, due to an active summer, the Median Selling Price rose by almost 13% in September due to consistent buyer demand. Lebanon is approaching a balanced market, with the increase in the Month's Supply of Inventory in October favoring neither sellers nor buyers.

Activity in the real estate market will likely soften in the immediate future, as it typically does during the holidays. However, it will be interesting to see how the real estate market performs in 2025. Stay tuned...