Last week, NHFPI released a new analysis of New Hampshire’s housing market, highlighting how high prices, limited supply, and rising rents continue to challenge affordability. While price growth has slowed in some areas, housing costs still outpace incomes, limiting options for renters and prospective homebuyers statewide. Below are three key takeaways.

#1. Home Prices Remain Historically High Despite Slowing Growth

Although price increases have moderated, the cost of buying a home in New Hampshire remains near record levels. Median home prices reached $535,000 in 2025 and have stayed above half a million dollars into 2026, far outpacing income growth and keeping homeownership out of reach for many households.

#2. Housing Supply Is Improving Slightly but Still Far Below Demand

Inventory has increased modestly since pandemic lows, but New Hampshire’s housing supply remains well below balanced market levels. With an average of only 1.8 months of supply in 2025 and tens of thousands of units still needed, limited availability continues to push prices higher and restrict options for buyers and renters alike.

#3. Renters Face the Greatest Affordability Pressures

Nearly half of New Hampshire renters are cost-burdened, with many spending more than 30% of their income on housing. Rising rents, low vacancy rates, and lower incomes relative to homeowners leave renters particularly vulnerable, especially those with very limited incomes, older adults, and people with disabilities.

#4. Upper Valley Housing Costs Surged Rapidly During the Pandemic: 

In New Hampshire’s Upper Valley Region, encompassing portions of Grafton and Sullivan Counties, housing prices have risen faster relative to the state as a whole. In 2025, the median price for purchasing a single-family home reached $460,000 in Grafton County and $385,000 in Sullivan County, both of which were below the statewide median ($535,000). However, from 2019 to 2025, prices increased much more sharply in these counties (102.5% in Grafton and 105.9% in Sullivan) compared to statewide (78.3%), reflecting rapid price growth in rural areas during the COVID-19 pandemic. 

NHFPI’s analysis makes clear that high costs and limited supply are not short-term challenges but instead reflect deeper structural issues in New Hampshire’s housing market. Without sustained action to increase supply and improve affordability, many residents may continue to face limited options for stable, affordable housing.

Jessica Williams is a senior policy analyst at the New Hampshire Fiscal Policy Institute, a nonpartisan, independent research nonprofit that examines issues related to the state budget, the economy, health care, housing, and more. Read NHFPI’s full analysis, “High Prices and Low Supply Continue to Impact Housing Affordability in New Hampshire,” at nhfpi.org.