The median price of single-family homes sold in the Seacoast in May hit a 10-month-high, soaring to $865,000 as local home inventory hit an eight-month peak.
The Seacoast Board of Realtors reports 26 homes sold for at least $1 million, a new May record. Atop the leaderboard was a rare eight-figure sale: a five-bedroom, nine-bathroom, oceanfront house at 17 Straws Point in Rye closing for $18.5 million, the second-highest-priced sale in New Hampshire history.
“Perched right at the tip of the point, this estate offers unbeatable views spanning from Kittery Point to the north, (the) Isles of Shoals to the east, and Cape Ann and Gloucester, Massachusetts to the south,” a listing for the estate touted. “Each room in this architectural gem showcases meticulous attention to detail, radiating sophistication and class.”
The highest-priced home sale in state history came from the same neighborhood in December 2022 in an off-market deal for 30 Straws Point, which sold for $25 million.
Seacoast home inventory rises in May
John Rice, statistician for the Seacoast Board of Realtors, noted there were 111 active single-family home listings at the start of June, the most since October and a 46% year-over-year increase.
“While it is encouraging to see a substantial increase in inventory with buyers having more options, the Seacoast market remains highly competitive,” Seacoast Board of Realtors president Lynn Lagasse said in a prepared statement.
The board compiles real estate transaction statistics from 13 area municipalities: Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook and Stratham.
Seacoast homes sell for wide price range in May, but volume remained low
In May, there were 65 single-family homes that sold in the Seacoast, in addition to 65 condominium units, according to Rice.
Just two houses sold for less than $400,000 last month, while 20 closed between $400,000 and $700,000, according to Rice. Seventeen Seacoast homes sold for between $700,000 and $1 million.
Seacoast home prices data:Rockingham County, NH Real Estate Market Report
The overall number of single-family homes sold was the fewest May total in four years. The lowest-priced home sold in the Seacoast was $325,000 for a three-bedroom, two-bathroom residence at 9 Perkins Ave. in Hampton.
The second-highest-priced sale of May was $2.1 million for 553 Hudson St. in Seabrook.
At May’s end, 204 single-family homes had sold in the Seacoast this year, according to Rice.
“For the year, single-family sales are off 9.2% but the median sale price is up 15.9% at $800,000,” Rice wrote.
High-priced condos dominate Seacoast sales
The Seacoast's highest-priced condo sale in May was $2,595,155 for a three-bedroom, 3,075-square-foot condominium at 202 Court St, in Portsmouth.
The median price of all condominiums sold last month was $623,000. Eleven Seacoast condominiums were sold for over $1 million in May, a record-high for the month and two fewer than the all-time monthly record.
Condominium sales are continuing to outnumber single-family home sales in the Seacoast in 2024, with 228 sold as of the end of May.
“For the year, condominium sales are up 9% at a median $599,950, up 9.4%,” Rice added.
Five condominiums sold for less than $300,000 in May, Rice said. Twenty-six sold for between $300,000 and $600,000, followed by 23 more between $600,000 and $1 million.
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