Cheshire County Experiences Surge in Housing Values

The median price for a single-family home statewide reached $535,000 last year, marking a staggering increase of 78.3 percent since 2019.

In a continuing trend, housing prices in New Hampshire have risen significantly, particularly in rural regions, despite ongoing initiatives aimed at accelerating residential construction. A new report from the N.H. Fiscal Policy Institute outlines these developments, using data from the N.H. Association of Realtors. It reveals that the median price for a single-family home statewide reached $535,000 last year, marking a staggering increase of 78.3 percent since 2019.

Cheshire County has seen an even greater rise, with median prices climbing by 79.5 percent, moving from $220,000 to $395,000 during the same timeframe. Jessica Williams, a Senior Policy Analyst, indicated that while the growth rate for prices has moderated on a statewide basis, some areas, including Cheshire, continue to experience robust increases in housing costs. Statistics show that between 2024 and 2025, half of New Hampshire’s ten counties reported median price hikes of over 5 percent, notably 5.3 percent in Cheshire County.

The report points to a persistent low inventory of single-family homes as a significant factor contributing to price increases. Last year, the average supply of homes for sale in the state was just 1.8 months, an improvement from the 1.2 months noted in 2021, yet still far below the six months typically required for market balance. Additionally, a February report by the N.H. Department of Business and Economic Affairs revealed that more than 5,800 housing units were built in the previous year, the highest annual total since 2006.

Looking ahead, the N.H. Housing's 2023 Statewide Housing Needs Assessment estimated a need for 32,704 new housing units to be introduced between 2020 and 2025 to achieve market equilibrium by 2040. To date, New Hampshire has added approximately 25,688 units since 2020, achieving 78.5 percent of its 2025 target, but still needing an additional 62,676 units to meet the broader goal for 2040.

In recent years, the New Hampshire Legislature has enacted several measures designed to enhance residential development. These include mandates for municipalities to permit accessory dwelling units in single-family neighborhoods, facilitate the conversion of commercial spaces into housing, and eliminate various restrictions that hinder denser developments.

Josh Greenwald, the principal broker at Greenwald Realty Group in Keene and the president of the N.H. Association of Realtors, noted that these legislative changes have created new avenues for housing developers. He highlighted that local and state officials are increasingly supportive of expanding residential options, recognizing the significant housing shortage within the state. 

Many buyers now entering the market are relocating from other areas, whereas a portion of sellers consists of empty-nesters or retirees seeking to downsize. Greenwald himself, at age 50 and with children in college, is contemplating a move to a smaller home. However, he expressed the challenges people face when searching for smaller housing that maintains desirable features. Currently, the city of Keene has only 17 single-family homes available for sale, making it difficult for those looking to fulfill specific housing criteria.