Monadnock Ledger-Transcript
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For the past several years, the story of the real estate market has been fairly easy to tell: too few homes, too many buyers, and rapidly rising prices. As we move through the fall of 2026, the story in the Monadnock region is becoming more nuanced.
Prices remain historically high and housing supply remains low, but buyers have more choices and are becoming much more deliberate. Contingencies have returned, and sellers are discovering that today’s buyers are paying much closer attention to both price and the individual characteristics of a property. It isn’t necessarily a buyer’s market or a seller’s market. It is becoming a much more selective market.
The Monadnock Region, which includes communities in both Cheshire and Hillsborough counties, illustrates just how localized today’s housing market has become. According to NHAR August data, Cheshire County’s median single-family sales price reached $410,000, up 7.9 % from a year earlier. Year-to-date, prices were up 6.7 %, even as closed sales remained essentially flat and average days on market increased from 30 to 39 days. Inventory increased 9.3% from the previous August.
Hillsborough County tells a somewhat different story. Its August median sales price declined 3.2% to $566,500, although the year-to-date median remained 1.5% higher. Sales activity has been stronger, with year-to-date closed sales up 8.8 percent, while August inventory increased nearly 20%.
The takeaway is that there isn’t one New Hampshire housing market or even one Monadnock housing market. Conditions vary by community, price range, and individual property.
That’s also what I am seeing every day working with buyers and sellers throughout the region. Buyers are carefully considering their options. Full inspection contingencies are common again, and we are increasingly seeing offers contingent upon buyers selling their existing homes. Those were difficult terms to get accepted during the frenzy of a few years ago. Their return further indicates how the market balance is changing.
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Determining a home’s objective value is relatively straightforward. We analyze comparable sales, location, size, condition, improvements, and other measurable factors. The challenge is that New Hampshire real estate is incredibly nuanced. That’s where professional judgment and local market experience become essential in determining where a home is most likely to sell.
Residential real estate has an emotional component, and that becomes increasingly important when buyers have choices. How much will road noise affect a buyer’s perception of value? What about limited parking or storage, an outdated interior, or simply the home’s presentation? No spreadsheet can perfectly answer those questions. Two houses may look very similar on paper and produce very different reactions when buyers walk through the front door. A successful listing needs to create a positive connection with buyers, and the asking price needs to support that experience. When those things align, homes can still sell quickly and competitively. When they don’t, the property is more likely to sit on the market longer and require a price adjustment. That makes preparation, presentation, marketing, and accurate pricing increasingly important.
None of this means New Hampshire home values are collapsing. NHAR reported that the statewide median single-family sales price reached a record $580,000 this summer. At the same time, inventory has improved. Nearly 3,000 single-family homes were available statewide in July, 16% more than the previous year and the highest level since the pandemic.
But that still represented only 2.7 months of supply. Five to six months is generally considered a balanced market, and New Hampshire hasn’t seen five months of single-family inventory since 2016. Buyers have more choices, but housing is still scarce.
Mortgage rates add another challenge. Freddie Mac reported an average 30-year fixed mortgage rate of 7.28% on Oct. 1. Higher borrowing costs significantly affect what buyers can afford each month. Nationally, we’re seeing a similar tension. The National Association of REALTORS reported that existing home sales declined 2% in August while inventory climbed to 4.9 months. Yet the national median sales price remained 1.6% higher than a year earlier.
More inventory and greater negotiating power for buyers do not necessarily translate into falling home values.
Housing availability affects whether employers can recruit workers, whether young people can stay, and whether families can put down roots in our communities. That’s why economic-development efforts underway in the Monadnock region matter to this conversation.
The Greater Monadnock Collaborative, our regional Chamber of Commerce, has been investing significantly in promoting the region as a place to live, work, and visit. This year, it launched a $340,000 regional marketing initiative that includes manufacturing workforce and tourism campaigns.
For those of us who own or work for local businesses, this matters. No single restaurant, retailer, manufacturer, real estate office, or other small business can market an entire region on its own. If you operate a business here, I encourage you to learn more about the collaborative, join, support its work and get involved. A strong regional economy benefits all of us.
So where is the Monadnock real estate market headed toward 2027?
More balanced, but not balanced yet.
Buyers have more options and negotiating power. Sellers need to be thoughtful about condition, presentation, and especially price. Mortgage rates remain an affordability challenge, while the underlying housing shortage continues to support values.
For sellers, simply putting a home on the market isn’t enough anymore. The property needs to be positioned correctly from the beginning. Buyers are being rewarded for patience and careful evaluation.
And for our communities, the bigger challenge is ensuring the Monadnock region remains a place where people can not only visit and work but also afford to make a home.
Ultimately, housing and economic development are part of the same conversation. If we want thriving businesses, vibrant downtowns, and strong communities, we need to create a region where people and businesses choose to put down roots.
Dan Petrone is a Realtor in partnership with Bean Group in Peterborough.
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