Summer 2025 Market Snapshot
National and Local Trends point to a more balanced housing market
Summer 2025 Market Snapshot
The early-summer market always tells an important story about how the rest of the year may unfold. Nationally, 2025 is shaping up to be the year that balanced conditions may finally return— there are fewer runaway bids, rather we’re seeing a trend towards steady pricing and gradually expanding inventory. That is, neither buyers nor sellers have an overwhelming edge, so there are good deals to be made. More than just interest rates and inventory impact the market, however. We’re living in a period of national and global uncertainty, and uncertainty tends to inhibit people’s willingness to make big moves or take on risk or debt.
Locally, though – well, that’s where the story gets interesting. Whether we see more buyers entering the market, choosing to take on some risk and/or debt in spite of uncertainty and stable mortgage rates, or more sellers jumping in could impact whether we continue to see price reductions or we see prices begin to stabilize.
Another factor is affordability. A recent study by Leave The Key Homebuyers shows that New Hampshire sits on the lower end of the spectrum in terms of how long buyers have to save up, on average, to afford a median-priced home. We’re at about 4 years, compared to a decade plus for would-be homeowners in CA or 8 years in UT. That could mean that folks who have been biding there time since interest rates climbed post-pandemic are looking to buy this year. So, what’s the data tell us?
Key takeaway: Inventory has more than doubled in both Belknap and Carroll counties since spring, yet pricing is diverging—Belknap is seeing softening values while Carroll remains resilient. That split presents both opportunity and risk depending on which side of the lake you’re on.
National Scene: A Market in Balance
The story these numbers tell is one of balance. There’s slow, but steady growth. Buyers are feeling less pressure to move fast and bid high. And, that is resulting in listings staying active just a bit longer.
Mortgage rates are still hovering around 6.9 % for a 30-year fixed loan for most buyers, keeping affordability tight, but the growing inventory is giving buyers room to breathe—and forcing sellers to sharpen their pricing strategy.
In the Lakes Region: Two Slightly Different Stories
Belknap County
This spring unleashed a tidal wave of listings—inventory more than doubled, settling at about 330 homes for sale in May. As buyers roam, sellers are adjusting; the median sale price has softened to roughly $460,000, down ~11.5% year-over-year. Homes here now sit for about 41 days—not slow, but not sprinting off the market either.
Market pulse: Price cuts are becoming more common as sellers adjust to the surge in supply.
Carroll County
Here, the scene is different. Even as inventory jumped—215 active listings, up around 124%—prices held steady at about $498,000, actually ticking up ~3% year-over-year. And properties are still moving quickly: median days on market is just 48 days, well below national averages. Waterfront cabins and mountain-view retreats remain in high demand, cushioning sellers from the full weight of rising inventory.
Market pulse: Demand for waterfront and mountain-view properties is propping up prices even as inventory rises.
What buyers should know
More choice, less frenzy. Listings are staying on the market 10–15 days longer than the 2022 peak, giving you time for second showings and thorough inspections.
Price strategy matters. In Belknap, 24% of listings saw price drops in May; in Carroll it’s under 18%. Factor that into your offer negotiations.
Rate-lock reality check. With rates unlikely to fall below 6 % this year, focus on total monthly payment rather than waiting for a perfect rate. A future refinance can still sweeten the deal if rates dip.
What sellers should know
Condition + pricing = speed. Homes priced within 2–3 % of recent comps are moving in roughly 40–50 days; over-pricing can double your time on market.
Bring your receipts. Appraisers are adjusting quickly to the new inventory landscape. Document recent upgrades and back them up with quotes or receipts.
Market the lifestyle, not just the house. Summer brings second-home buyers and vacationers—stage to highlight lifestyle (lake toys, outdoor living spaces) and market before Labor Day when attention shifts to school schedules.
Final Word
Summer in the Lakes Region isn’t just a backdrop—it’s a stage. Seasonal visitors are dreaming about making their home where they love to vacation. Markets are evolving, consumer behavior is shifting, and there’s opportunity on both sides—for buyers ready to strike and sellers ready to stage.
Thinking of making a move? Let’s chat.