The Lebanon, New Hampshire real estate market continued to tighten in 2019, setting a number of new records. Specifically, the market saw 124 sales of single-family homes, down just slightly from 2018, which saw 131 sales. Houses that sold in 2019 were on the market for an average of just 40 days before going under contract, the lowest duration on record for the market.
Prices in Lebanon have been rising steadily over the past decade, and in 2019 the average price of sold homes reached a record high of just over $295,000. On average, buyers paid closer to seller’s list prices than they have in prior years, and in many cases they paid more than list. In fact, 50% of the homes that sold in 2019 did so either at or above a seller’s asking price. The average negotiating discount – the % difference between a home’s list price and sale price – hit an all-time low of just 1.41%, down from 2.25% in 2018.
In regard to supply, there were twenty-four (24) homes actively listed for sale on December 31, 2019, compared to twenty-three (23) on the same date in 2018.
In regard to the broader real estate market in the region as a whole, the Greater Hanover-Lebanon market area – comprising Hanover, Norwich, Lyme, Hartford, and Lebanon – was very solid in 2019. The market area saw 338 sales of single-family homes in 2019, compared to 350 in 2018. While the number of transactions in Hanover, Lebanon, Hartford, and Lyme were nearly flat or saw an increase compared to 2018, Norwich saw a 30% decrease from forty-six (46) sales in 2018 to just thirty-two (32) sales last year. While surprising, this reduction is almost certainly due to the very limited supply of homes in Norwich at the onset of and throughout last year.
Prices continued to rise with Hanover, Hartford, and Lebanon each seeing record highs in regard to the average price of sold homes. In 2019, the average price of sold homes in Hanover was up 2% from the previous year and just shy of $750,000, Hartford was up 20% at $277,000, and Lebanon was up 3% at $295,000.
Another sign of continued strength in the Greater Hanover-Lebanon market area was the average negotiating discount, which has been steadily decreasing from a high of 5.85% in 2010 to a record-low of just 2.48% in 2019. To put this differently, 39% of homes that transacted during 2019 sold either at or above a seller’s asking price. This was even more pronounced in Lebanon, where 50% of homes sold at or above the asking price.
Supply of single-family homes was significantly diminished at the conclusion of 2019. Specifically, there were just 84 homes actively listed for sale on December 31 of last year, compared to 148 on the same date in 2018, a 43% reduction. In Norwich, the decrease was even more pronounced as there were just three (3) homes on the market at the end of 2019, a 73% decrease compared to 2018. Norwich, along with every town in the market area, will need a significant replenishment of new supply early this year to satisfy seemingly unending buyer demand.
Charts illustrating the above information can be found below, followed by a complete list of all 124 properties that sold in Lebanon in 2019.
A list of all one hundred twenty-four (124) single-family properties that sold/closed in Lebanon in 2019 is below.