LEBANON MARKET AREA
The Lebanon, New Hampshire real estate market continued to show strength in 2020 with 124 sales of single-family homes, matching its 2019 figure and setting a record in total dollar volume at $39,981,856. As of December 31, there were an additional thirteen (13) properties active under contract or pending and likely to close in the coming months.
Being an unprecedented year across the Greater Hanover-Lebanon and Woodstock real estate markets in general, Lebanon was certainly no exception. Prices in Lebanon have been on a steady rise since a low of $217,000 in 2012, climbing to a record high of $322,434 in 2020. On average, buyers paid closer to sellers’ asking prices than ever before, as the negotiating discount– percent difference between a home’s list price and sale price– fell to an all-time low of 1.14%. In fact, of the 124 transactions, over 50% sold either at or above asking price, pointing to the competition of the market and motivation level of buyers.
Increased buying activity has significantly depleted available inventory, however, as there were just eight (8) single-family homes actively listed in Lebanon as of December 31. Though we remain optimistic about the 2021 market, Lebanon will need a considerable infusion of new listings to keep up with what we expect to be continued strong buyer demand.
GREATER HANOVER-LEBANON MARKET AREA
The Greater Hanover-Lebanon market area (Hanover, Hartford, Lebanon, Lyme, Norwich, Plainfield, Strafford) also had a banner year in 2020 with 439 sales of single-family homes, eclipsing its 2019 total of 338, a 30% increase. Like the Greater Woodstock area, each town in the GHLA either met or exceeded its 2019 figures for total sales, with Hanover, Hartford, and Lyme setting all-time records. In 200 of the 439 sales that transacted over the year, buyers paid either at or above a seller’s asking price, with the average price of a home reaching $505,604. Not surprisingly, these record totals have left a vacuum in terms of available inventory, as there were just twenty-eight (28) single family homes actively listed in the entire Greater-Hanover market area on December 31 compared to eighty-four (84) at the same point in 2019.
In regard to luxury sales, the Greater Hanover-Lebanon market area saw thirty-six (36) sales of homes that sold/closed for $1 million or more. Snyder Donegan was pleased to represent the buyers, sellers, or both in the highest priced 2020 individual home sales in Hanover (24 Occom Ridge – $3.1 million) and Lyme (42 Claflin Lane – $2.575 million).
Inventory is now genuinely tight at most price points up to about $1.5 million, and prices clearly rose, particularly in moderate price points and in properties closer to well-known towns like Woodstock and Hanover. Because of this, we are starting to see buyers move both outwards in location from traditional “centers” and upwards in price. And more rural, even “remote” properties have special appeal to those seeking more permanent safety from the COVID storm or a simpler way of life.
LEBANON FY 2020 BY THE NUMBERS
- 124 SOLD single-family homes
- Average Price: $322,434
- Median Price: $286,500
- Total Volume: $39,981,856
- Average Negotiating Discount: 1.14%
- Average Days on the Market: 49
- 13 ACTIVE UNDER CONTRACT/PENDING single-family homes
- Average Price: $367,915
- Median Price: $375,000
- Average Days on the Market: 122
- 8 ACTIVELY LISTED single-family homes
- Average Price: $564,613
- Median Price: $359,500
- Average Days on the Market: 257
Charts illustrating portions of the above information can be found below, followed by a complete list of all 124 properties that sold during the full year of 2020.
A list of all 124 properties that sold/closed in Lebanon during FY 2020 is below.