PLAINFIELD MARKET AREA
The Plainfield, New Hampshire real estate market saw twenty-seven (27) sales of single-family homes in 2020, up 33% from 2019 but shy of a record thirty-three (33) sold in 2018.
Though not an across the board record-setting year as experienced by many of the neighboring markets, Plainfield’s figures are still consistent with the market narrative as a whole, namely that it was extraordinarily competitive and buyers were highly motivated. Three metrics point to this: 1) Homes spent an average of just 69 days on the market prior to sale, down from 109 in 2019 to its lowest mark since 2010. 2) The average price of sold/closed homes rose to $372,504 from $343,925 in 2019. 3) The average negotiating discount– percent difference between a home’s list price and sale price– dropped over two percentage points to 3.21%, its lowest average since 2009.
With the increase in sales, however, came a shortage of available inventory left on the market. As of December 31, there were just three (3) single-family homes actively listed in Plainfield, down 50% from 2019. Though we remain optimistic about the 2021 market, Plainfield will need a considerable infusion of listings to satisfy 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.
PLAINFIELD FY 2020 BY THE NUMBERS
- 27 SOLD single-family homes
- Average Price: $372,504
- Median Price: $305,000
- Total Volume: $10,057,600
- Average Negotiating Discount: 3.21%
- Average Days on the Market: 69
- 3 ACTIVELY LISTED single-family homes
- Average Price: $539,000
- Median Price: $499,000
- Average Days on the Market: 38
Charts illustrating portions of the above information can be found below, followed by a complete list of all 27 properties that sold during FY 2020.
A list of all 27 properties that sold/closed in Plainfield during FY 2020 is below.