Median price for single-family home on the Seacoast tops $700,000

Aug. 9—The July median sales price of a single-family home in the seacoast area topped $700,000, driven by a lack of inventory, a Realtors group reported Monday.

For the third time in nine months, the seacoast real estate market set a new monthly median sales price record at $719,000, topping last month's record of $655,000.

"The shortage of inventory continues to send prices through the roof," said Ted Mantos, president of the Seacoast Board of Realtors, in a press release.

The group's 13 sample seacoast towns are Exeter, Greenland, Hampton, Hampton Falls, New Castle, Newfields, Newington, North Hampton, Newmarket, Portsmouth, Rye, Seabrook, and Stratham.

Twenty-two of the sales topped $1 million, breaking the previous record of 21 set in October. The transactions came in seven different towns with six sales each in Portsmouth and Rye and four in North Hampton. Nine of the sales topped $2 million with the highest coming at 75 Atlantic Ave., North Hampton for $3.075 million dollars, the group reported.

Condominium sales were up 18.9% from last year, the most in July since 2015. The July median price of a condo was $445,000, up 27.1% from last year. For the first seven months of 2021, condominium sales are up 37.2% and the median sale price is up 12.4% at $393,500.

Single-family sales were off 26.3% from last year but were still the most since last December. For the year, single-family sales are off 3.3% but the median price is up 15% at $620,000, the Realtors group said.