Manchester NH Data - Zip Code - Multi-Family

[Andrew Bosco]

Me again! Your Southern, NH Multi-family expert. Today's focus - Manchester, NH. Each zip code is the Manchester area. Coming up next week - Nashua, Concord and then the Seacoast! 

Quick Summary: 

-Low inventory and loads of hungry mouths. 

-Variance - 03102 and 03104 continue to be desirable and overbid compared to other zip codes. 

-Average unit price used to be 150K in the city back in 2020/2021. It's gone up to around 160K-180K per unit depending on the zip code. 

For reference:
03101 - commercial heavy area. Elm St. Limited data so maybe left out at times. 

03102 - Northwest of river. Rimmon Heights. 

03103 - large area. More multis. Heart of the city.

03104 - Hanover Rd and North end

03106 - Hookset (outer Manchester/Line of Hookset) Data will be slightly skewed since the area is different.

We are seeing the DOM in 2023 is quite low compared to other areas with variance also showing bidding going on in 03103 and 03102. The longer DOM properties in 03103 and 03106 could be a result of listing price being overvalued for the property. The more desired zip codes show that 03104 and 03102 are out performing local Manchester markets.

You're not seeing a cost per square foot data because frankly, many don't include that on the MLS in 2023 apparently. Apologies there. What I can say is that 03103 is showing multis are selling for $144 per square foot. The market prices dipping in 2023 is a result of low inventory being sold and we are only 4 months in the year.

Two units are historically expensive compared to 3-4 units per unit. Manchester has crept slowly towards roughly 200K per unit for a 2-unit.

The inventory for 03104 has been quite low so no 2023 data sadly for 3 units. 03101 is the city center/main street, so MF inventory will be low in general. 03103 is showing an average cost per unit at around $157K and 03102 is showing a $170K per unit. Rimmon Heights continues to be a favorable market.

4 units have even less inventory. 03104 is showing a 153K average (a whole 2 total 4 families were sold in 2023). 03102 shows a much higher cost per unit at 250K each, but only 1 property was sold.

A much different realm (commercial), but still going to share with you. Only 2 commercial properties were sold in 2023 and both were in 03103 at 123K per unit. This chart is incomplete as I will be expanding this further coming up and splitting the commercial buildings into 5-9 units, 10-19 units and 20+ units.

The next few charts will show you zip code specifics as a standalone.

I like these charts because they show what is selling over a period of time. We've seen a large majority of 2-families being sold. This will be a common trend among each zip code. 2 families are the most common. 3-units are much more common in 03102 than any other zip code. 03103 is also showing a larger inventory of 4 units.

These charts are showing quantity sold and also how we paced vs. last year, which guess what - is very low inventory.

Hopefully, this was insightful for you. It's good to know your market and get granular on the little details.