NH Multi-Family Data - COUNTY

[Andrew Bosco]

Me again with some NH Multi-Family Data. Today’s topic: County Data! Full disclosure, I do NOT have data for Coos, Carrol or Grafton County. I hope to bring you this data within the next month or so.

As always, I’ll post the graphs and give a brief description of what I am seeing. You’ll see an extra set of data for each table since I have complete data for 7 counties. I compared Sullivan/Cheshire vs. Hillsborough.

Summary: Hillsborough - highest quantity of multi-families with given counties. Strafford is a good secondary market. Merrimack the third. Belknap is the most affordable and least cost per square foot/lowest cost per unit. Belknap is seeing high overbidding. Rockingham County is the most expensive multi-family area to buy in. Low inventory across the state compared against other years.

You’ll be seeing outlier data throughout this series. Avg DOM is no exception. Cheshire county is showing a higher DOM than other counties by roughly 25+ days. Belknap is staying competitive and with a lack of inventory to boot. Hillsborough county is showing a bit higher DOM than the previous year as well.

As you can see, Belknap is the clear outlier. Bidding is 10% over asking price (around 10 properties have sold so far). Meanwhile, other counties are showing underbids are becoming a bit more common again.

No surprise here, but Rockingham county is the most expensive cost per square foot (Thank you seacoast and Portsmouth). Belknap continues to remain the cheapest in terms of cost per square foot.

Two-units are still the most common multi-family property type around. Strafford shows a good amount of two units, but Hillsborough continues to shine for sheer quantity of multi-families. Belknap, although the cheapest cost per unit, has the least inventory of 2-families.

The playing field for 3 units is a bit more even spread. Hillsborough and Strafford share a close amount with Merrimack right behind both of them. Strafford county would be a good location to look at for 3 units compared to volume and affordability. Rochester/Farmington/Somerswoth come to mind…

Many investors are seeking 4 units and the two places I would look are Strafford and Merrimack. Although they have less overall quantity than Hillsborough, the average cost per unit is more affordable than Hillsborough.

Hillsborough dominates the commercial 5+ realm in terms of quantity. Other countries are affordable, but rarely come on the market.

Hillsborough year after year lists the most multi-families, but this data should tell you to look out for Strafford County. The affordability and amount are nothing to be shy from.

This is the classic tale over the last few years. The state's listings are much less than the previous year. There are some outliers though. You can see a higher resurgence in a few counties of listings coming up in May/June, which are popular times to list/sell. Be on the lookout. Lastly, the pie charts on the right shows us the county breakdown of type of inventory. These are good to reference if you’re specifically seeking a type of unit.