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Concord's Rising Home Values and Ownership Rates: A Decade of Growth in New Hampshire's Capital
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Concord, New Hampshire's capital, is a thriving community along the Merrimack River, known for its rich history and natural beauty. The city's housing market has shown interesting trends from 2013 to 2022. Homeownership rates increased slightly, while average home prices and rents both rose.
Homeownership in Concord grew modestly from 54% in 2013 to 57% in 2022. This coincided with a significant increase in average home prices, nearly doubling from $180,549 in 2013 to $351,198 in 2022, a 94.5% increase over nine years. This substantial growth in home values may have encouraged more residents to invest in homeownership, despite rising costs.
Federal interest rates influence homeownership trends. From 2013 to 2016, rates remained very low, between 0.1% and 0.4%, with Concord's homeownership rates fluctuating slightly but remaining stable. As interest rates rose more significantly from 2017 onwards, reaching 1.68% in 2022, Concord's homeownership rate continued to increase gradually. This suggests local factors like job market stability or quality of life may have influenced homeownership decisions more than interest rates alone.
The renter population in Concord decreased slightly from 45% in 2013 to 43% in 2022. Despite this minor decline, average rent prices showed an overall upward trend. In 2013, the average rent was $1,108 per month, increasing to $1,157 by 2022, a 4.4% rise. The highest average rent during this period was $1,224 per month in 2021, before a slight decrease in 2022. This trend, along with the city's growing population (from 42,564 in 2013 to 44,049 in 2022), indicates a competitive rental market despite the slight decrease in the percentage of renters.
Recent data shows Concord's average home price continued to rise, reaching $377,054 in 2023 and $403,089 in 2024, a 7.4% increase. Federal interest rates have also risen significantly, standing at 5.02% in 2023 and 5.33% in 2024. These higher rates may impact future homeownership trends and affordability.
Predictive models forecast that average home prices in Concord will continue to rise, potentially reaching around $500,000 by 2029, based on the consistent upward trend of the past decade. Average rent prices are expected to increase more moderately, potentially reaching approximately $1,300 per month by 2029, assuming the trend of gradual increases continues.
In summary, Concord's housing market has shown resilience and growth over the past decade. The city has experienced a slight increase in homeownership rates despite rapidly rising home prices, suggesting strong housing demand. The rental market, while seeing a minor decrease in the percentage of renters, has maintained steady growth in average rent prices. With ongoing population growth and rising property values, Concord's housing market is likely to remain dynamic in the coming years, presenting both opportunities and challenges for residents and potential homebuyers.
