Overview of the Commercial and Residential
Real Estate Market in New Hampshire
With perhaps the most widely known state motto of any state, New Hampshire's "Live Free or Die" assertiveness dates back to when it was the first of the thirteen colonies to declare independence from England. That was done six months prior to the official signing of the Declaration of Independence. New Hampshire remains the only state to host the formal conclusion of a foreign war, which was in 1905 at Portsmouth for the signing of the treaty that ended the Russo-Japanese War. According to the U.S. Census, New Hampshire has a population of 1,323,459, a total of 10 counties, 221 towns, 13 municipalities, and 22 unincorporated areas. The only city with a population over 100,000 is Manchester at 110,378. It has a median home value of $216,100 and a median household income of $54,496. The state has a median home value of $239,900 and a median household income of $64,916. Thirty-three percent of state residents over the age of 25 have a bachelor's degree or higher. The capital city of Concord has a population of 42,419, a median home value of $218,300, and a median household income of $53,379.
About 26 percent of people in New Hampshire live in multi-unit structures, and new apartment complexes are needed. With more than 85 percent of residents living in the same house for a year or more, homes priced $250,000 and below are selling well, but higher priced homes remain on the market for much longer. Many jobs lost during the recession have now been replaced with lower paying jobs. The retail sector has a vacancy rate much in line with the national average while industrial space has seen a modest increase in demand over the past two years. For the most part, New Hampshire's commercial market has remained flat and slow to recover. Most economists predict it will continue with modest growth for the foreseeable future.
How to Become a Realtor in New Hampshire
Real estate agents in New Hampshire operate under the regulations and authority of the New Hampshire Real Estate Commission. Tasked with protecting the public in all aspects of real estate, this state agency is headquartered in Concord. They require prospective agents to be at least 18 years of age. Applicants must successfully complete 40 hours of Commission-approved real estate classes. They must also submit a statement from their sponsoring broker that states the applicant is worthy of the public trust and of good moral character. Anyone applying for a New Hampshire real estate license can have no record of any unprofessional behavior. There are four locations for taking the state exam: Portsmouth, Nashua, Concord, and Manchester. New Hampshire has reciprocity agreements with Georgia, Maine, Massachusetts, and Vermont.