As a real estate expert, I have witnessed the fluctuations in housing prices across various cities in New Hampshire. One particular city that has caught my attention is Derry, a charming town located in Rockingham County. With its rich history, picturesque landscapes, and strong sense of community, it's no surprise that many people are looking to purchase a home in Derry. Derry offers a unique blend of small-town charm and modern amenities. Its downtown area is thriving with local shops, restaurants, and entertainment options.
The town also boasts excellent schools, making it an ideal place for families to settle down. Additionally, Derry's convenient location near major cities like Manchester and Boston makes it a desirable location for commuters. Considering all these factors, it's no wonder that the demand for housing in Derry has been steadily increasing over the years. But how does the cost of buying a home in Derry compare to other cities in the state? Let's take a closer look.
The Appeal of Derry, New Hampshire
Derry offers a unique blend of small-town charm and modern amenities. It has a thriving downtown area with local shops, restaurants, and entertainment options.Additionally, Derry is conveniently located near major cities like Manchester and Boston, making it a desirable location for commuters. With all these factors in mind, it's no surprise that the demand for housing in Derry has been steadily increasing over the years. But how does the cost of buying a home in Derry compare to other cities in the state? Let's take a closer look.
The Average Home Prices in Derry
According to recent data from Zillow, the median home value in Derry is $310,000. This is slightly higher than the state average of $299,000. However, when compared to other cities in Rockingham County, such as Portsmouth with a median home value of $430,000 and Exeter with a median home value of $400,000, Derry's housing prices are relatively more affordable. It's worth noting that the housing market in Derry has been experiencing steady growth over the past few years.In 2016, the median home value was $265,000, which means that there has been a 17% increase in just five years. This trend is expected to continue, making Derry a promising investment for homebuyers.
The Cost of Living in Derry
When considering the cost of buying a home, it's essential to also take into account the overall cost of living in a particular area. In Derry, the cost of living is slightly higher than the national average, but it's still lower than other cities in New Hampshire. According to BestPlaces, the overall cost of living index in Derry is 118.5, with housing being the most significant factor contributing to this score. However, when compared to Portsmouth with a cost of living index of 149.3 and Exeter with a cost of living index of 136.6, Derry once again proves to be a more affordable option for homebuyers.The Impact of COVID-19 on the Housing Market
Like many other cities across the country, Derry has also been affected by the COVID-19 pandemic.However, the impact on the housing market has been relatively minimal compared to other areas. While there was a slight dip in home sales during the initial months of the pandemic, the market quickly rebounded and has been steadily growing since then. One factor that has contributed to this resilience is the low inventory of homes for sale in Derry. With fewer homes on the market, sellers have been able to maintain their asking prices, resulting in a stable housing market.
The Future of Housing in Derry
As mentioned earlier, Derry's housing market is expected to continue its upward trend in the coming years. With its growing popularity and limited inventory, it's safe to say that housing prices in Derry will continue to rise.This makes it an excellent time for homebuyers to invest in a property in this charming town. Furthermore, the town has several development projects in the works, including a new downtown area and a revitalization plan for the historic mill district. These initiatives are expected to attract more businesses and residents to Derry, further driving up the demand for housing.
