As a real estate expert in the state of New Hampshire, I have witnessed the fluctuations in housing prices across different cities. One city that has been gaining attention in recent years is Derry, located in Rockingham County. With its charming small-town feel and close proximity to major cities like Manchester and Boston, Derry has become a popular choice for homebuyers.
The Rise of Derry's Housing Market
Derry's housing market has been on the rise in recent years, with a steady increase in both home prices and sales. According to data from Zillow, the median home value in Derry is currently $310,000, which is a 6.5% increase from last year.This is higher than the median home value for the state of New Hampshire, which currently stands at $299,000. One of the main factors contributing to the rise in Derry's housing market is its location. Situated just 35 miles from Boston and 20 miles from Manchester, Derry offers residents easy access to major job markets while still maintaining a quieter and more affordable lifestyle. This has attracted many young professionals and families looking for a balance between city life and suburban living.
How Does Derry Compare to Other Cities in New Hampshire?
When it comes to housing prices, Derry falls somewhere in the middle compared to other cities in New Hampshire. The most expensive city for housing in the state is Portsmouth, with a median home value of $447,000.On the other hand, Berlin has the most affordable housing with a median home value of $99,000. Compared to its neighboring cities, Derry's housing prices are slightly higher than Londonderry and Windham, but lower than Salem and Manchester. This makes Derry a desirable option for those looking for a more affordable home in a convenient location.
The Impact of COVID-19 on Derry's Housing Market
Like many other cities across the country, Derry's housing market has also been affected by the COVID-19 pandemic. In the early months of the pandemic, there was a decrease in home sales and an increase in inventory as people were hesitant to make big purchases during uncertain times. However, as the state of New Hampshire began to reopen and people started to adjust to the new normal, the housing market in Derry bounced back. In fact, according to data from Realtor.com, Derry's housing market has seen a 10% increase in home sales compared to this time last year.What Does the Future Hold for Derry's Housing Market?
As we continue to navigate through the pandemic and its aftermath, it is difficult to predict exactly what will happen to Derry's housing market.However, based on current trends and projections, it is safe to say that Derry will continue to be a popular choice for homebuyers. The demand for homes in Derry is expected to remain strong due to its convenient location and affordable prices. This could potentially lead to an increase in home prices in the future. Additionally, with more people working remotely and seeking out suburban areas, Derry's housing market may see even more growth in the coming years.
In Conclusion
In conclusion, the cost of housing in Derry, New Hampshire is comparable to other cities in the state. While it may not be the most affordable option, it offers a balance between city life and suburban living that is attractive to many homebuyers.With its growing popularity and strong housing market, Derry is definitely a city to keep an eye on in the real estate world.
