How to buy a home in New Hampshire

New Hampshire offers its residents a classic New England charm, forested mountains, blue lakes, and rugged coastline. Buying a house in New Hampshire is a great choice if you’re looking for natural beauty, varied seasons, and access to both small-town living and major cities.

Whether you already call New Hampshire home or you’re relocating for work or family, buying a home in the state comes with its own set of considerations. We’ll outline what to know so you can start your home search in the Granite State with confidence.

New Hampshire’s housing market: At a glance

Understanding the housing market in New Hampshire

Before you start house hunting, it’s a good idea to understand New Hampshire’s housing market and how home prices can vary throughout the state.

The median home price is $501,200

In New Hampshire, home prices have increased 2.7% compared to October 2024, according to Redfin. However, the median home sale price is higher than the national average, $501,200 compared to $439,917. You’ll find some areas that are both more and less affordable than New Hampshire’s state average.

• In Manchester, the median home price is $432,500.
• In Nashua, the median home price is $517,250.

Neighborhood, home size, unique features, and nearby amenities also influence home prices in different areas. You can use the Rocket Mortgage home affordability calculator to help compare prices to see which cities may fit your budget best.

Market trends and inventory

New Hampshire has seen a 15.2% increase in homes for sale compared to last year. However, each city in New Hampshire differs slightly, so working with an experienced real estate agent in your area can help you navigate the local market.

Spring and summer are peak shopping seasons

During the spring and summer months more homes tend to hit the market in New Hampshire, and buyer demand is higher. Looking at houses for sale in the early fall and winter months may mean fewer competing buyers and the potential for better prices, though inventory could be more limited. Ultimately, the best time to buy a home is when you’re financially and emotionally ready.

How to buy a house in New Hampshire

Now that you know about New Hampshire’s housing market, we’ll guide you through the steps of buying a house in the state.

Step 1: Check your credit and set a budget

Before beginning your home search, examine your finances, such as your credit score, DTI, and potential budget. You can use the Rocket Mortgage mortgage calculator to see what you could afford each month and how much you should save for your down payment and closing costs.

• Check your credit score
• Find out your debt-to-income ratio
• Save for a down payment
• Plan for closing costs and additional fees
• Finalize your budget

Step 2: Decide on the type of financing you want

There are various home loans available if you’re buying a home in New Hampshire.

• Conforming conventional loans. These loans typically require a minimum 3% down payment, and are offered by private lenders. You’ll have to pay private mortgage insurance (PMI) if your down payment is lower than 20%.
• Jumbo loans. These are conventional loans that exceed conforming loan limits. They usually require a higher credit score, down payment, and additional cash reserves.
• FHA loans. This is a government-backed loan through the Federal Housing Administration and offers lower down payments depending on your credit score.
• VA loans. Backed by the Department of Veterans Affairs, these loans are for qualifying service members and surviving spouses and require no down payment.
• USDA loans. Backed by the U.S. Department of Agriculture, these loans are for home buyers in qualifying rural areas, with no down payment requirement. The USDA releases an updated map each year showing which areas are eligible.

Step 3: Apply for preapproval

A mortgage preapproval gives you a clear idea of how much you can borrow when buying a home in New Hampshire. Having a preapproval early in your search can help you stand out, especially in competitive areas.

During the preapproval process, lenders review your credit score, income, and assets to determine which loans you may qualify for, your potential interest rate in New Hampshire, and the loan terms. The process typically takes just a few days.

Step 4: Find a real estate agent in New Hampshire

Choosing a local real estate agent in New Hampshire makes the homebuying process smoother, as they have a deep understanding of the area. You can find a great real estate agent through sites like Redfin.com or through your family and friends.

In New Hampshire, dual agency is allowed if both parties have written consent. Dual agency allows one agent to represent both buyers and sellers in the transaction. Be sure to ask your agent before signing a buyer's agent agreement. 

Step 5: Start house hunting

After finding a few cities that fit your home buying goals, it’s time to look at homes for sale. Work with your real estate agent to look at homes for sale on the MLS and sites like Redfin to narrow down the homes you want to see in person.

Key factors to consider:

• Proximity of the neighborhood to schools, jobs, and amenities
• Public transit, major roads, and highways
• HOA fees and potential costs
• Costs of property taxes in the city

Step 6: Make an offer and negotiate

Your real estate agent will guide you through making an offer on a house in New Hampshire. You’ll work together to decide how much to offer, which contingencies to include, and how much to put down as an earnest money deposit. This deposit shows the seller you’re committed to purchasing the home and is typically 1% – 3% of the purchase price, later applied toward your down payment.

Step 7: Begin the closing process

Now that your offer is accepted, you’ll:

• Submit your earnest money
• Officially apply for a mortgage
• Read through the closing documents
• Schedule the appraisal and inspection
• Prepare for closing day
• Have a final walkthrough

Closing costs in New Hampshire are typically 3% – 6% of the home’s purchase price. Closing costs can cover loan origination fees, home inspection costs, mortgage points, insurance, property taxes, and escrow fees. Additionally, in New Hampshire, it’s common for a real estate attorney to conduct the closing process.

FAQ about home buying in New Hampshire

Here are some of the top frequently asked questions about buying a home in New Hampshire.

How much are property taxes in New Hampshire?

The effective property tax for New Hampshire is 1.77%, the fourth-highest in the nation. However, local property taxes might differ.

Do I need a real estate agent to buy a home in New Hampshire?

A great real estate agent can help you find your dream home and navigate the home buying process, but you technically don’t need one to buy a house in New Hampshire. 

How long does it take to close on a house in New Hampshire?

In New Hampshire, it typically takes 30 to 60 days to close on a home. Loan approval and home could affect this timeline.

Are there any specific factors that could affect the home buying process in New Hampshire?

If you’re buying a home located in a high-risk flood zone, such as near lakes or coastal areas, your lender could require you to carry flood insurance.

The bottom line: There’s a home in New Hampshire waiting for you

New Hampshire’s East Coast location, endless outdoor opportunities, and charming small towns make it an attractive place to live. By working with a trusted real estate agent and preparing your finances, you can feel confident buying a home in New Hampshire.

If you’re ready to buy a home in the Granite State, start the mortgage approval process with Rocket Mortgage^® for a personalized plan that fits your financial goals.

Rocket Mortgage is a VA-approved lender, not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.

Rocket Mortgage is not acting on behalf of FHA or HUD.

The 3% down payment option is only available on certain conventional loan products and is not available in all states. Additional terms and conditions may apply.

This article is for informational purposes only and is not intended to provide financial, investment, or tax advice. You should consult a qualified financial or tax professional before making decisions regarding your retirement funds or mortgage.