Building Costs Per Square Foot in the State of New Hampshire, USA

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New Hampshire 22 Windsong Place Meredith NH03253 - 3 Bed and 2 Baths with 2 Attached Garages on Gross Floor Area 2,160 sqft - Built in 2022 - Price $799,000 (7)

Newly Built House in New Hampshire 22 Windsong Place Meredith NH03253 – 3 Bed and 2 Baths with 2 Attached Garages on Gross Floor Area 2,160 sqft – Built in 2022 – Price $799,000 (7)

Residential Construction Market Analysis in the State of New Hampshire, USA

Building costs are 1% below the national average in the state of New Hampshire, and equivalent to the states of Minnesota, Pennsylvania, South Carolina and Wyoming. Known for the White Mountains and several beautiful beaches, New Hampshire combines history and outdoor activities to offer a pleasant place to live. Here you’ll find some of New England’s best ski resorts for winter fun, but they’re also great for summer hiking during your free time.

Anyway, here we will not focus on the vacations you can have in New Hampshire, but the focus will be on the real estate market. If you are looking to move to New Hampshire or just want to learn more about the real estate and residential construction market then let me tell you that you are in the right place.

Here we will explain how the New Hampshire real estate market is, what the prices are, what is expected to happen in the coming months, and much more so that you know everything about this northern state.

New Hampshire Construction Outlook

The state of New Hampshire (NH), known as “The Granite State” belongs to the Northwest region, the New England division of the country. Its capital is Concord, and the major cities are Manchester, Nashua, Derry, and Rochester, though don’t expect to see any grand buildings.

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The constructions are of the typical brick houses, and the buildings of 4 floors maximum are found in the main streets of these towns or cities. You won’t even find all buildings or skyscrapers in Concord or Manchester, which are the largest cities in New Hampshire.

New Hampshire is perfect for living a quiet life, in a house with a park. All residential neighborhoods have houses that have a front and a back garden, although it is important to take certain precautions during the winter due to snowfall. It is always recommended that the entrance of the house is built a little higher than the ground level and that the door can be easily discovered in case a snow storm hits the state.

Heavy snowfalls are very common during the winter, and the summer usually lasts very little, so the buildings are designed to withstand the cold and do not focus so much on the heat, since it never becomes extreme.

New Hampshire Housing Market Analysis and Forecast

The affordability of life in New Hampshire is something that is having a negative effect on the real estate market. Whereas in March 2020 New Hampshire’s median income was 126 percent of what it took to buy a median-priced home, in March 2022 the median income covered just 80 percent of the current median sales price. This makes people have to save for a longer time to be able to buy a house or opt for credits, which means that there is not a “wave” of demand as there is in other states.

Demand is not the only thing that decreased, the same is happening with supply. As prices rose across the state, the number of closed sales continued to decline, falling 23 percent from last year. Only 811 single-family residential home sales were closed in March 2022. Between March 2021 and this March, the number of listings fell 14.1 percent with only 1,134 on the market.

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In 2022, the average time it takes to sell a home in New Hampshire, from listing to closing, is about 73 days. That’s 38 days to receive an offer, plus the typical 35-day closing period. This is about 9.9% faster than the national average. Please note that these are yearly averages and the numbers will vary by month or season.

In New Hampshire, the best month to sell a house is in April and May, since during the spring they usually take as little as 20 days to sell. The worst month is December, along with the other winter months, where it usually takes 50 days. On an overall statewide average, property values increased 21.8% from 2020 to 2021, and the increase through 2022 is expected to be at least 15%.

New Hampshire Average House Price (Median Home Price)

The median home value in New Hampshire is $340,000 but be aware that this can be somewhat misleading. This value is an average made throughout the state, so in reality, there are cities with more expensive prices and others where you can get properties for much lower numbers. Remember that when we talk about a median home we refer to properties that are houses with 3 bedrooms, 2 bathrooms, a kitchen, a living room, a garage, and a small garden.

In smaller towns like Claremont or Franklin, you can find properties of these characteristics for less than $260,000. You can even find larger houses for a cheap price since there is usually not as much demand in those smaller metropolitan areas.

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In the cities of Concord and Manchester, which have a higher demand compared to the others in New Hampshire, the median price of a new home in New Hampshire continues to skyrocket. It achieved a record median sales price of $440,000 in March, which is 20.5 percent higher than the same period last year. Townhome condominium properties achieved a median sales price of $350,500 last month, an increase of 31 percent from the same period last year.

Proposed Residential Building Projects in New Hampshire

In New Hampshire, there are some residential home and condominium projects, but not many buildings in sight. Residential house projects are typical 2-story house construction with more than 3 rooms and are located in areas surrounding the best school districts.

There are also some condominiums under construction in the cities of Concord and Manchester, ready to receive many families who are looking to live in New Hampshire. An advantage of these condos is that they are much cheaper than buying a house.

New Hampshire 885 Old Turnpike Road Salisbury NH03268 - 4 Bed and 3 Baths with 2 Attached Garages on Gross Floor Area 2,199 sqft - Built in 2022 - Price $674,900 (4)

Newly Built House in New Hampshire 885 Old Turnpike Road Salisbury NH03268 – 4 Bed and 3 Baths with 2 Attached Garages on Gross Floor Area 2,199 sqft – Built in 2022 – Price $674,900 (4)

Building Costs Per Square Foot for Single Family Homes in the State of New Hampshire, USA

Building costs are 1% below the national average in the state of New Hampshire, and equivalent to the states of Minnesota, Pennsylvania, South Carolina and Wyoming.

Class 1 – Luxury Single Family Homes

The building cost per square foot for luxury private homes in New Hampshire ranges from $341.44 to $523.41 per sqft, with the average being $402.95 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 2 – Semi Luxury Single Family Homes

The building cost per square foot for semi-luxury private homes in New Hampshire ranges from $207.51 to $318.09 per sqft, with the average being $244.89 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 3 – Best Standard Single Family Homes

The building cost per square foot for best-standard private homes in New Hampshire ranges from $134.15 to $203.75 per sqft, with the average being $157.06 per sqft. As the bar chart shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 4 – Good Standard Single Family Homes

The building cost per square foot for good-standard private homes in New Hampshire ranges from $97.90 to $150.13 per sqft, with the average being $115.54 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 5 – Average Standard Single Family Homes

The building cost per square foot for average-standard private homes in New Hampshire ranges from $79.47 to $121.70 per sqft, with the average being $93.71 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

Class 6 – Minimum Standard Single Family Homes

The building cost per square foot for minimum-standard private homes in New Hampshire ranges from $62.68 to $96.07 per sqft, with the average being $73.94 per sqft. As the bar graph shows below, bigger homes with a large gross floor area have the lowest building costs per ft2, and smaller homes with a small gross floor area have the highest building costs per ft2. Medium-sized homes are somewhere in between. Generally, the building cost per square foot decreases as the size of the house gets bigger, and increases as the house gets smaller.

List of 7 Cities in New Hampshire – Percentage Deviation of the City/Town Building Cost from the National Average ($X), in Descending Order:

There are 234 municipalities and 129 special districts grouped into 10 counties in the state of New Hampshire. The bar chart below indicates that building costs vary in each city/town. The construction cost per square foot in each of these cities varies from the state and national average by a certain percentage based on the location factor also known as the local modifier.

The percentage deviation of building costs from the National Average for each city in New Hampshire is shown below.

If $X is the Average National Building Cost in the USA, then it will cost the following to build a residential property in each metro city/town in New Hampshire:

New Hampshire Average -1% (1% less than X)

  • Littleton 035 -6%
  • Charlestown 036 -5%
  • Concord 034 -3%
  • Lebanon 037 -3%
  • New Hampshire Average -1%
  • Dover 038 1%
  • Manchester 032-033 2%
  • New Boston 030-031 3%

The City List above as well as the Bar Graphs below shows that Littleton is the cheapest city to build a private home in the state of New Hampshire, and New Boston is the most expensive city to build a home. Building costs are -6% below the national average in Littleton and 3% above the national average in New Boston.

Cheapest Places To Build in New Hampshire:

Littleton is the cheapest to place to build at -6% below the national average, followed by Charlestown at -5% below the national average. The third cheapest place to build a house is Concord and Lebanon at -3% below the national average, followed by Dover at 1% above the national average. The fifth cheapest place to build is Manchester at 2% above the national average, followed by New Boston at 3% above the national average.

Expensive Places To Build in New Hampshire:

If anything between 5% and 10% is considered expensive, then there are no such cities in the state of New Hampshire.

More Expensive Places To Build in New Hampshire:

If anything between 10% and 15% is considered more expensive, then there are no such cities in state of New Hampshire.

Very Expensive Places To Build in New Hampshire:

The most expensive places to build a house are those which are 15% above the national average. There are no such places in the state of New Hampshire.

New Hampshire State Average Costs:

Private home building costs in the state of New Hampshire are -1% below the national average. New Hampshire is one of the states with mid-level costs in the United States, at number 25 on the national ascending costs scale.


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