Derry, New Hampshire is a charming town located in Rockingham County. With its rich history, beautiful landscapes, and close proximity to major cities like Boston and Manchester, it's no wonder that many people are looking to call Derry home. But for those interested in purchasing a property in this quaint town, one question remains - what is the average cost of properties in Derry, New Hampshire?
The Real Estate Market in Derry
Before we dive into the average cost of properties in Derry, let's take a look at the current state of the real estate market in this area. According to recent data from Zillow, the median home value in Derry is $296,000.This is slightly higher than the median home value for New Hampshire as a whole, which is $275,000. However, it's important to note that the real estate market in Derry is quite competitive. Homes are selling quickly and often for above asking price. This can be attributed to the town's desirable location and strong community feel.
The Average Cost of Properties in Derry
Now, let's get to the main question - what is the average cost of properties in Derry? According to data from Redfin, the average sale price for homes in Derry over the past month was $325,000. This is a 9.7% increase compared to the same time last year. But what about specific types of properties? Let's break it down further.Houses
The majority of properties in Derry are single-family homes.The average sale price for a house in Derry over the past month was $350,000. This is a 10.2% increase compared to the same time last year. However, it's worth noting that the price range for houses in Derry is quite wide. While some homes may sell for over $500,000, there are also many more affordable options in the $200,000-$300,000 range.
Condos
For those looking for a more low-maintenance option, there are also a number of condos available in Derry. The average sale price for a condo in Derry over the past month was $215,000.This is a 6.2% increase compared to the same time last year. Condos in Derry tend to be more affordable than houses, making them a popular choice for first-time homebuyers or those looking to downsize.
Multi-Family Homes
Multi-family homes, also known as duplexes or triplexes, are another option for those looking to purchase a property in Derry. The average sale price for a multi-family home in Derry over the past month was $375,000. This is a 15.4% increase compared to the same time last year. Multi-family homes can be a great investment opportunity, as they allow you to live in one unit and rent out the others.Factors Affecting Property Prices in Derry
So why are property prices in Derry on the rise? There are several factors that contribute to this trend.Location
Derry's location is one of its biggest selling points. It's just 35 miles from Boston and 20 miles from Manchester, making it an ideal spot for commuters.Additionally, Derry is close to the beautiful New Hampshire coastline and the White Mountains, offering residents easy access to outdoor activities and scenic views.
Schools
Derry is home to highly-rated public schools, making it an attractive option for families with children. The town also has a strong sense of community, with many local events and activities geared towards families.Low Crime Rates
Derry has consistently low crime rates, making it a safe and desirable place to live. This is another factor that attracts families and contributes to the town's strong community feel.Conclusion
In conclusion, the average cost of properties in Derry, New Hampshire is currently $325,000. However, this number can vary depending on the type of property you're looking for.With its desirable location, strong community feel, and various housing options, it's no surprise that Derry's real estate market is thriving. If you're considering purchasing a property in this charming town, be prepared for a competitive market but also know that you'll be investing in a wonderful community.
