This $1.2 million historic brick home in Hopkinton sits on 10 acres with a barn. (Courtesy of PrimeMLS)
The four-bedroom home on Mansion Road was built to entertain.
A wraparound back porch overlooks the 16-acre property with a koi fish pond, horse barn, indoor riding arena, tennis and basketball court, pool and outdoor kitchen. In the first-floor bathroom, original flooring from TD Garden accompanies a basketball-themed sink.
The handcrafted front door opens to black-and-white checkered flooring with a red lacquer bar, pool table and pinball machine. A statue of an armored guard stands sentry over it all.
“It’s a very unique property,” said Kristi Whitten, the CEO of the Whitten Team at Keller Williams Realty who is selling the property for $1.6 million. “Most properties do not have indoor riding arenas.”
While the six-bathroom house in Dunbarton with spiral staircases and an indoor movie theater may be “unique,” its price point is becoming more commonplace in the New Hampshire real estate market. As the state’s median prices continue to rise — the average home sale surpassed $500,000 in 2024 — million-dollar and higher price tags are no longer an anomaly. Instead, they are a consistent trend within the upper tier of activity.
In 2019, 301 homes sold in New Hampshire for more than $1 million. Five years later, that number saw a three-fold increase with 994 homes sold in 2024, according to data from the New Hampshire Association of Realtors. In Merrimack County, the number of million-dollar sales saw a similar increase from 16 to 56.
“Those million-dollar-plus homes have definitely been growing. Simply, inventory is low, prices have continued to climb, therefore we’re reaching that threshold pretty quickly,” said Susan Cole, President of New Hampshire Realtors Association. “Years ago that was very rare.”
Many of the million-dollar sales in the greater Concord area were in the Lakes Region, which makes sense given the concentration of waterfront mansions that cater to affluent out-of-state owners. Excluding waterfront communities, 75 homes sold in the greater Concord area for a median price of $1.3 million, according to a Monitor analysis of real estate listings and transactions.
A six-bedroom 4,500 square-foot home in Concord’s South End sold for just over $549,000 in 2018. Today, it’s on the market for $1.175 million. The brick colonial built in 1852 has a newly renovated interior, with hardwood floors and walk-in closets. A barn leads out to seven acres of land that backs up to the Russell-Shea State Forest.
Some are lakefront homes, which have consistently fetched top dollar, like a $1.9 million listing for new construction on Lake Winnisquam in Belmont. The modern four-bedroom, four-bathroom house built last year has a black marble kitchen island and sliding doors that lead out to the lake. It sits on less than a quarter acre and neighboring houses are tucked in close.
Others are expansive properties, like a 27.5-acre working farm in Loudon for $2.2 million. The farmhouse has wood-paneled rooms and a wood stove, while the site comes with solar panels, a farm store and two rental units.
Sometimes a historic home, like a $1.2 million listing in Hopkinton, can attract the right buyer. Built in 1912, Hampshire Hall features large columns that frame the entry way and a widow’s walk overlooks Mt. Kearsarge. The old house needs updates, the description notes, but the secluded 10-acre lot also features a barn.
And then there’s the utilitarian charm of a vinyl-sided Chichester colonial listed at $1.2 million. The three-bedroom, four-bathroom home built in 2021 is just under 3,000 square feet with marble countertops and new appliances. An accessory dwelling unit with its own driveway and septic system adds another 1,800 square feet of living space.
“We’re lucky where we live, in that way,” Cole said. “The homes are all so unique.”
These high-priced listings go hand-in-hand with a growing concern of a limited market of affordable properties, said Cole. Those looking to buy a first home are met with few options and unfavorable interest rates. Those who already own are watching their assessments – and taxes – grow. For some, building equity can be a good thing. But for others, the tax burden can grow to be too much.
The state realtors’ association has one data point that encapsulates this balance. It’s called the affordability index, and it measures the percent of the state’s median income that is needed to buy a home. In 2019, the average New Hampshire resident had more than enough, with the index at 131. Today, the index is at 59.
Put simply by Coles, the prognosis for most buyers is: “You’re short.”
Christine Tatro, a realtor with eXp Realty, sold a $1.5 million home on West Parish Road in Concord last September.
The long-lit driveway and rolling lawns on the 13.8-acre property are as luxurious as the home’s price point, said Tatro.
“You just felt like you were on your own private resort if you got to walk around that property,” she said. “It was very clear to me that that house was worth well over a million dollars.”
Prospective buyers agreed.
After just over a month on the market, Tatro had three offers, ultimately selling for over the asking price.
The continued interest in these properties is not rare, she said.
“Regardless of the price point, we are still seeing multiple offer situations,” she said. “Where you think there might be a lull, there’s not. And the reason for that is because our inventory still remains so low.”
The lack of inventory is forcing a new phenomenon that Whitten hadn’t seen in her nearly two decades in the real estate business: older residents looking to downsize are now competing with first-time home buyers.
“We have never seen that demographic where your 65-year-old group is buying single-family homes,” she said. “That’s why I don’t think that we’re going to see certainly not a crash or a slowdown of any kind.”
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