To summarize the Concord market in October: rents are steady, home prices are holding at high levels, and interest rates are gradually declining. However, there is a lag in the release of regional sales statistics, so this report is based on the most current figures available.

First, let's look at rents. According to October data from the rental survey site Zumper, the median rent for all of Concord is $2,000 per month.

Compared to the same time last year, this is essentially unchanged. The atmosphere has shifted significantly compared to a few years ago when rent increases were expected every year.

When broken down by the number of bedrooms, the trends diverge. The average rent for a one-bedroom is $1,725, which is a 7% increase from a year ago.

In contrast, the average rent for a two-bedroom is $2,125, down 3%, and for a three-bedroom, it is $2,572, down 7%. Studios are at $1,337, which is an 11% decrease.

Demand for one-bedrooms is concentrated among singles or couples, while larger family units are relatively stagnant. For those settling in for the first time, the price of a one-bedroom may feel the most challenging.

It's worth noting that rent figures can vary significantly between sites due to different aggregation methods. It's advisable to compare similar listings from a few places before finalizing any agreements.

Next, let's discuss sales. According to the August regional report released by the New Hampshire Realtor Association, the median sale price for single-family homes in Concord was $499,900.

This is slightly lower than last year's $510,000 in August. However, it's premature to declare a downturn based solely on one month's figures.

From the beginning of the year to August, the cumulative median price is $497,000, which is 4.6% higher than the same period last year at $475,000. Overall, the trend still leans towards an increase.

Transaction volume has also increased. During the same period, single-family home sales in Concord totaled 191, a 13% increase, while the number of contracts signed rose to 208, a 19.5% increase.

As of the end of August, inventory stood at 35 homes, which is 20.7% more than a year ago. Still, the months of supply is only 1.4 months.

Typically, a balanced market is considered to be around six months of supply, so even with an increase in listings, the market still favors sellers.

Expanding the scope to Merrimack County, the median price for single-family homes in September was $545,000, up 9.0% from a year ago. It briefly paused at $532,500 in August before rising again.

Statewide, the median price for single-family homes in August was $569,900, a 3.6% increase from the previous year. The number of listings was 3,055, an 18.7% increase, with a supply of 2.8 months.

I also checked the current listings on the market. As of early November, there are 137 active listings in Concord, with a median asking price of $425,000 and an average market stay of 43 days.

This figure represents the asking prices for all types of properties, so it shouldn't be directly compared to the single-family home sales prices mentioned above. Misinterpreting a lower asking price as a drop in home values can lead to misunderstandings.

The most welcome change this month is in interest rates. According to Freddie Mac's weekly survey, the average rate for a 30-year fixed mortgage was 7.40% on October 8 and 15, then dropped to 7.24% on the 29th.

The figure announced on November 5 was 7.18%, marking three consecutive weeks of decline. While the trend is positive, the rates are still in the 7% range, making it difficult to say that monthly payment burdens have significantly decreased.

This month's local issue includes movements to expand housing supply. According to a city report from April, 283 units are under construction in Concord, and 599 units are waiting to break ground after approval.

The city also relaxed design standards for multi-family housing in May and made temporary zoning amendments to eliminate site requirements for duplexes. It has also received designation as a Housing Champion from the state government.

If these units actually lead to occupancy, there may be some easing of pressure on rents. However, construction schedules often get delayed, so the pace remains to be seen.

So, what should you check now? If you're a tenant, it's advisable to compare the prices of similar units in your complex and the surrounding area before renewing your lease.

While one-bedroom rents are on the rise, leaving little room for negotiation, for two-bedrooms and larger, it may be worth adjusting the increase based on the market decline.

If you're considering buying, remember that the supply is only 1.4 months. Good listings still move quickly, so getting pre-approved is crucial.

If interest rates continue to decline, you might consider buying now and refinancing later. Of course, you should factor in refinancing costs when calculating.

For investment purposes, smaller units focused on one-bedrooms seem to have an advantage in rental demand. Larger units may realistically require a longer vacancy period.

In summary, Concord is in a phase where rents are stabilizing, home prices are gradually rising at high levels, and interest rates are slowly declining. Personally, I would choose to wait a month or two to see the year-end interest trends before making a decision.

When the October single-family home sales statistics are released, I will continue to summarize in the next report. The figures in this article are based on Zumper's October rent data, the New Hampshire Realtor Association's August and September reports, and Freddie Mac's November 5 weekly rates.