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Nashua and Concord Zip code Data
Today’s data focus is on specific zip codes of Nashua (03060 and 03064) and Concord (03301 and 03303). These are the hotbeds of both cities for multi-families. The data is from January 2023 - March. Once April is complete, then I will update the data to show the month of April.
Here are some good to know definitions of the data:
Avg DOM - Average Days on Market until a contract is agreed upon.
Variance - difference between a list price vs. sold price. A + variance is overbidding. A - variance
is an underbid. Overbidding can mean a few things, but desirability is one main lens.
Cost per unit - cost per each unit in the multi-family.
-Manchester accounts for a vast majority of the multi-family market (more than 50%) in NH. Concord and Nashua suffer from a lack of inventory.
- 4 units have not been sold in either area.
- Nashua zip code 03060 has the most properties sold next to Manchester zip codes for Hillsborough county.
- 03060 seems to have a much higher offload of properties this year than the former year.
In terms of desirability - 03064 and 03303 are the more popular zip codes between Nashua and concord respectively. This is also due to sheer inventory availability. It’s worth noting that the inventory is very low so the metrics may seem a bit more extreme. Consider that when examining the data.
03303 in Concord is a cheaper option and just as desirable than 03064 in Nashua. Although the rents are different, the cost per unit is a bit lower as well (for now until inventory picks up) in terms of 2 units.
As for three units, there have only been 5 that have sold this year. That said, the cost for 3 units in these areas does not exceed 190K per unit, which is a bit higher than Manchester (at 158-168K per unit pending location).
Nashua sales cycle for units sold surprised me a bit. I thought January was a fluke of extreme sales, but compared to the former year - Nashua continues to keep selling properties en-mass compared to the former year. A majority are two families, but if you’re looking for a 4 unit, then consider 03064.
Concord is continuing to show very little inventory. No 4 units have sold and 2-3 units make up
the bulk effort.
As stated prior, 03060 has the most quantity in Nashua (2023 data).
In an exciting tie - both Concord zip codes have only sold 2 multi-s each in 2023. This data seems sparse - well that’s because it is! Commercial property sales were limited as well to just two (diverse) properties - so I did not show the data as it was incomplete.