The Tri-Town area of Hooksett, Pembroke and Allenstown is experiencing significant changes in its real estate market.
For the first time in over a decade, Hooksett is seeing a surge in rental units, such as the townhomes on Hooksett Road and Blaise Way, which are now being leased instead of sold. This shift reflects a growing demand for rental options, offering more possibilities for individuals and families looking for no maintenance, and an easier lifestyle than the traditional home.
The recent conversion of the Pembroke Village School into apartments is another step forward in meeting this demand. Located in Suncook, this apartment complex is providing much-needed rental spaces, further contributing to the evolving rental landscape.
Similarly, the luxury apartment units at 22 Canal Street in Allenstown, which opened earlier this summer, have seen an influx of new residents, signaling a revitalization of the Suncook Village area, which had long struggled with stagnation.
This increase in population was so notable that over 500 new voters registered in Allenstown, with many of them coming from these apartments.
For potential homeowners, however, buying property in the Tri-Town area can be challenging, especially with limited inventory and rising prices.
With the median home price in Hooksett surpassing the state average, many residents are finding it difficult to purchase their first home. Allenstown and Pembroke offer more affordable options, but buyers must also consider local tax rates.
Hooksett’s recent property revaluation has brought its tax rate down. Despite that, it is still more affordable to buy in Pembroke and Allenstown, which still have higher rates.
When considering a home purchase, it’s important to do thorough research, including looking into open permits or unresolved issues with properties. For example, if a property has an accessory dwelling unit or other unapproved work, it could lead to significant costs after the sale. Consulting with the town’s community development or code enforcement department before finalizing a deal can help avoid unexpected surprises.
Despite concerns from some residents about an increase in rental properties, the reality is that the area needs more affordable housing options. The key is to strike a balance – preserving the small-town charm while also allowing for responsible development that meets the needs of all generations, from young professionals to retirees.
Whether you’re looking to buy a home or explore rental opportunities, understanding the market’s evolving dynamics and working with a knowledgeable local realtor can help you make an informed decision.
