Updated 2026 · Based on median market data for Keene, NH
Home values in Keene, NH have appreciated at 2.6% per year. Appreciation is modest, meaning total returns will be driven primarily by cash flow rather than equity gains. This is actually preferred by many investors who want predictable, income-based returns.
If Keene continues appreciating at 2.6% annually, the current median of $375,000 would reach approximately $426,352 in 5 years — an equity gain of $51,352 on a property purchased at the median. With a 20% down payment of $75,000, that represents a 68% return on invested equity from appreciation alone. Combined with 5 years of NOI totaling approximately $60,287, the projected total return is $111,639 — a 149% cumulative return on the initial investment.
Population growth in Keene is minimal at 0.5%. Appreciation here is more likely driven by regional economic factors, inflation, and housing stock constraints rather than population-driven demand. Higher-than-average local incomes ($67,733) support continued price growth as more residents can afford to bid up properties.
Smart investors evaluate both cash flow AND appreciation. In Keene, the 3.22% cap rate provides modest ongoing cash flow, while 2.6% annual appreciation adds an equity component. Conservative underwriting is essential. Focus on deals where the cash flow stands on its own, and treat any appreciation as a bonus.
Keene vs New Hampshire state average and national average across key investment metrics. Keene's cap rate is below both benchmarks — deal sourcing is critical here.