Condo vs. House in Portsmouth: Which Is Right for You?

Portsmouth's housing market is nearly evenly split between condominiums and single-family homes — 3,235 condo units and 4,385 single-family properties, making it one of the most balanced markets in New Hampshire. That balance means most buyers in Portsmouth face a genuine choice between the two, and the right answer depends less on what's "better" in the abstract than on what matches your specific lifestyle, finances, and priorities.

This article breaks down the real differences — price, space, location, maintenance, investment potential, and the less obvious factors that often tip the decision one way or the other.

The Price Gap: $250K and Growing

The median condo in Portsmouth is assessed at $535K. The median single-family home is $785K. That $250K gap is the starting point for most buyers' decision-making, but the sticker price only tells part of the story.

Condos come with monthly HOA fees that cover building insurance, common area maintenance, and often water, sewer, and exterior upkeep. In Portsmouth, HOA fees typically range from $250 to $600 per month depending on the community and amenities. Over a decade, $400/month in HOA fees adds up to $48,000 — a meaningful cost that doesn't build equity.

Single-family homes have no HOA fees (with the exception of a few neighborhoods like The Woodlands, which has a voluntary HOA), but they do come with maintenance costs that condo owners don't face: roofing, siding, landscaping, snow removal, and the full range of exterior upkeep. A conservative estimate for annual maintenance on a single-family home in New England is 1–2% of the home's value, or roughly $8,000–$16,000 per year for the median Portsmouth house.

When you factor in the true cost of ownership — mortgage payment, taxes, insurance, HOA or maintenance — the monthly gap between a condo and a house narrows considerably. For many buyers, it's less about affording one versus the other than about how they want to allocate their housing dollars.

Space and Layout

The median condo in Portsmouth is 1,174 square feet with 2 bedrooms. The median single-family home is 1,638 square feet with 3 bedrooms. That extra 464 square feet and additional bedroom may or may not matter depending on your household, but there are a few other space considerations worth noting:

Outdoor space. Single-family homes sit on a median lot of about 9,150 square feet — roughly a fifth of an acre. Most condos have no private outdoor space, or at best a balcony or small patio. If gardening, grilling, or simply having a yard matters to you, this is often the deciding factor.

Storage. Houses typically come with basements, attics, and garages. Condos may have a storage unit in a common area, but it's usually modest. Buyers moving from a house to a condo consistently cite storage as the adjustment they underestimate most.

Parking. Most single-family homes include a driveway and often a garage. Condo parking varies widely — some buildings include one or two spaces, others have none. In downtown Portsmouth, where street parking is competitive, dedicated parking can add $30K–$75K or more to a condo's effective price.

Location: The Condo Advantage

This is where condos often win the argument. The five streets with the most condos in Portsmouth tell the story:

Condos give you access to the most walkable, culturally active parts of Portsmouth — downtown, the West End, the waterfront — at price points that make single-family ownership in those areas out of reach for most buyers. A single-family home on State Street might cost $2M+; a condo on the same street could be $500K–$900K.

The trade-off is that single-family homes dominate the quieter, more suburban neighborhoods — The Woodlands, Elwyn Park, Middle Road — where the pace is slower and the lots are larger. If your priority is a neighborhood with a strong residential character and space to spread out, a house is likely the better fit.

Owner Occupancy and Community

One of the most significant but least discussed differences between condos and houses in Portsmouth is who lives there. About 78% of single-family homes are owner-occupied, compared to just 44% of condos. That means more than half of all condo units in the city are owned by investors, second-home buyers, or are otherwise not occupied by the owner.

This matters for community feel. In single-family neighborhoods like Elwyn Park (82% owner-occupied) or The Woodlands (84%), you're more likely to have long-term neighbors who are invested in the community. In condo buildings with high investor ratios, the mix of tenants, short-term renters, and seasonal residents creates a different dynamic.

Neither is inherently better — but buyers should be aware of the owner-occupancy rate in any condo building they're considering, because it affects everything from hallway noise to how well the building is maintained to the likelihood of HOA special assessments being approved.

New Construction: Two Very Different Markets

Since 2020, Portsmouth has added 199 new condo units and 59 new single-family homes. The new-construction markets look very different:

New-construction condos in Portsmouth are larger and more expensive than the existing condo stock — developments like Sage Lane ($1.1–$2.0M) and Walford Lane ($1.2–$1.5M) are targeting a luxury buyer who wants new finishes, energy efficiency, and low maintenance. The exception is Juniper Lane, which at $688K–$854K fills a critical gap for buyers who want new construction without a seven-figure budget.

New single-family construction is rarer and more expensive, reflecting the scarcity of buildable lots in the city. At $1.32M median, a new-build house in Portsmouth is a premium product.

The Decision Framework

The Investment Perspective

Both condos and houses have performed well in the Portsmouth market, but they appreciate differently. Single-family homes in Portsmouth have generally outpaced condos in appreciation over the past decade, driven by land value and scarcity. A condo's value is primarily tied to the unit itself and the building's condition, while a house's value includes the land underneath it — and in a city with limited buildable acreage, that land component becomes increasingly valuable over time.

From a rental income perspective, condos in high-demand areas (downtown, waterfront) can generate strong short-term rental income, though city regulations on short-term rentals should be verified before purchasing with that intent. Single-family homes in Portsmouth's residential neighborhoods tend to attract long-term tenants and offer more stable, if sometimes lower, rental yields.

The Bottom Line

There is no universally right answer between a condo and a house in Portsmouth. The city's nearly even split between the two reflects the fact that both serve real, distinct needs. What matters is matching your choice to your priorities: location versus space, convenience versus control, walkability versus a backyard.

The best approach is to look at both early in your search, even if you think you know which way you lean. Buyers who start out convinced they want a condo sometimes fall for a house in Elwyn Park or Middle Road once they see what their budget buys outside downtown. And house hunters who assumed they needed a yard sometimes discover that a well-located condo on Islington Street or Bow Street delivers a lifestyle they hadn't considered.

Keep an open mind, do the math on total cost of ownership (not just purchase price), and work with an agent who knows both markets well. Portsmouth is a city where the right home might surprise you.