Prices of old dwelling houses fell by 7.0 per cent in the first quarter of 2024 from the stipulated period of previous year and by 5.4 per cent from the previous quarter, according to Statistics Finland,
In the first quarter of 2024, around 11 per cent fewer transactions of old dwelling houses were made than in the corresponding period one year earlier.
Prices of old dwelling houses fell by 9.9 per cent in large towns and by 6.0 per cent in the rest of the country from one year back.
Prices fell most, by over 10 per cent, in municipalities with 60,000 to 100,000 inhabitants.
Prices of dwelling house plots rose by 5.7 per cent in the whole country compared to one year earlier.
Transactions of old dwelling houses decreased most in municipalities with 20,000 to 59,999 inhabitants, where 14 per cent fewer transactions were made than one year earlier.
Seventeen per cent fewer transactions of dwelling house plots were made than in the corresponding period of the previous year.
Prices of new dwelling houses fell by 2.2 per cent from the previous year and by 0.7 per cent from the previous quarter.
Source: www.dailyfinland.fi
Did the decrease in old house prices have any impact on the overall housing market in Q1?
Yes, the decrease in old house prices in Q1 did have an impact on the overall housing market. With prices falling significantly, it likely impacted buyers’ perceptions and decisions, potentially leading to changes in market dynamics and trends.
As a real estate agent, I find it concerning that the prices of old houses are dropping significantly. This could indicate a potential downturn in the housing market. It’s crucial for sellers to adjust their pricing strategies accordingly to adapt to these changes.