So far this year, house prices in Norway have risen by 6.1 percent.

The average price of a home in Norway was NOK 4,774,083 at the end of November.

- House prices fell by 0.2 percent in November, which also resulted in an increase in seasonally adjusted prices of 0.7 percent. The underlying strong trend in house prices continues, says CEO Henning Lauridsen of Eiendom Norge.

- It is likely that the interest rate cut in September is the main reason for the strong trend now, in combination with the fact that the number of completed new homes is constantly decreasing in the wake of the historically weak new housing market in recent years, he says.

- In 2025, there have been unusually large differences in the price development in house prices in Norway. Oslo, Fredrikstad/Sarpsborg, Drammen and Tønsberg, as well as Trondheim have had moderate growth in house prices of around 2-3 percent so far this year. Stavanger, Bergen and Tromsø, on the other hand, have experienced record double-digit house price growth, says Lauridsen.

Record turnover in the second-hand market

In November, 7,461 homes were sold in Norway, which is 2.8 percent more than in November 2024.

So far this year, 104,848 homes have been sold in Norway, which is 9.8 percent more than in the same period last year.

In November, 6,463 homes were listed for sale in Norway, which is 1.1 percent fewer than in the same month in 2024.

So far this year, 111,506 homes have been listed for sale, which is 7.2 percent more than in the same period last year.

- A very large number of second-hand homes have also been sold in Norway in November. We have already surpassed the record year 2021 in the number of second-hand homes sold in Norway, says Lauridsen.

It took an average of 54 days to sell a home in November, up from 48 days in October.

The shortest sales time was in Bergen and Stavanger and the surrounding area with 20 and 24 days. The longest sales time was in Tønsberg and the surrounding area with 93 days.

Strongest in Tromsø, Hamar and Ålesund

The strongest seasonally adjusted price development in November was in Tromsø with a seasonally adjusted increase of 2.8 percent, ahead of Hamar and Stange with a seasonally adjusted increase of 2.5 percent and Ålesund with a seasonally adjusted growth of 2.4 percent.

The weakest seasonally adjusted price development in November was in Tønsberg and Færder with a decrease of 1.7 percent.

The largest growth so far in 2025 has been in Stavanger and the surrounding area with 14.5 percent, followed by Tromsø with 13.5 percent and Bergen with 10.2 percent.

Drammen has had the weakest development this year with 2.2 percent, followed by Fredrikstad/Sarpsborg with 2.5 percent.

Interest rate cuts are not enough

In 2025, the housing market has been characterized by large differences with record-high second-hand housing sales and strong price growth in parts of the country in combination with historically low new home sales and housing construction.

- The government is betting that lower interest rates will stimulate new home sales out of the housing construction crisis. However, interest rate cuts are not enough to solve the housing crisis, says Lauridsen.

- During and after the pandemic, the costs of housing construction have exploded. This development has been driven, among other things, by high energy prices, global unrest and not least a weak krone. And there is nothing to indicate that construction costs will decrease.

- In recent decades, Norway has been burdened with technical and regulatory requirements for housing construction to a far greater extent than our neighboring countries. This has been possible to handle when interest rates have been falling and inflation low, but that is no longer the case.

- Norway must therefore cut the requirements for new housing down to Swedish levels. Norwegian special requirements make a 60 square meter apartment 1.1 million kroner more expensive than in Sweden, according to a study by Union. Only lower costs can get housing construction back on track, Lauridsen concludes.