House prices fell by 0.4 percent in October 2025. Adjusted for seasonal variations, prices rose by 0.6 percent.

So far this year, house prices in Norway have risen by 6.3 percent.

The average price of a house in Norway was NOK 4,873,238 at the end of October.

- House prices fell by 0.4 percent in October, which also resulted in an increase in seasonally adjusted prices of 0.6 percent. The underlying trend in the second-hand housing market is now strong with strong sales growth and a seasonally adjusted increase in many areas, says CEO Henning Lauridsen of Eiendom Norge.

- In September, we had the second interest rate cut this year, and it is probably the interest rate cut that we are now starting to see the effect of on house prices. At the same time, there are large differences in housing price developments, with Stavanger, Bergen and Tromsø standing out markedly, while central Eastern Norway and especially Oslo and Drammen have more moderate price developments, he says.

Record volumes in the second-hand market

In October, 10,354 homes were sold in Norway, which is 4.7 percent more than in October 2024.

So far this year, 97,387 homes have been sold in Norway, which is 10.3 percent more than in the same period last year.

In October, 10,477 homes were put up for sale in Norway, which is 5.3 percent more than in the same month in 2024.

So far this year, 105,104 homes have been put up for sale, which is 7.8 percent more than in the same period last year.

- A very large number of homes have been sold during October, and it is actually a record for an October month. With normal sales volume in November in the second-hand market, we will already beat the record year 2021 in total during November, says Lauridsen.

It took an average of 48 days to sell a home in October, down from 46 days in September.

Bergen and Stavanger and the surrounding area had the shortest sales time with 19 days. Follo had the longest sales time with 76 days.

Strongest in Stavanger and Tromsø

The strongest seasonally adjusted price development in October was in Stavanger and the surrounding area with a seasonally adjusted increase of 1.4 percent, ahead of Tromsø with a seasonally adjusted increase of 1.2 percent.

The weakest seasonally adjusted price development in October was in Drammen and the surrounding area with a decrease of 0.5 percent.

The largest growth so far in 2025 has been in Stavanger and the surrounding area with 14.3 percent, followed by Tromsø with 11.2 percent and Bergen with 9.6 percent.

Drammen has the weakest development this year with 3.2 percent, followed by Oslo and Trondheim with 3.6 percent.

Continued housing crisis
- The second-hand housing market so far this year has been characterized by large differences and a record sales volume. At the same time, the new housing market is down with a broken back and it will probably take a long time before sales of new homes and then housing construction pick up again, says Lauridsen.

- We therefore do not share the government and Finance Minister Jens Stolenberg (Ap)'s optimism for housing investments in the 2026 state budget. They predict an increase in housing investments of as much as 12 percent and therefore also a good GDP increase of 2.1 percent.

- It is completely unlikely that this will hit as yesterday's new home sales are tomorrow's housing investments, and new home sales have now leveled off at half speed. The housing crisis will characterize the Norwegian economy, rental market and second-hand housing market for a long time to come. More activity in the new housing market depends on lower interest rates and targeted measures in the state budget, concludes Lauridsen.