In Oslo, more homes are listed than in years—but prices still rose in August

‍In Oslo, more homes are for sale than at any point in years. Yet prices climbed in August.

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What looks like oversupply is, in fact, a temporary sell-off from landlords squeezed by financing costs and wealth tax. Beneath the surface, the deeper challenge remains: housing affordability.

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August numbers at a glance

• Norway: Home prices rose 1.7% in August (0.6% seasonally adjusted). So far in 2025, prices are up 7.4%.
• Average Norwegian home price: NOK 4.95 million.
• Oslo: Prices up 1.5% in August (seasonally adjusted) – the strongest August rise since 2010.
• Listings: More than 4,000 homes for sale in Oslo, far higher than previous years.

Why the surge in listings—and why it will not last

This is not overbuilding. The surge is driven by:

• Landlords exiting rental due to weak yields
• Higher financing costs squeezing cash flow
• Wealth tax on secondary homes (100% valuation) raising holding costs

The effect is a flood of listings today, but once absorbed, Oslo is back to its structural shortage: very low new-build activity and high demand.

Why did prices rise anyway?

• Buyers believe the rate peak is behind us, moving more aggressively.
• Sellers hold firm, knowing this supply shock is temporary.
• With new construction at historically low levels, future scarcity is inevitable.

Affordability remains the core issue

Even with today’s “buyers’ market” effect, affordability in Oslo is under heavy strain. Entry costs are simply too high for many households. When temporary supply fades, the affordability gap only widens.

This is exactly the problem Living Impact was founded to solve.

How Living Impact contributes

Through Deleie (shared ownership), buyers can purchase a share of their home and still live in the whole. This lowers the capital hurdle without lowering ambition. For developers and owners, we structure offtake solutions that unlock liquidity now—without fire sales.

By bridging the affordability gap, Living Impact ensures more households gain access to ownership—whether the market is temporarily flooded or chronically scarce.

(Sources: Prognosesenteret, Eiendom Norge, OBOS, DN/E24)

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