Norway’s housing market just blinked

September brought a 0.6 % dip in Norwegian used-home prices (Eiendom Norge). But adjust for seasonality, and prices actually rose 0.4 %.

Sales are up — 11,142 homes sold, a 9.3 % YoY increase.
The market is recalibrating.

What’s Driving the Shift?

• Seasonality: September usually trends softer.
• Rate cuts lag: The central bank’s two cuts this year haven’t fully filtered through.
• Inventory pressure: More unsold homes mean prices aren’t surging, despite strong turnover.

The Regional Story

• Oslo: -0.9 % in September. Buyer-friendly dynamics emerging.
• Bergen & Ålesund: Holding steady; Bergen even ticked higher.
• Stavanger & Tromsø: Still hot, with YTD growth of ~14 % and ~10.9 %.
• 2025 outlook: Oslo’s forecast growth muted (~3.9 %).

Who’s Impacted?

First-time buyers: Easier entry as supply loosens and bidding cools.
Premium owners: Luxury units slower to move; performance gap widening.

What We’re Watching

• Next rate cut — expected late 2026 unless inflation forces an earlier move.
• Regional divergence — momentum varies city to city.
• Credit appetite — rising pre-approvals signal buyer sentiment building.

Why This Matters

The 0.6 % headline dip grabs attention. The 0.4 % adjusted gain tells the real story: Norway’s housing market is active, resilient, and regionally fragmented.

For Living Impact, this is an opening. Our shared ownership model helps:

• First-time buyers step into ownership sustainably.
• Developers move unsold stock more efficiently.
• Investors gain exposure to housing with impact built in.

The market is recalibrating. For us, it’s an opportunity to turn today’s shifts into tomorrow’s value.