Dutch home sales prices show largest jump in two years, Up 12% to €462,000
The average price of existing homes in the Netherlands surged to 461,931 euros in November 2024, reflecting an 11.9 percent increase compared to the same month in 2023, according to the Central Bureau of Statistics (CBS) and the Land Registry Office (Kadaster). This represents the largest year-on-year increase in over two years. Month-over-month, prices climbed by 0.9 percent, highlighting a steady upward trend in the Dutch housing market.
The average price of existing homes in November was 8.4 percent higher than the previous peak observed in July 2022, signaling a recovery in the housing market following a temporary price decline that began later that year. Housing prices began rising again in June 2023 after an extended downturn.
CBS and Kadaster measure the price development of all existing privately owned homes in the Netherlands using data from registered purchase deeds. November's growth follows consistent year-on-year increases since February 2024, which saw prices rise by 4.3 percent. Price developments by region and housing type are typically reported quarterly, with the next data release scheduled for January 22, 2025.
In November, Kadaster recorded 17,973 housing transactions, an increase of 17.9 percent compared to the same month in 2023. The total number of homes sold in the first 11 months of 2024 reached 182,634, exceeding the full-year total for 2023. This represents a 12 percent increase compared to the same period last year.
The average transaction price for an existing home in November 2024 stood at 461,931 euros. However, CBS clarified that for assessing price developments, a quality-adjusted price index is used, rather than raw transaction prices, to account for differences in property characteristics.
The price index for existing homes has shown consistent growth throughout 2024. By November, the index reached 144.1 (with 2020 as the base year), up from 142.8 in October and 128.7 in November 2023. This steady rise follows fluctuations in the index during 2022 and early 2023, which included a significant downturn in the housing market.
The Dutch housing market has seen notable fluctuations over recent years. From late 2021 to early 2022, prices rose sharply, peaking at an annual growth rate of 20.9 percent in January 2022. However, growth slowed considerably by mid-2022, and prices began to decline in 2023. The lowest point was in April 2023, with a 4.7 percent year-on-year decrease.
Since then, the market has rebounded, with prices steadily increasing. By mid-2024, annual growth rates returned to double digits, with November marking the strongest performance in over two years.
The 17,973 housing transactions recorded in November reflect a significant recovery in market activity. This follows a period of stagnation and decline during 2022 and early 2023. The housing market's recovery in 2024 coincides with strong price growth and increased buyer activity.
Kadaster's data shows that monthly transaction volumes have consistently exceeded those of the prior year since early 2024. For instance, July 2024 saw a 24.7 percent increase in transactions compared to July 2023, one of the largest year-on-year jumps in recent years.
