Dutch home sales prices shot up 11.5% to a record average of €483,000 at the end of 2024

Homes that hit the Dutch real estate market last quarter sold for a record-high average of 483,000 euros, according to realtor association NVM. The price tag jumped by 9,000 euros compared to the third quarter of 2024, and by 11.5 percent on an annual basis. Since the last quarter of 2023, home sales prices have gone up by roughly 50,000 euros on average.

A total of 43,000 homes were sold in the fourth quarter of 2024, nearly 7,000 more than the same period in 2023. This represents a 19 percent increase year-over-year. Over the entirety of 2024, nearly 145,000 homes were sold, up from 132,000 in 2023.

“This increase in sales is driven by several factors, including positive market sentiment, declining mortgage rates, and rising incomes,” said NVM Chair Lana Goutsmits-Gerssen. She noted that many sellers leveraged equity from previous sales, while a growing number of investors divested rental properties, adding to the supply.

Homes sold quickly, with an average transaction time of just 27 days—unchanged from the previous quarter. However, in regions with tight housing markets or highly desirable property types, homes sold even faster. "With an average sale time of 27 days, buyers need to act quickly," Goutsmits-Gerssen remarked.

The data showed a surge in apartment sales, which reached over 14,000 in the fourth quarter. This marked a 28 percent increase from the previous quarter, driven largely by buyers aged 25 to 35, while demand among those aged 50 and older declined proportionally.

While the national average sale price climbed to 483,000 euros, regional disparities remained significant. In 144 municipalities, the average sale price exceeded 500,000 euros, with 11 municipalities recording averages above 700,000 euros. Smaller municipalities saw the sharpest price increases, with annual gains of 13.5 percent, compared to 11.4 percent in larger cities.

NVM highlighted that 42 percent of municipalities have surpassed the 500,000 euros threshold, while 55 percent still maintain averages below that mark.

Despite an inventory of nearly 26,000 homes at the end of the fourth quarter, more than 45,000 homes were newly listed during the period, the highest in two and a half years. This influx allowed many buyers to secure properties despite tight supply conditions.

The 2.5 percent quarter-over-quarter price increase represents a relatively moderate gain compared to previous years. Though 71 percent of buyers paid more than the asking price, the growth in overbidding has slowed. For mid-tier properties, such as townhouses, overbidding has even slightly decreased.

Despite higher price tags, there were more opportunities for first-time buyers in 2024, the NVM reported. Over 64,000 people purchased their first home last year, compared to about 59,000 in 2023 and 55,000 in 2022.

“The additional supply mainly concerns smaller apartments, which means that single people and first-time buyers under the age of 35 were particularly able to benefit from this,” the NVM stated.

The number of newly constructed homes listed in 2024 reached 32,000, the highest since 2020. A total of 28,900 new homes were sold during the year, significantly higher than the 18,000 to 19,000 sold in 2022 and 2023.

However, new construction prices remained stable at an average of 470,000 euros due to the focus on smaller, affordable units. The average size of new homes dropped to 103 square meters in 2024, compared to 119 square meters two years ago. Apartments accounted for much of this decline, with average sizes shrinking from 85 square meters to 76 square meters over the same period.

For the first time, the average price of new construction (469,700 euros) fell below that of existing homes (483,500 euros). NVM emphasized that the difference reflects the types of homes sold, as new construction includes more small apartments, while existing homes are often larger and located in pricier areas.

“Comparing prices of new and existing homes is like comparing apples and oranges,” NVM noted in its report.