House prices in Norway continued to rise in November 2024, with a monthly increase of 0.4% from the previous month. By the end of November, the average cost of a home reached NOK 4,498,365.
- Average home price: NOK 4,498,365
- Monthly price increase: 0.4%
- Yearly price growth: 5.2%
- Strongest regional growth: Stavanger at +12.5%
- Weakest regional growth: Bodø at +0.4%
- Shortest selling time: Stavanger, 27 days
- Longest selling time: Hamar m/Stange, 91 days
Regional Variations in Norwegian House Prices
Different regions in Norway showed differing trends in house prices. Stavanger experienced the strongest price increase, with a 12.5% rise. In contrast, Bodø saw the weakest growth at just 0.4%.
The time it took to sell a home also varied across regions. On average, homes sold in 54 days in November 2024, up from 48 days the previous month. Stavanger had the fastest sales time at 27 days, while Hamar m/Stange had the slowest at 91 days.
Annual Growth and Market Trends in 2024
On a yearly basis, Norwegian house prices grew by 5.2% in November 2024. This was an acceleration from the 4.9% increase in the prior month. The consistent rise in house prices suggests a strong housing market. However, the longer average home sell time may point to emerging challenges.