As we enter Q3, let's review the housing market's performance in Q2 2024. What's happening now, and what can we expect soon? We provide the latest updates and insights from NVM (The Royal Dutch Cooperative Association of Real Estate Agents).

The housing market is heating up

• The owner-occupied housing market is gaining momentum, with positive sentiment and confidence. More buyers are purchasing homes more quickly at significantly higher prices.

• In Q2 2024, the housing market saw a 7.2% price increase compared to Q2 2023, with more transactions and increased overbidding.

More houses sold in Q2 of 2024

• In Q2 2024, NVM brokers sold over 35,000 existing owner-occupied homes. This represents a 3% increase compared to Q2 2023 and an 18% increase compared to Q1 2024.

• This quarter, 41% more homes were put up for sale than in the first quarter of 2024 and 13% more homes compared to the second quarter of 2023.

Housing prices

• In Q2 2024, the median sales price of an existing home was 468,000 euros.

• In Q2 2024, the median sales price of a new-build home was 475,000 euros, 1.2% lower than in Q1 2024.

New build projects become more attractive

• The current housing shortage is causing the new construction market to gain momentum due to increased demand driven by scarcity and sharply rising prices in the existing owner-occupied housing market.

• In Q2 2024, NVM brokers sold about 7,350 new-build homes, marking a 1% increase from Q1 2024 and a remarkable 70% increase compared to the same quarter last year.

• In Q2 2024, over 15,000 new-build homes were available, reflecting an 11% increase from the previous quarter but a 15% decrease compared to Q2 2023.

Mid-range rental homes: A significant segment for sale

• Analysis of 9,000 sold-off homes reveals four out of five brokers report a substantial rise in selling rental properties. Various factors, such as higher fictitious returns under box 3, regulations from the Affordable Rent Act, and the ban on temporary rental contracts, are prompting the sell-off of rental properties. This shift is causing many rental units, even those with affordable rents, to move into the owner-occupied sector.

Asking price in the Netherlands

• In Q2 2024, 67% of homes were sold above the asking price, compared to 56% in the previous quarter and 39% a year ago.

• In Q2 2024, the final sales price averaged 4.3% above the asking price, compared to 2% above in Q1 2024 and 0.5% below a year ago.

Transaction timeline

• In Q2 2024, homes sold on average after 27 days, seven days quicker than in Q1 2024 and 7 days faster than a year ago.