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House prices in Norway fall every autumn, but this year cheaper homes do not make up for more expensive loans. There are fewer buyers, and the rental market is getting tighter.
Two interest rate rises this year, falling autumn prices and fewer buyers – Norway’s housing market has entered the last quarter in a gloomy mood. According to the Norwegian Association of Real Estate Agents (Eiendom Norge), 5.8% fewer homes were sold so far this year than a year earlier – and in October alone, 13.4% fewer.
Key points
- House prices fell 1% in October, and the number of sales was down 13.4% year on year.
- Eiendom Norge has cut its 2026 price forecast from 6% to 1–2%.
- Norges Bank has raised its policy rate twice this year – to 4.5% – and may raise it again.
- Rents are rising, and finding a rental home is getting harder.
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Fewer sales, prices slightly down
Estate agents have scaled back their expectations. Eiendom Norge had forecast that prices would rise by 6% in 2026. – As things stand, house price growth in Norway in 2026 could end up somewhere between 1 and 2%, says Henning Lauridsen, CEO of Eiendom Norge.
Prices fell 1% in October. – It is normal for house prices to fall in the autumn, Lauridsen points out. Adjusted for seasonal effects, prices actually rose slightly, by 0.1%. So far this year, homes have become 3.2% more expensive on average. The bigger concern is therefore not prices but the number of sales: buyers are disappearing faster than homes for sale. In October, 13.4% fewer homes were sold than a year earlier, while new listings were down only 5.2%.
Buying or selling a home?
Property valuation, buying and selling real estate in Norway – find out what your home is worth at today’s prices.
REAL ESTATE IN NORWAY »Key figures from Eiendom Norge’s October report:
| Indicator | Value | Note |
|---|---|---|
| Price change in October | −1.0% | +0.1% seasonally adjusted |
| Price change year to date | +3.2% | average price: NOK 4,875,883 |
| Homes sold in October | 8,970 | −13.4% year on year |
| Homes sold year to date | 91,751 | −5.8% year on year |
| New listings year to date | 102,219 | −2.7% year on year |
| Average time to sell | 50 days | September: 48 days |
Read Also: ESTATE VALUATION SERVICE IN NORWAY | EVALUATE YOUR PROPERTY WITH LOCAL REALTOR BROKERAGES
How are individual cities doing?
Price changes by city according to Eiendom Norge – in October and so far this year. Bergen, Stavanger, Tromsø and Ålesund have had a strong year, while Oslo is the only city in the table with lower prices than in January.
| City | October | Seasonally adjusted | Year to date |
|---|---|---|---|
| Ålesund | – | −1.6% | +10.5% |
| Tromsø | −2.3% | −1.2% | +9.6% |
| Bergen | −1.3% | −0.5% | +6.8% |
| Stavanger | −1.5% | −0.1% | +5.4% |
| Kristiansand | – | −0.4% | +3.5% |
| Trondheim | −2.0% | −0.9% | +3.0% |
| Fredrikstad/Sarpsborg | – | +1.1% | – |
| Oslo | −0.2% | +0.3% | −0.9% |
| Norway (total) | −1.0% | +0.1% | +3.2% |
A dash means the figure was not published in the sources.
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House price change in 2026 (to the end of October)
Source: Eiendom Norge. No year-to-date figure available for Fredrikstad/Sarpsborg.
Growth is clearly slowing in the cities where prices rose fastest this year – Bergen, Stavanger and Tromsø. Oslo saw the smallest fall in October (−0.2%). Ålesund has seen the biggest rise this year (+10.5%). Homes sell fastest in Bergen – in 19 days on average – and slowest in Fredrikstad and Sarpsborg, at 90 days. Regional differences remain large.
Interest rates are rising again
In 2025, the central bank was still cutting rates. In 2026, it changed course: the war in the Middle East pushed up oil and commodity prices, and inflation turned out higher than expected. Norges Bank raised its policy rate in May from 4% to 4.25%, and in September to 4.5%. Its reasons included uncertainty about the conflict, higher oil and gas prices and inflation that has been above target for several years.
At its meeting on 4 November, the bank left the rate unchanged. – Inflation is too high, said Governor Ida Wolden Bache. The bank expects rates to stay high for some time and is prepared to raise them further. The next decision and new forecasts are due on 17 December.
Planning to buy a home in Norway?
Compare mortgage offers from several banks – with higher rates, every fraction of a percentage point counts.
COMPARE MORTGAGES »Harder to get a mortgage
Small price falls do not make up for more expensive borrowing. The two rate rises add up to 0.5 percentage points. If banks pass them on in full, interest on a NOK 4 million mortgage rises by about NOK 20,000 a year. Higher payments also mean you can borrow less.
Under Norway’s lending regulations (Utlånsforskriften), total debt may not exceed five times your gross annual income, and the bank must check that you can still afford the loan if interest rates rise. Since 2025, the minimum deposit has been 10% of the purchase price (down from 15%).
In practice, some buyers – especially first-time buyers and those with a small deposit – may have to postpone buying or look for a cheaper home.
New to Norway?
Foreigners can get a mortgage in Norway, but banks look closely at your situation. Expect to need a Norwegian national identity number and BankID, a stable job – often a permanent contract – and income taxed in Norway. With only a D-number or a short work history in Norway, it can be harder to get a loan, so speak to several banks before you start viewing homes.
Read Also: CREDIT CARD IN NORWAY FOR EXPATS | 5 THINGS YOU NEED TO KNOW
A tighter rental market
Those who put off buying stay in the rental market – and it is getting tighter. The latest available data is from early this year. According to the Husleieindeksen rent index from Husleie.no, rents in Norway in the first quarter of 2026 were 4.05% higher than a year earlier. In Oslo, the increase was small – 0.56% – but the average rent there had already reached NOK 16,920 a month.
- 55.4% of tenants say finding a home is harder than before (50% in 2024),
- more than one in three searched for over three months,
- 29.2% had seen someone offer more than the advertised rent.
Higher rates also hit buy-to-let investors: more expensive loans make such investments less profitable, which may limit the supply of rental homes.
Investing in property in Norway?
Strategic investment advice, buying and selling property, and financing – SJØLYST INVESTORS AS, Oslo.
TALK TO SJØLYST INVESTORS AS »What does this mean for you?
- Buying? Falling prices in autumn are normal, but less competition gives you more time to negotiate. Work out your payments at a rate a few percentage points higher.
- Already have a mortgage? Check whether another bank can offer a lower rate – at today’s rates, the differences between banks add up.
- Selling? Expect it to take longer, especially outside Bergen and Oslo, and get a valuation before you set the price.
- Renting? Start looking early and have your documents ready – the market is tight.
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