Quarterly figures Q4 2024

Amsterdam housing market: Rising consumer confidence and stable mortgage rates make for serious viewers with more housing supply.

The Makelaarsvereniging Amsterdam (MVA) provides facts about the housing market in the city of Amsterdam and its districts.

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Developments in supply and asking prices in the municipality of Amsterdam

The number of homes offered to the market by MVA brokers in the Municipality of Amsterdam increased by 6% in the fourth quarter of 2024 from a quarter earlier, to 2,070 homes. Compared to the same quarter in 2023, the number also increased, by as much as 54%.

The median asking price of a house in the municipality of Amsterdam decreased in the fourth quarter of 2024 compared to the third quarter of 2024: from €717,775 to €707,572. Compared to the fourth quarter of 2023, the asking price decreased slightly by 0.6%.

In the fourth quarter of 2024, the median asking price per m2 is €8,013, which is an increase of 0.4% from a quarter earlier. If we look at the fourth quarter of 2023, we also see an increase in the median asking price per m2 of 2.6%.

Floris van der Peijl, President MVA: "The last quarter of 2024 shows that consumer confidence has risen. Although the world stage remains unabatedly unsettled, people seem ready for big decisions like buying a home in everyday life. Among other things, stable mortgage rates provide this peace of mind and security.

It is clear to see that the supply of housing has increased, partly due to eviction: selling vacant rental properties. This is a direct consequence of the Affordable Housing Act, which made it a lot less interesting for landlords to offer properties on the rental market. As a result, a larger supply on the purchase market logically means a smaller supply on the rental market, which is now also being outbid."

Supply city districts

The total housing supply shows a varying picture in the city districts compared to the third quarter of 2024: an increase for Centrum (15%) and Zuid and Nieuw-West (both 10%); and a decrease in West (-1%),Oost (-2%), Weesp (-3%), Noord (-8%) and Zuidoost (-11%). Compared to the fourth quarter of 2023, the picture is somewhat more stable: in all city districts in supply increased. The largest increase is found in Oost with as much as 89%, in Zuidoost the smallest increase with 12%.

Looking at the absolute numbers, last quarter Amsterdam South had the most homes on offer, 538, and Amsterdam Southeast had the least number of homes on offer, 48.

The median asking price shows an erratic picture in the fourth quarter of 2024 compared to the same quarter 2023. Where in district East an increase of 6.4% can be seen, Southeast shows a decrease of 4.6%. Even if we compare the figures with the previous quarter, we see nice differences: in North the median asking price increased by 5.8%, in Weesp it decreased by 10%. Remarkably, in Nieuw-West the price has increased compared to a year ago (4.3%), while there is a decrease compared to the third quarter of 2024 (-2.9%); in Noord we see the opposite occur: -0.6% compared to a year earlier, but an increase of 5.8% compared to the previous quarter.

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Developments in the number of homes sold in the municipality of Amsterdam
In the municipality of Amsterdam, MVA brokers sold a total of 2,919 homes during the fourth quarter of 2024 (preliminary figure). This is an increase of 27% compared to the same period in 2023 and also up from the third quarter, by as much as 35%.

The total median transaction price this quarter is €601,220, which is a 1.9% decrease from a quarter earlier, but an 11.2% increase from the fourth quarter of 2023.

The median transaction price per square meter last quarter was €8,414, increasing both from the fourth quarter of 2023 (8.3%), and also from the third quarter of 2024 (1.0%).

Looking at the median transaction prices per square meter by housing type, it is noticeable that semi-detached houses show a decrease from a year ago (-8.1%), where all other housing types have increased square meter prices. A terraced house shows an increase of as much as 10.2% compared to Q4 2023. Comparing these figures to Q3 2024, a semi-detached house also shows the biggest decline there (-4.4%), while an apartment shows a tentative increase of 1.2%.

Apartments continue to account for the largest share of transactions in the Amsterdam municipality: 2,573 out of 2,919 transactions. Again, this is an increase from a quarter earlier (37%) and a year earlier (28%).

Sales time in the fourth quarter of 2024 averaged 28 days. That is one day longer than in the third quarter of 2024 and two days longer than in the same period in 2023.

Transactions city districts
Looking at the number of transactions in the city districts, we see an increase everywhere, both compared to the previous quarter and the previous year. Compared to Q3 of 2024, the percentages are between 8% in North and 48% in Center. Looking at Q4 of 2023, we see differences between 12% in Noord and 40% in Weesp.

Transaction prices are higher in all districts of the city in the fourth quarter of 2024 than in the same period a year ago (ranging from 1.4% in Weesp to 15.2% in Southeast), with the exception of Centrum, which saw a decline of 3.1%.

Compared to the third quarter of 2024, we see somewhat larger differences: an increase of 4.7% in Southeast and 2.8% in New West and decreases in the other city districts, between -0.6% in South to as much as -5.8% in Weesp.

Price per square meter city districts
When we compare the transaction prices per square meter in the fourth quarter of 2024 with those of a quarter earlier, we see divergent figures. Whereas an increase of 7.0% can be seen in city district Zuidoost, we actually see a decrease of -2.4% in Weesp. Even if we compare with Q4 of 2023, we only see increases: from 4.5% in Centrum to 16% in Zuidoost. 

The highest square meter transaction price can be found in the Center with € 9,607, which is considerably higher than the Amsterdam municipality average of € 8,414. The lowest transaction price per square meter can be found last quarter in Amsterdam Zuidoost (€ 5,038).

Transaction prices versus asking prices
In the fourth quarter of 2024, the average price paid in the municipality of Amsterdam was 7.7% more than the asking price, while in the previous quarter the price paid was still 8.2% above the asking price. Compared to the fourth quarter of 2023, that percentage has increased, when an average of 4.6% more was paid for a home.

Of the number of homes sold in the fourth quarter of 2024, a total of 79% were sold above the asking price. This is down from the previous quarter, when it was 82%. Comparing this number to the fourth quarter of 2023, we see an increase, when 72% of homes were sold above asking price.

The rest of the Netherlands saw a slight increase in the percentage of homes sold above asking price. In the fourth quarter of 2024, that percentage is 71%, compared with 69% last quarter and 53% in the same quarter a year ago.

Floris van der Peijl, chairman MVA: "Overbidding is still going on, despite the increased supply due to evictions and new construction. The number of transactions that took place in the fourth quarter is higher than in any quarter in recent years, indicating high consumer confidence. On average, a home is for sale for less than a month, but MVA brokers see a downside to this as well: when a home is for sale a little longer, viewers stay out. They are afraid there is something wrong with the home and prefer to look at homes that have been offered more recently."

In all districts of the city, the difference between the sale price and the asking price increased compared to the fourth quarter of 2023. If we compare this percentage with the third quarter of 2024, we see more fluctuations. In the districts of East, Southeast and Center, the percentage has increased, while the other districts show a small decrease compared to the previous quarter. The difference between sales price and asking price was highest in Q4 2024 at 10.2% in district West.

The percentage of homes sold above asking price shows (except in Center and North) the same pattern everywhere: more homes were sold above asking price compared to a year ago, but less when looking at the previous quarter. In Centrum and Noord an increase can be seen in both compared periods. In Weesp this percentage is the lowest (66%) and in West with 89% the highest for the fourth quarter of 2024.

Tightness indicator
The tightness indicator in the past quarter in the municipality of Amsterdam is 2.1. This is just slightly higher than a year ago (1.8), but lower than in the third quarter of 2024 (2.7). Still well away from the desirable 5 we like to see in a healthy housing market.

There is the most choice in downtown, with a tightness indicator of 4.3. One has the least choice in Southeast, the tightness indicator here is 1.3. The tightness indicator is not above 2.3 for all city districts except Center. We can conclude that there are still few options for home buyers in most parts of the city. The tightness in the housing market continues unabated.

Floris van der Peijl, president MVA: "Consumer confidence is back, the supply and number of transactions is rising and viewers are serious. These are signs that belong to a healthy housing market, but the reality is more obstinate. Most homes are being sold above the asking price and there is regularly considerable overbidding. The tightness in the housing market remains unabated, despite the increased supply."