German Housing Prices Fall by 0.7% in the Third Quarter of 2024
According to the German Federal Statistical Office, the average price of housing in Germany decreased by 0.7% in the third quarter of 2024 compared to the same period in 2023. This decline is less pronounced than the 2.5% drop in the second quarter of 2024.
While prices in most regions of Germany increased in the third quarter of 2024 compared to the second quarter, the decline in prices has largely abated compared to the same period in 2023. In some cases, prices even rose in the year-over-year comparison, such as in the case of apartments in major cities, where prices increased by 2.4% and for single-family homes by 0.2%.
In contrast, prices in sparsely populated rural areas continued to decline, with a 5.7% drop in apartment prices and a 2.1% drop in single-family home prices compared to the same period in 2023. Prices in these areas were also 1.8% lower in the third quarter of 2024 compared to the second quarter.
In the seven major cities of Germany (Berlin, Hamburg, Munich, Cologne, Frankfurt, Stuttgart, and Düsseldorf), apartment prices rose by 0.2% and 0.5% compared to the same periods in 2023 and 2024, respectively. In contrast, single-family home prices in these cities fell by 5.3% and 3.1% in the year-over-year and quarter-over-quarter comparisons, respectively.