Hungarian Homes Selling Quicker
- 5 Aug 2024 9:26 AM
- Budapest Business Journal
The Hungarian real estate market has seen a noticeable reduction in the time homes spend on the market before being sold, according to the latest data from the listings site ingatlan.com.
In the second quarter, homes were listed for an average of 94 days before selling. This represents a significant drop from the 106 days recorded in the first quarter of the year.
This trend is even more pronounced in Budapest, where the average days on the market fell sharply from 134 days in Q1 to just 98 days in Q2.
Particularly notable is the rapid turnover of homes in communist-era prefabricated buildings, commonly referred to as panel homes or panel flats. These properties sold at an impressive average of 65 days, making them the fastest-selling category in the market.
The market dynamics vary significantly across different regions and property types.
In county seats and cities with populations exceeding 50,000, the average time to sell detached homes was 124 days. Flats in these areas fared better, selling in about 84 days on average.
These trends suggest a robust demand in the Hungarian housing market, with certain segments, particularly panel homes, experiencing accelerated sales. The reduction in average days on the market indicates a potential shift towards a seller’s market, where buyers are acting quickly to secure properties.
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