Bergen's housing market is showing remarkable strength this quarter. Prices in the coastal city rose 0.5 percent in November. Seasonally adjusted, that equals a 1.6 percent increase. This growth rate surpassed Oslo, Stavanger, and Trondheim for the month. The data comes from the latest national real estate association statistics.
Vibeke Stavenes, managing director at Proaktiv Eiendomsmegling, describes intense competition. 'People in Bergen are snapping up almost everything that comes up for sale,' Stavenes said in a statement. She noted that well-priced homes sell quickly, often above the asking price. The average sales time in Bergen last month was just 20 days. The national average was 54 days.
So far this year, Bergen prices have surged 10.2 percent. Oslo, for comparison, saw a 3.4 percent increase. Ketil Krantz, a bank chief at Nordea, points to low supply as a key factor. 'Most properties sell, so little will be left over,' Krantz said. He called the current period a good one for first-time buyers. This is helped by changes to equity requirements and more secondary homes on the market. Yet he highlighted a major hurdle. Seven out of ten first-time buyers receive financial help from their parents. 'This shows the housing market is still very demanding for young people,' Krantz added.
The strong turnover suggests buyer confidence remains high. Kyrre Knudsen, chief economist at SpareBank 1 Sør-Norge, sees this as a positive sign. 'It is positive that personal finances feel so strong that people are buying homes like never before,' Knudsen said. He noted the used home market is heading toward record turnover levels. These trends align with the central bank's expectations. Therefore, they are unlikely to impact interest rate outlooks.
Knudsen also emphasized stark regional differences. Over a two-year perspective, Stavanger and Bergen prices have jumped 25 percent. In contrast, areas like Fredrikstad, Sarpsborg, and Drammen saw only three percent growth. Nationally, prices dipped 0.2 percent in November. The seasonally adjusted figure shows a 0.7 percent rise.
The national market presents a complex picture. It features record used-home sales and strong price growth in parts of the country. Simultaneously, new home sales and construction have hit historic lows. The managing director of the real estate association, Henning Lauridsen, addressed this crisis. He stated that government bets on lower interest rates to stimulate new home sales are insufficient. 'Interest rate cuts are not enough to solve the housing crisis,' Lauridsen said.
He argues Norway must cut technical and regulatory demands for new homes. A recent study cited by Lauridsen claims Norwegian special requirements make a 60-square-meter apartment 1.1 million kroner more expensive than in Sweden. 'Only lower costs can get housing construction going again,' he concluded. This highlights a core tension in the Nordic model between high welfare standards and market affordability. The Bergen boom, while good for sellers, underscores a system struggling to provide accessible entry points for the next generation without substantial family wealth.
This regional divergence is critical for understanding Norway's economic landscape. Western cities with strong energy sectors are pulling ahead. This creates a two-speed housing market within one country. For international observers, it shows that even in stable economies like Norway, local factors and supply constraints can create wildly different realities for citizens just a few hundred kilometers apart. The reliance on parental help also signals a potential long-term risk to social mobility, a cornerstone of Nordic societal values.