January was a bit of a mixed bag for New Zealand’s housing market. On one hand, property sales saw a healthy jump, but on the other, prices slipped—particularly in Auckland.

According to the latest figures from the Real Estate Institute of New Zealand (REINZ), a total of 3,774 homes were sold last month. That’s a solid 17.5% increase compared to January 2024. Great news for sellers looking to move their properties!

However, prices told a different story. The national median selling price dropped to $750,000—down $30,000 (or 3.8%) from December and 1.7% lower than the same time last year. Auckland took the biggest hit with its median price falling by $51,000 to $949,000, a 5.7% dip from December and down 3.8% year-on-year.

Why the drop? A key reason seems to be the sheer number of homes hitting the market. January saw 8,904 new listings—the highest number for the month in a decade—up 21.2% from last year. With more options available, buyers have the upper hand and sellers are adjusting their expectations accordingly.

Homes are also lingering on the market a little longer. The average selling time in January was 54 days, compared to 51 days a year ago.

“Buyers are benefiting from a wider selection of properties thanks to the surge in listings,” said REINZ Chief Executive Jen Baird. “Sellers are being realistic with pricing, which is creating a more positive atmosphere among real estate agents and buyers alike.”

While the price decline might worry some, it could be just the opportunity buyers have been waiting for. With more homes to choose from and sellers willing to negotiate, now might be the perfect time to dive into the market.

-TIN Bureau