Levin Real Estate Update

Once again we are seeing increases in the median price of houses, according to the latest statistics from REINZ. We have seen a 30.3% rise in median house prices throughout the Wellington region from May last year, with this number currently sitting at $885,000. Immense growth continues to occur in Lower Hutt specifically, with their median sale price reaching record highs for 10 months out of the last 12.
The market share of properties selling for at or above $1 million has increased significantly from this time last year. This amount, increasing from 10.9% of the market to 36.8% of the market in May 2021, reflects the nature of the market, with increasing underlying value, limited stock, and buyer demand. Overall, the number of listings continues to decrease, yet median house prices indicates that demand remains high.

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