Real estate boom in the Herford district: prices are stagnating, purchases are increasing!

Real estate boom in the Herford district: prices are stagnating, purchases are increasing!

Real estate purchases in the East Westphalia-Lippe region are picking up speed again. This is reported by the Radio Herford, which is based on current figures from the Detmold district government. Significantly more properties were sold last year than the previous year, which brings optimism to the market.

A notable aspect is the stability of real estate prices. According to the district government, prices have not fallen any further. In the Herford district, which is characterized by relatively cheap real estate compared to other regions in East Westphalia-Lippe, single-family homes built between 1995 and 2009 cost on average between 350,000 and 400,000 euros. This speaks for a stable market, while Paderborn is at the top in the region with property prices of over 550,000 euros.

Price development and sales figures

Despite the positive development, some market developments must be taken into account. According to a report by the Detmold district government There was a decline in sales figures for 2022 as a whole compared to the previous year. High numbers of cases were registered, particularly in the first half of 2022, while significantly fewer sales took place in the second half of the year.

The market had to undergo a price stabilization in the second half of 2022, after strong price increases in previous years. This is partly due to the deterioration in financing conditions for buyers, who are faced with higher building interest rates as well as increased living and construction costs. There are also planning uncertainties regarding the availability of craftsmen and building materials.

Market analysis and forecasts

A working group led by Carsten Tannhäuser, a spokesman for the district government, held a meeting to evaluate the real estate purchase contracts submitted by notaries. The results of this working session show that the price development in individual housing construction varied from stagnation to slightly positive changes.

The appraisal committees for property values ​​in East Westphalia-Lippe evaluate the sales and publish the relevant information. Anyone interested can see the sales figures and price developments free of charge www.BORIS.NRW.de see.

Overall, the real estate market in the region is showing a positive trend, signaling a recovery after the challenges of recent years. However, experts are critical of the market changes and recommend monitoring developments closely.