Data from the third quarter of 2025 confirm the stability of prices on Poland’s secondary housing market. According to SonarHome.pl, price changes in both major cities and regional centers were minor — quarterly fluctuations did not exceed 1.5%. At the same time, housing supply rose in most locations, except in Warsaw, where it fell by 3%.
Minimal Price Changes Across Major Markets
Among the largest housing markets (Warsaw, Kraków, Wrocław, Gdańsk, Poznań), price changes remained marginal, with no more than a 1% shift quarter-on-quarter. Łódź saw a slight decrease of 1.1%, while Gdynia recorded an increase of 1.5%.
Year-over-year, price changes also remained moderate. Prices rose in Gdynia (3.1%), Gdańsk (1.7%), and Poznań (0.8%), but declined in Warsaw (−3.2%), Kraków (−2.4%), and Wrocław (−1.5%). Prices in Łódź remained unchanged.
The median price in Warsaw at the end of Q3 exceeded 15,000 PLN/m², while in Kraków it reached nearly 14,000 PLN/m². Gdańsk experienced a symbolic rise of about 200 PLN since July, bringing prices in September to over 12,500 PLN/m². In Gdynia, a clear upward trend has persisted since early 2025, with the median currently about 11,000 PLN/m².
Supply Grows, But Not in Warsaw
The number of active listings rose quarterly by 3–10% in most major cities, though this didn’t bring a drop in prices. Poznań (10%) and Gdynia (8%) saw the largest increases. Warsaw was the only major market where supply declined — down 3% quarter-on-quarter. Annually, Warsaw recorded the smallest growth in supply (2%), while Poznań topped the list with a 17% increase.
Despite short-term fluctuations, most large cities remain on a long-term upward supply trend. “In Warsaw, supply has been declining since March, with a slight rebound noted in September. The sharpest increases over summer were in Poznań, Gdynia, and Łódź. Interestingly, only Łódź experienced a price decrease during that period,” notes Anton Bubiel, housing market expert at SonarHome.pl.
Demand Set for Revival After Rate Cuts
Bubiel also points out that housing demand may soon pick up:
“On October 8, 2025, the Monetary Policy Council lowered the reference interest rate for the fourth time this year — this time by 25 basis points, to 4.5%. This reduces mortgage payments and improves creditworthiness, although the full effect will be felt with a few months’ delay. Lower rates are beginning to thaw mortgage demand, which will likely translate into higher housing demand from Q4 2025 through Q1 2026.”
Stability Persists on Regional Markets
The situation on smaller regional markets was just as stable. In Q3, median prices fluctuated no more than ±1.4% quarter-on-quarter. Slight declines were observed in Lublin, Kielce, and Opole (1.2–1.4%), while other cities reported minor increases below 1%.
Year-over-year, the sharpest price increases were recorded in Bydgoszcz (4.5%) and Zielona Góra (6.1%). Price drops in Białystok and Kielce stayed below 1%.
Bydgoszcz saw a year-long upward trend, which accelerated in the second half of 2025 — the median now exceeds 7,100 PLN/m². In Zielona Góra, prices reached about 8,000 PLN/m², while in Szczecin they climbed to 8,600 PLN/m² in September. Only Opole saw a significant downward trend, with prices falling from 8,500 to 8,200 PLN/m² since January 2025.
Rising Listings in Regional Markets
In regional cities, the increase in active listings was more dynamic than in the largest markets. Comparing Q3 to Q2 2025, supply grew most in Zielona Góra (13%) and Białystok (11%). Other cities saw growth under 7%, with Bydgoszcz and Lublin at the low end (3% and 4%, respectively).
“On an annual scale, the increase looks more dramatic. Many cities saw supply jump by over 20% — led by Rzeszów (+29%), Zielona Góra, and Kielce (+27%). Only Olsztyn recorded a slight decline in active listings, at −3%. In Bydgoszcz, Q3 2025 supply was nearly identical to that of Q3 2024,” adds Bubiel.
Outlook: Price Stability Likely to Continue
“I expect housing prices to remain stable in Q4, in a range between −1% and +2% quarter-on-quarter, with local variations. A moderate rise in new listings is likely toward year-end, but total inventory will probably stay below year-ago levels due to the high base of Q4 2024. Continued easing of interest rates may boost demand, particularly for smaller apartments,” summarizes Bubiel.
Source: ManagerPlus.pl – “Despite Rising Listings, Housing Prices Remain Stable: Q3 2025 Summary”
