The end of 2025 brought a noticeable cooling in housing supply. In Q4, the number of active listings fell in all major cities—most sharply in Poznań (-9%) and Wrocław (-8%). At the same time, apartment prices remained stable, and quarterly changes did not exceed 2.1%. According to SonarHome.pl data, the period of oversupply in the residential property market is coming to an end, putting the market in a very different place than it was at the beginning of 2025.
Q4 was calm, with no sudden price swings. In both the largest cities and regional markets, declines in median prices were small, while increases—though less frequent—were, in some locations, more pronounced than the decreases.
Modest Price Moves in Q4, with the Tri-City Leading the Gains
SonarHome.pl, a platform that enables apartment valuation and helps users find an agent, reports that quarterly changes in market median prices ranged from -1.3% to +2.1%. The strongest increases were recorded in Gdańsk (2.1%) and Gdynia (1.3%), while prices in Warsaw and Kraków were virtually unchanged. Declines were limited to only a few cities and mainly affected Łódź (-1.3%) and Wrocław (-0.3%).
An analysis of data for regional cities shows that Q4 2025 also brought no major price changes there. The largest median decline was recorded in Katowice (-1.9%). Smaller decreases appeared in Kielce and Białystok (both -0.9%) and in Lublin (-0.5%). In Zielona Góra, the declines were merely cosmetic.
At the same time, some regional cities posted slight price increases—Rzeszów, Szczecin, and Olsztyn among them. This suggests that price levels remain broadly stable. Against this backdrop, Bydgoszcz stood out clearly: the median price rose by 2.6%, making it the quarterly growth leader.
Larger Differences in Year-on-Year Terms
Bigger divergences are visible on an annual basis. A comparison of Q4 2025 with Q4 2024 shows that price declines in the largest cities were moderate. In Warsaw they reached 1.8%, while in Kraków, Wrocław, and Łódź they fell within the 1.1% to 1.6% range. On the upside, the scale of changes was clearly larger—especially in the Tri-City market. In Gdynia, prices rose 4.8% year-on-year, and in Gdańsk by 3.5%. Outside the Tri-City, the strongest increase was recorded in Poznań, where prices rose by 1.7%.
SonarHome.pl data also provides information on price levels across individual metropolitan areas.
“Differences between the major markets remain clear. At one extreme is Warsaw, where the median apartment price is close to PLN 15,000 per square meter; at the other is Łódź, with levels around PLN 7,000. The Tri-City and Kraków sit between these extremes,” says Anton Bubiel, a residential market expert at SonarHome.pl.
Regional markets also showed a distinctly asymmetric year-on-year pattern. Declines were limited, with the strongest recorded in Kielce (-2.1%), Białystok (-1.5%), and Katowice (-1.4%). In Opole and Lublin, decreases did not exceed 0.5%, pointing to stabilization at levels similar to last year. The largest increases were again seen in Bydgoszcz (+6.2%) and Zielona Góra (+4.4%). In Olsztyn, Szczecin, and Rzeszów, growth was around 2%.
Supply Is Falling Nationwide
The sharpest reduction in supply occurred in Poznań and Wrocław, where the number of listings fell by about 9% and 8%, respectively, as well as in Kraków and Łódź—by roughly 7%. The Tri-City appears relatively stable by comparison: listings fell by about 4% in Gdynia and about 3% in Gdańsk. Warsaw saw a similar decline.
“The overall picture of the market in Q4 2025 shows a predominance of falling supply, which is a seasonal phenomenon typical of the end of the year,” notes a SonarHome.pl expert.
A similar pattern was also visible in regional markets, where in Q4 2025 housing supply in most cities decreased compared with the previous quarter. However, the scale of declines varied widely. The largest drop in available listings was recorded in Olsztyn (-11%) and Kielce (-10%). Significant falls also occurred in Opole and Zielona Góra (both -8%) and in Szczecin (-7%). In Białystok and Lublin, listings declined by around 6%, while in Bydgoszcz and Katowice they fell by about 4%, indicating a moderate contraction in the pool of homes available for sale. Against the broader trend, Rzeszów was the exception: supply remained stable, with a symbolic increase of about 1%.
Year-on-year, the number of listings in most large cities was higher than in Q4 2024, although the scale of change differed markedly by metropolitan area.
“The largest year-on-year increase was recorded in Gdynia—up 15%. Growth in Gdańsk and Poznań was moderate, while in Warsaw and Kraków the changes were marginal. Wrocław was the only major market where supply levels did not change year-on-year,” says Anton Bubiel.
A similar direction of change was also observed in regional markets, but the range of dynamics was much wider. The strongest increase in listings was recorded in Rzeszów, where supply rose by 33% year-on-year. High increases also appeared in Zielona Góra and Białystok (both +22%) and in Katowice and Kielce (both +18%). In Lublin, listings rose by 13%, and in Opole by 8%. At the same time, some regional cities have already entered a stabilization phase—Bydgoszcz and Szczecin remained close to last year’s levels, while Olsztyn was the only center to record a year-on-year decline in listings (-6%).
The Market Is Moving Toward Balance
Data for Q4 2025 confirms that the housing market has entered a clear balancing phase. Stable prices—both in the largest cities and in regional markets—coincided with a widespread quarter-on-quarter decline in supply. While year-on-year the number of listings remains higher than in 2024, the pace of supply growth has clearly slowed, and in some locations it has already stalled. This combination of factors suggests that the end of 2025 closed the oversupply chapter and created conditions for a gradual shift in the demand–supply relationship in the months ahead.
