February 2026 brought a clear revival in the housing market: selling times shortened, the number of mortgages granted increased, and demand regained momentum. At the same time, the housing supply continues to shrink, while prices — although stable on a month-to-month basis — remain at relatively high levels. In the background of these changes, however, a major macroeconomic shift is emerging: the end of the interest rate cut cycle and growing uncertainty over their future direction. Experts from SonarHome.pl prepared a summary of the key developments in February.
February did not bring any sharp changes in asking prices in Poland’s largest cities. In most of them, prices remained close to January levels, pointing to a temporary stabilization of the market. Poznań was the exception, with prices rising by nearly 2% month on month. On an annual basis, increases are still visible, although moderate, with Gdańsk (+6%) and Poznań (+4%) standing out the most, according to an analysis by SonarHome.pl, a platform that enables apartment valuation and helps users find an agent.
At the same time, the number of available listings is clearly shrinking. The downward trend began in the second half of 2025 and moved into a stabilization phase at the start of 2026 — the number of listings stopped falling sharply, but remains significantly lower than before. The biggest declines in supply were recorded in Wrocław and Kraków (both around -15% year on year), as well as in Poznań (-10%). In Warsaw and Łódź, the decline in supply was more moderate.
“The market has entered a phase of limited supply, which, combined with recovering demand, may put upward pressure on prices in the coming months, even if this is not yet clearly visible today. Gdańsk stands out against this backdrop, as the number of listings has remained almost unchanged while prices continue to rise, which may indicate strong demand driven by improved creditworthiness among buyers,” says Anton Bubiel, housing market expert at SonarHome.
Mortgages Are Helping Homes Sell Faster
February, after a weaker January, brought a clear rebound in market activity. The time needed to sell homes shortened in all major cities, confirming a return to the pace typically seen in the market after a seasonal slowdown. The average selling time in the six largest cities currently stands at 108 days. Sellers in Kraków and Wrocław wait the longest for a buyer (around 111 days), while transactions are completed fastest in Poznań (around 103 days).
“January’s longer selling times were the result of seasonality. February confirmed that the fundamentals of demand remain strong and that buyers are returning to the market more quickly than expected,” Anton Bubiel notes.
Mortgage lending remains a strong driver of the market. The number of mortgages granted increased by more than 54% year on year and by 8.5% compared with January. At the same time, the number of people applying for financing reached 45,000, marking an increase of nearly 23% month on month.
The End of Interest Rate Cuts and Rising Uncertainty
Monetary policy decisions remain an important backdrop for the housing market. The latest signals from the central bank indicate that the cycle of interest rate cuts has come to an end and that monetary policy is entering a wait-and-see phase.
There are also voices suggesting the possibility of rate hikes in the future, particularly in the context of persistent inflation and a growing number of geopolitical risk factors, such as tensions in the Middle East, which may affect energy and transport prices. An additional source of uncertainty is the discussion surrounding potential tax changes, including a cadastral tax or additional taxation on multiple property ownership.
What Does This Mean for Buyers and Investors?
The current market situation presents a mixed picture. On the one hand, rising demand and limited supply may support further price increases. On the other hand, the lack of further interest rate cuts limits the potential improvement in mortgage affordability. For borrowers, this means having to make decisions in an environment of stable, though not necessarily more favorable, financing costs. If the macroeconomic situation deteriorates, mortgage installments could even increase.
“Consumers and investors are becoming more cautious, both because of the cost of money and regulatory uncertainty. The coming months may favor sellers, especially if limited supply meets persistently strong demand. The key question, however, will be whether buyers’ creditworthiness remains at its current level,” Anton Bubiel concludes.
