Analysts have recorded a stagnation in the value of the secondary housing market

In the last month of the year, in half of the Russian millionaires, the cost per square meter on the secondary market has hardly changed or even decreased. Analysts of the Yandex Real Estate service told Izvestia about this on December 25.

On average, the median cost per square meter of secondary real estate in the million-plus cities in December was 149 thousand rubles. By the end of the year, the indicator had changed slightly: an increase of 0.7% compared to November.

In seven of the 16 megacities, the cost increased: most significantly in Kazan (+2%; 195 thousand rubles); Nizhny Novgorod (+1.9%; 150 thousand rubles), Moscow (+1.8%; 411 thousand rubles) and Samara (+1.3%; 122 thousand rubles). In St. Petersburg, Ufa and Perm, the price fluctuation was less than one percent. In nine megacities, the median price per meter stagnated — the change did not exceed half a percent. Voronezh was the only city where the cost decreased slightly (-1.1%; 107 thousand rubles).

The supply of housing for sale decreased by an average of 2.6% compared to November in all cities with a population of 2.6 million. The most significant decrease was in Voronezh (-13.1%), Kazan (-9%), Samara (-8.2%) and Novosibirsk (-7.1%). Supply growth was noted only in three megacities: Krasnodar (+3.1%), Perm (+2.3%) and Yekaterinburg (+1.1%).

"Cost stagnation has become one of the main trends in the secondary market in 2025. Moreover, the trend was relevant even after the start of the key rate reduction cycle. The monthly change in the median value throughout the year was less than 1% and exceeded this figure only in November. Another trend in the secondary market in 2025 is discounts from owners in ads," Evgeny Belokurov, commercial director of Yandex Real Estate, told Izvestia.

According to analysts, during the three quarters, the average discount in the secondary market increased from 4.6% in the first quarter to 5.1% in the third quarter. The share of ads in which the cost was reduced also increased — from 48% to 54.6%. Homeowners also discuss additional discounts immediately and before the transaction itself, when a buyer has already been found.

"The second trend of the ready—made housing market is the gradually increasing activity of buyers. In the secondary market, demand is particularly sensitive to changes in the key interest rate. According to our data, in comparison with May 2025, since the beginning of the rate reduction cycle, the number of views of contacts of sellers of ready-made housing has increased by 16%. According to open data, the number of mortgage transactions has also increased: for 11 months of the year in November, peak figures were reached — 58 thousand loans per month," adds Evgeny Belokurov,

It is specified that the average cost of a mortgage loan in the secondary real estate market has increased by 33.5% since the beginning of the year — from 2.75 to 3.67 million rubles.

In annual terms, the median cost per square meter in the secondary market, according to the Yandex Real Estate service, increased by 8.6% on average for millionaires. At the same time, the price increase was accompanied by a reduction in exposure — by 10.4% per year. First of all, the supply was reduced due to the sale and washing out of the exposition of the most budget lots.

Comfort plus: Russia faces shortage of new economy class buildings

What is the reason for this and which cities have the least affordable housing?

Earlier, on December 24, Avito Real Estate analysts reported that interest in apartments in new buildings increased by 10% over the year, and November 2025 marked a record number of registered equity participation agreements. They clarified that 62.6 thousand were registered in November. This is 6% more than in October and 45% higher than in November last year.

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