Warm spring weather brought a notable increase in buyer activity across Estonia. Preliminary data indicates that 1,658 transactions were concluded nationwide—more than in January or February—and 9.2% more than in the same period last year. For the third consecutive month, the median transaction price has shown strong upward momentum (8.2%, 6.4%, and now 10.2% in March). However, this price growth has so far been driven by smaller towns and the structure of transactions. While the seeds of growth have been planted in Tallinn and Tartu, they have yet to fully bear fruit.

The first quarter’s results were positively influenced by last year’s low base of comparison: transaction volume rose by 11%, the median price by 7%. Most notably, despite tax increases and a continued decline in average purchasing power, market activity has remained strong.

Since July, the number of transactions in Tallinn has slightly exceeded the long-term average. According to preliminary figures, 701 transactions were concluded in March—on par with January and February, but 21.1% more than in March 2024. First-quarter results reflect solid growth due to last year’s low base: transaction volume increased by 21.7%, median price by 1.9%, and total transaction value by 24.7%. Although activity has picked up, prices have yet to follow. That said, if inflation remains elevated and market momentum continues, price increases could emerge in the second half of the year.

In March, 133 transactions were concluded in Tartu—the same number as a year ago. The median price rose by 5.2%, reaching €2,544/m². Compared to Q1 2024, the number of transactions increased by 14.2%, the median price by 3.2%, and the total transaction value by 17.8%. However, since the second half of last year was already strong in Tartu, more modest growth figures may be expected for the full year.

Pärnu saw a remarkable recovery in the first quarter. Compared to the same period last year, the number of transactions grew by over 50%, the median price by nearly 14%, and total transaction value by 68%. March was the most active month of the year so far, with 69 transactions at a median price of €2,324/m². As market activity has picked up, supply has declined and asking prices have started to rise since July 2024.

In Narva, falling apartment prices have brought buyers back to the market. In March, 70 transactions were concluded—slightly above the average of recent years. This represents a significant increase from February (48 transactions), though still three fewer than a year ago. The median price dropped 22% to €393/m². A price gap of over 80% between asking and actual sale prices indicates that demand is concentrated in the lower price segments.