Resale Real Estate: The Fragile Rebound Between Rates and Prices

Lower Rates, More Confident Buyers

The 2025 Laforêt Immobilier barometer signals the end of a long dry spell. Between September 2024 and September 2025, transaction volumes increased by 16% year-over-year, while prices saw a slight uptick (+1.1% on a national average). It's a timid yet real turnaround following two years marked by rising interest rates and credit contraction.

The catalyst for this recovery lies in a key factor: the retreat of mortgage rates. According to the Crédit Logement/CSA Observatory, the average loan rate was 3.08% in August 2025, compared to over 4.3% a year earlier. This level, considered « normal » by professionals, has restored household confidence.
First-time buyers, long sidelined from the market, are making a strong comeback: they now account for a third of transactions (compared to 31% a year ago). Buyers are also benefiting from the price correction that occurred between 2023 and 2024 (-7% on average), which has readjusted the power dynamics between sellers and buyers.

The Paris market sets the pace: purchase projects have surged by 23% according to Laforêt, confirming renewed demand in major cities. The ripple effect is evident: fluidity returns, negotiations shorten, and risk perception diminishes. Banks, meanwhile, are more accommodating in granting loans, bolstered by the European Central Bank's announcements of monetary stabilization and inflation falling below 3%.

Prices under control but a precarious balance

Regarding real estate values, prices for old properties have risen by 1.1%, averaging €3,287 per square meter nationwide, according to Laforêt. Paris sees an increase of 1.7%, with 11 districts exceeding the symbolic threshold of €10,000 per square meter once again. In the Île-de-France region, the increase is more moderate at 0.9%, while regional trends vary: Bordeaux (+3.2%) and Lyon (+3.7%) are pushing prices upward, whereas Dijon (-3.8%) and Biarritz (-1.2%) continue their downward corrections.

Houses have seen a greater increase (+1.6%) compared to apartments (+0.7%), reflecting a persistent demand for more space. The average time to sell a property has slightly decreased to 95 days, down by one day from the previous year, with Paris leading at 76 days, a reduction of five days. The negotiation margin is also shrinking, averaging 4.51% compared to 4.56% three months ago, indicating that the room for buyers is narrowing as sellers adjust their expectations.

However, this improvement remains fragile. First, the stock of available properties is still low, with a 10% increase in listings over the year compared to a 20% rise in demand. This discrepancy continues to hinder any sustainable price easing. Additionally, macroeconomic fundamentals are uncertain. As Yann Jéhanno, president of the Laforêt network, points out, « The improvement remains exposed to fluctuations in interest rates and inflation, as well as geopolitical tensions. » Factors such as France's sovereign rating downgrade by Fitch, the weak new housing market, and regulatory pressure on energy renovation could all slow down this momentum.

A Soft Landing Expected

Currently, Laforêt anticipates around 900,000 transactions for the year 2025—a « trend » level that is close to the historical average, yet far from the post-Covid peak (over a million sales in 2021). The most likely scenario remains a soft landing: a calm market, but still far from euphoria. Buyers are returning, but caution remains essential: as often, the market for existing properties moves to the rhythm of interest rates.