January 2026 Residential Market Update – Top of the South

Tuesday 24 February 2026

As we kicked off 2026, the property market across the Top of the South showed a mix of movement and steady conditions.

Key Market Stats

  • Nelson: Median sale price $735,000, down 8.9% year-on-year
  • Marlborough: Median sale price $660,000, up 3.9% year-on-year
  • Tasman: Median sale price $810,000, up 3.2% year-on-year
  • Average days to sell (region): 56 days

January typically sees lighter foot traffic compared to the peak selling months, and this year was no exception. Attendance at some open homes was quieter later in the month, though early-month activity remained solid.

Who’s Buying?

First home buyers continued to be the most active group across the region, closely followed by owner-occupiers. With rising interest rates and a notable supply of properties under the $1 million mark, the market remains favourable to buyers.

What This Means

After a busy end to 2025, the start of the year saw more measured activity. Buyers are taking time to weigh decisions, while sellers are generally pricing with market realities in mind.

As we move into autumn, many in the industry will be watching how interest rates and buyer confidence shape the next phase of the market.

Stay tuned for more local insights and updates as the year unfolds.

Data Compared to January 2025, REINZ Monthly Property Report (January 2026) Published February 2026.

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