Atami’s transaction data points to a real but softening market for buying premises-backed property. In 2025, the median house transaction was ¥22,000,000 across 102 deals, with prices in a down trend and a 5-year CAGR of -2.52%. Older houses traded at a median of ¥16,000,000, while condos sat at ¥19,000,000, suggesting multiple entry points below the overall house median.
This looks better suited to buyers who can work with existing stock rather than those relying on tight, fast-moving scarcity. The akiya proxy ratio is high at 0.451, vacancy is 12.58% with 6,510 vacant homes, and the old-house segment is active enough to matter: 46 old-house trades in 2025, about 45% of all house transactions. At the same time, liquidity is only moderate at 0.946 transactions per 1,000 residents, the akiya mobilization ratio is low at 0.00707, and the local affordability baseline is not especially cheap relative to income, with a price-to-income ratio of 5.71.
The caution in these numbers is that availability does not automatically mean turnover. Net migration is negative at -439 (-0.41%), the 65+ share is high at 29.37%, and the day-night ratio of 0.96 does not point to a strongly expanding daytime base. Also, annual pricing and old-house medians have moved around quite a bit over time, so buyers should read Atami as a market with stock to sift through, but not one where every vacant-looking property is actually transacting.