Hakodate’s transaction data points to a buyer’s market for acquiring premises rather than a fast-rising one. In 2025, the median house price was ¥11,000,000 across 327 house transactions, and the 5-year house price CAGR is -6.01%, with the overall trend marked down. Older stock is a major part of what trades: the akiya proxy ratio is 0.6147, and the median price for older houses is ¥7,300,000.
This profile suits buyers who are open to repositioning existing premises rather than competing for scarce turnkey stock. Liquidity is real but not deep: 327 annual transactions in a city of 251,271 works out to 1.301 transactions per 1,000 residents, while 28,210 vacant homes and a 19.25% vacancy rate indicate abundant unused stock; at the same time, the akiya mobilization ratio is just 0.00713, so only a small share of that vacant inventory is actually turning over. Affordability looks moderate on local earnings, with a price-to-income ratio of 3.34, and the demographic backdrop is older (35.52% aged 65+) with slightly negative net migration (-530, or -0.21%), which tends to fit lifestyle buyers comfortable with slower-demand markets.
The caution is that “available” and “acquirable” are not the same in these numbers. High vacancy does not mean many ready-to-buy business premises, and the very low mobilization ratio suggests much of the vacant stock remains outside active circulation. The 2025 median also sits well below 2024’s ¥14,000,000, while annual medians and older-home prices have moved around materially over time, so negotiation opportunities may exist, but comparables can be uneven.