Hakuba’s latest transaction data points to a very thin but high-priced market for buying premises. In 2025, only 9 house transactions were recorded, yet the median price was ¥73,000,000, with old houses also at a ¥73,000,000 median, so the available stock that does trade is not showing up as bargain-priced.
This profile fits buyers who can tolerate low liquidity and wide year-to-year swings rather than those seeking a deep local market. Transactions ran at 1.048 per 1,000 residents in a town of 8,585 people, the trend is officially marked “insufficient,” and the annual series shows how volatile pricing is: medians were mostly in the ¥5,200,000 to ¥20,000,000 range through 2023, then jumped to ¥40,000,000 in 2024 and ¥73,000,000 in 2025. The akiya proxy ratio is 0.5556, which suggests a meaningful older-housing segment, but not necessarily cheap entry, while the price-to-income ratio is 20.9 against average taxable income of ¥3,492,040. Demographically, 32.44% of residents are 65 or older and net migration was -26 in 2024 (-0.3%), so this is not a broad population-growth story.
The main caveat is sample size: with just 9 deals last year and 5 old-house deals, the median can be moved sharply by a handful of transactions. “Insufficient” trend status matters here, and the 2025 reading should be treated as a snapshot of a scarce market, not a stable benchmark for every property or neighborhood.