Nasu Town, Nasu County Housing Market Report 2026
Data updated 2026-11-11 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2 · Transactions in 2025: 181
In short
- 1Price growth is speeding up
House values per m² have risen about 3.2% a year over the past five years, faster than the 0.4% a year of the five years before.
- 2Outperforming Tochigi
Per m², houses here are 33% below the Tochigi average.
- 3Sales are thinning out
Transactions are down about 36% on the previous three years.
- 4What a typical purchase costs
Half of all house sales last year were between ¥4.4M and ¥13.3M.
The answers, compared
What does a home cost?
¥7.0M
median house · ¥90k/m²
34% below the Tochigi median
13 of 15 areas in Tochigi, highest first
Are prices rising?
+294.7%
over 5 years
Faster than Tochigi (+51.7%)
1 of 16 areas in Tochigi, highest first
Can local earners afford it?
2.4× income
median price ÷ average taxable income
Easier than Tochigi (4.3×)
16 of 17 areas in Tochigi, highest first
Rent or buy?
75years of rent
median price ÷ a year of median rent
Longer than Tochigi (26)
1 of 17 areas in Tochigi, highest first
Are people moving in?
-7.3%
population, 2020–25
Shrinking faster than Tochigi (-3.5%)
16 of 17 areas in Tochigi, highest first
How risky is it?
11%
chance of strong shaking (6-lower+) in 30 years
Lower than Tochigi (17%)
10 of 17 areas in Tochigi, highest first
What the data says
Price growth is speeding up
House values per m² have risen about 3.2% a year over the past five years, faster than the 0.4% a year of the five years before. Buyers waiting for a dip have so far been paying more each year, and that has not yet changed.
Outperforming Tochigi
Per m², houses here are 33% below the Tochigi average. The discount has shrunk from 46% ten years ago, so Nasu Town, Nasu County is catching up with its surroundings.
Sales are thinning out
Transactions are down about 36% on the previous three years. Fewer sales mean less choice and slower resale, so allow more time to sell later.
What a typical purchase costs
Half of all house sales last year were between ¥4.4M and ¥13.3M. Listings outside that range are either unusual properties or worth a closer look.
A shrinking population
The population fell 7.3% between 2020 and 2025 (−3.5% for the wider area). More people moved out than in during 2025 (about 3.8 per 1,000 residents), which weakens long-term housing demand. Households still grew 2.4% as people live in smaller households, which supports demand for smaller homes even as the population shrinks.
Many abandoned homes
61.7% of homes were empty in 2023 (16.9% for the wider area), and 17.3% were empty without being for rent, for sale or used as second homes. That is a high share of truly abandoned homes (akiya), a sign of weak demand. Cheap houses are easy to find, but resale can be slow. About 41.7% of homes are second homes, which points to a resort or holiday-home market.
Lower earthquake risk
The government's seismic model gives a 11% chance of shaking of intensity 6-lower or stronger in the next 30 years (17% for the wider area). This is low by Japanese standards, although no part of Japan is free of earthquake risk.
Local incomes are below average
Taxpayers here reported an average taxable income of ¥3.0m in 2023 (¥3.5m for the wider area). That is +17% since 2014. Averages are pulled up by a few very high earners, so a typical household earns less than this.
Living in Nasu Town, Nasu County: people, homes and risks
- Population 2025
- 22,211
- -7.3% since 2020
- Tochigi: -3.5%
- Net moves in 2025
- -84
- -3.78 per 1,000 residents
- Tochigi: -1.08
- Vacant homes (2023)
- 61.7%
- 17.3% empty and not for rent or sale
- Tochigi: 16.9%
- Median rent (2023)
- ¥8k
- per month, all rented homes
- Tochigi: ¥48k
- Strong earthquake risk
- 11.3%
- chance of shaking of intensity 6-lower or more within 30 years
- Tochigi: 16.5%
- Average income per taxpayer
- ¥3.0M
- taxable income in 2023
- Tochigi: ¥3.5M
- Daytime population
- 106
- people here by day per 100 residents (2020 census)
- Foreign residents
- 2.4%
- 577 registered residents in 2024
- Tochigi: 2.9%
- Clinics
- 5.9
- per 10,000 residents; 1 hospitals, 9 dental clinics (2020)
- Tochigi: 7.9
- Official land price 2026
- ¥13k/m²
- -0.8% in a year · – in 5 years
- Tochigi: ¥29k/m²
- Flood exposure
- 0.0%
- of 3 benchmark sites in a worst-case flood zone (0.0% 3 m or deeper)
- Tochigi: 31.1%
- Landslide exposure
- 0.0%
- of 3 benchmark sites in a landslide warning area
- Tochigi: 0.7%
Check flood, landslide and tsunami zones for a specific address on the government hazard map ↗
Sources: 2025 Census (preliminary), 2025 Internal Migration Report, 2023 Housing and Land Survey (Statistics Bureau of Japan); J-SHIS seismic hazard model (NIED, 2024); Land Price Publication (MLIT); recorded crime: Tokyo Metropolitan Police Department (Tokyo only); incomes: Ministry of Internal Affairs taxation survey via the Statistics Bureau's municipal indicators; foreign residents: Basic Resident Register; medical facilities and station passengers: MLIT National Land Numerical Information. Earthquake probability is measured at the municipal center.
Example sales in Nasu Town, Nasu County
Real transactions from the last four quarters, picked near the lower (20th percentile), middle and upper (80th percentile) price points. Locations are shown at district level, as published by MLIT.
House
¥3.7M
¥53k/m²
- Oaza Oshima
- Kurodahara
- Land 410 m² · floor 70 m²
- Built 1996 (30 yrs) · Wood
¥7.5M
¥88k/m²
- Oaza Takakuhe
- Kurodahara
- Land 400 m² · floor 85 m²
- Built 1997 (29 yrs) · Wood
¥15.0M
¥56k/m²
- Oaza Takaku
- Kuroiso
- Land 1300 m² · floor 270 m²
- Built 1981 (45 yrs) · Wood
Show data table
| Year | House |
|---|---|
| 2007 | ¥13.0M |
| 2008 | ¥9.3M |
| 2009 | ¥9.0M |
| 2010 | ¥9.0M |
| 2011 | ¥8.0M |
| 2012 | ¥6.8M |
| 2013 | ¥6.1M |
| 2014 | ¥7.5M |
| 2015 | ¥6.0M |
| 2016 | ¥6.0M |
| 2017 | ¥6.3M |
| 2018 | ¥5.8M |
| 2019 | ¥6.5M |
| 2020 | ¥6.5M |
| 2021 | ¥6.0M |
| 2022 | ¥6.2M |
| 2023 | ¥6.5M |
| 2024 | ¥7.4M |
| 2025 | ¥7.0M |
Show data table
| Year | House | Land |
|---|---|---|
| 2007 | ¥143k/m² | ¥6k/m² |
| 2008 | ¥93k/m² | ¥6k/m² |
| 2009 | ¥94k/m² | ¥6k/m² |
| 2010 | ¥100k/m² | ¥4k/m² |
| 2011 | ¥100k/m² | ¥5k/m² |
| 2012 | ¥81k/m² | ¥5k/m² |
| 2013 | ¥83k/m² | ¥3k/m² |
| 2014 | ¥80k/m² | ¥4k/m² |
| 2015 | ¥77k/m² | ¥4k/m² |
| 2016 | ¥75k/m² | ¥3k/m² |
| 2017 | ¥72k/m² | ¥3k/m² |
| 2018 | ¥64k/m² | ¥3k/m² |
| 2019 | ¥77k/m² | ¥2k/m² |
| 2020 | ¥76k/m² | ¥760/m² |
| 2021 | ¥72k/m² | ¥490/m² |
| 2022 | ¥79k/m² | ¥900/m² |
| 2023 | ¥74k/m² | ¥1k/m² |
| 2024 | ¥89k/m² | ¥1k/m² |
| 2025 | ¥90k/m² | ¥3k/m² |
Show data table
| Building age (years) | House |
|---|---|
| 16 | ¥90k/m² |
| 17 | ¥173k/m² |
| 18 | ¥163k/m² |
| 19 | ¥119k/m² |
| 20 | ¥124k/m² |
| 21 | ¥113k/m² |
| 22 | ¥91k/m² |
| 23 | ¥76k/m² |
| 24 | ¥71k/m² |
| 25 | ¥83k/m² |
| 26 | ¥81k/m² |
| 27 | ¥53k/m² |
| 28 | ¥83k/m² |
| 29 | ¥69k/m² |
| 30 | ¥59k/m² |
| 31 | ¥59k/m² |
| 32 | ¥49k/m² |
| 33 | ¥88k/m² |
| 34 | ¥88k/m² |
| 35 | ¥100k/m² |
| 36 | ¥100k/m² |
| 50 | ¥40k/m² |
Each line follows buildings from one construction period over time. 1981 is when Japan's current earthquake-resistance standard (shin-taishin) took effect.
Show data table
| Year | 1981-2000 | 2001-2010 |
|---|---|---|
| 2007 | ¥120k/m² | – |
| 2008 | ¥100k/m² | – |
| 2010 | ¥103k/m² | – |
| 2011 | ¥101k/m² | – |
| 2012 | ¥76k/m² | – |
| 2013 | ¥72k/m² | – |
| 2014 | ¥74k/m² | ¥130k/m² |
| 2015 | ¥73k/m² | ¥125k/m² |
| 2016 | ¥73k/m² | ¥127k/m² |
| 2017 | ¥66k/m² | ¥114k/m² |
| 2018 | ¥62k/m² | ¥110k/m² |
| 2019 | ¥65k/m² | ¥129k/m² |
| 2020 | ¥73k/m² | ¥137k/m² |
| 2021 | ¥63k/m² | ¥114k/m² |
| 2022 | ¥72k/m² | ¥118k/m² |
| 2023 | ¥72k/m² | ¥141k/m² |
| 2024 | ¥77k/m² | ¥171k/m² |
| 2025 | ¥84k/m² | – |
Prices near train stations in Nasu Town, Nasu County
Sales from 2023–2025, grouped by nearest station.
| Station | Median used condo price | Condo price per m² | Median house price (land + building) | Walk (min) | Sales | Daily passengers (2023) |
|---|---|---|---|---|---|---|
| Kuroiso (黒磯) | – | – | ¥7.5M | – | 234 | 4,234-9% vs 2019 |
| Takaku (高久) | – | – | ¥7.2M | 19 | 74 | – |
| Kurodahara (黒田原) | – | – | ¥7.3M | 18 | 72 | 656-29% vs 2019 |
| Toyohara (豊原) | – | – | ¥4.9M | 19 | 22 | – |
How much does a house cost in Nasu Town, Nasu County?
The median house sale, including the land, was ¥7.0M in 2025 across 116 sales.
Are property prices in Nasu Town, Nasu County going up?
Over the five years to 2025, residential land prices changed +294.7%.
About this data
Figures are medians of real transactions reported to Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) through its quarterly price survey. House prices per m² divide the total price (land and building) by the floor area. Medians based on fewer than 20 sales are not shown. The latest quarters are preliminary and are revised as more survey responses arrive.
Information only, not investment advice.