Nan-yo City Housing Market Report 2026
Data updated 2026-11-11 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2 · Transactions in 2025: 51
In short
- 1Price growth is speeding up
House values per m² have risen about 5.7% a year over the past five years, faster than the 7.8% a year of the five years before.
- 2Lagging Yamagata
Per m², houses here are 44% below the Yamagata average.
- 3What a typical purchase costs
Half of all house sales last year were between ¥1.3M and ¥22.0M.
- 4A shrinking population
The population fell 7.7% between 2020 and 2025 (−7% for the wider area).
The answers, compared
What does a home cost?
¥5.7M
median house · ¥64k/m²
16% below the Yamagata median
5 of 9 areas in Yamagata, highest first
Are prices rising?
+15.0%
over 5 years
Faster than Yamagata (-2.4%)
1 of 9 areas in Yamagata, highest first
Can local earners afford it?
1.9× income
median price ÷ average taxable income
Easier than Yamagata (4.8×)
8 of 10 areas in Yamagata, highest first
Rent or buy?
10years of rent
median price ÷ a year of median rent
Shorter than Yamagata (27)
8 of 10 areas in Yamagata, highest first
Are people moving in?
-7.7%
population, 2020–25
Shrinking faster than Yamagata (-7.0%)
8 of 12 areas in Yamagata, highest first
How risky is it?
3%
chance of strong shaking (6-lower+) in 30 years
In line with Yamagata (5%)
9 of 12 areas in Yamagata, highest first
Rent in Nan-yo City
The average private rental costs ¥47k a month (2023), +0.4% since 2018. Yamagata: ¥50k
| Floor area | Typical layout | Average rent / month | Nan-yo CityYamagata |
|---|---|---|---|
| 30–49 m² 1LDK / 2DK | 1LDK / 2DK | ¥47k vs 2018 +3.1% · Yamagata: ¥50k | |
| 50–69 m² 2LDK / 3DK | 2LDK / 3DK | ¥51k vs 2018 +4.4% · Yamagata: ¥57k |
- Rent per m²
- ¥1,105
- median, per month · Yamagata: ¥1,239
Source: Statistics Bureau of Japan, Housing and Land Survey 2023. Privately owned rentals (excluding rent-free homes), monthly rent without management fees. These averages include older homes, so they run below asking rents for newly listed units. 1,700 rented homes.
What the data says
Price growth is speeding up
House values per m² have risen about 5.7% a year over the past five years, faster than the 7.8% 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.
Lagging Yamagata
Per m², houses here are 44% below the Yamagata average. Ten years ago the gap was 38%, so Nan-yo City has been falling behind the rest of Yamagata.
What a typical purchase costs
Half of all house sales last year were between ¥1.3M and ¥22.0M. Listings outside that range are either unusual properties or worth a closer look.
A shrinking population
The population fell 7.7% between 2020 and 2025 (−7% for the wider area). More people moved out than in during 2025 (about 6.7 per 1,000 residents), which weakens long-term housing demand. Households still grew 0.4% as people live in smaller households, which supports demand for smaller homes even as the population shrinks.
Typical vacancy
13.4% of homes were empty in 2023 (13.6% for the wider area), and 7.9% were empty without being for rent, for sale or used as second homes. The level of abandoned homes is around the national norm.
Lower earthquake risk
The government's seismic model gives a 3% chance of shaking of intensity 6-lower or stronger in the next 30 years (5% for the wider area). This is low by Japanese standards, although no part of Japan is free of earthquake risk.
Local incomes are close to average
Taxpayers here reported an average taxable income of ¥3.0m in 2023 (¥3.1m for the wider area). That is +16% since 2014. Averages are pulled up by a few very high earners, so a typical household earns less than this.
Official land prices are edging up
On the government's fixed benchmark sites, which are valued the same way every year, residential land prices changed +0% in the year to January 2026 and +1% over five years. Because these sites don't change, this is the cleanest measure of land value trends.
Some flood or landslide exposure
Of the official land-price benchmark sites here, which sit in typical neighbourhoods, 60% are inside the worst-case flood zone. Most worst-case flood zones are shallow (under 0.5 m) at the edges, so depth matters as much as the share. Check the hazard map for any specific address before buying.
Living in Nan-yo City: people, homes and risks
- Population 2025
- 28,066
- -7.7% since 2020
- Yamagata: -7.0%
- Net moves in 2025
- -188
- -6.7 per 1,000 residents
- Yamagata: -4.31
- Vacant homes (2023)
- 13.4%
- 7.9% empty and not for rent or sale
- Yamagata: 13.6%
- Median rent (2023)
- ¥47k
- per month, all rented homes
- Yamagata: ¥47k
- Strong earthquake risk
- 3.1%
- chance of shaking of intensity 6-lower or more within 30 years
- Yamagata: 5.2%
- Average income per taxpayer
- ¥3.0M
- taxable income in 2023
- Yamagata: ¥3.1M
- Daytime population
- 93
- people here by day per 100 residents (2020 census)
- Foreign residents
- 1.1%
- 324 registered residents in 2024
- Yamagata: 1.0%
- Clinics
- 10.7
- per 10,000 residents; 2 hospitals, 14 dental clinics (2020)
- Yamagata: 9.3
- Official land price 2026
- ¥17k/m²
- +0.1% in a year · +1.1% in 5 years
- Yamagata: ¥24k/m²
- Flood exposure
- 60.0%
- of 5 benchmark sites in a worst-case flood zone (0.0% 3 m or deeper)
- Yamagata: 34.4%
- Landslide exposure
- 0.0%
- of 5 benchmark sites in a landslide warning area
- Yamagata: 4.8%
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 Nan-yo City
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
¥1.1M
¥10k/m²
- Motonakayama
- Nakagawa(Yamagata) · 24 min walk
- Land 165 m² · floor 110 m²
- Built 1991 (34 yrs) · Wood
¥4.5M
¥9k/m²
- Kooriyama
- Akayu · 5 min walk
- Land 850 m² · floor 480 m²
- Built 2002 (24 yrs) · Wood
¥14.0M
¥165k/m²
- Kooriyama
- Akayu · 8 min walk
- Land 270 m² · floor 85 m²
- Built 1999 (26 yrs) · Wood
Show data table
| Year | House |
|---|---|
| 2007 | ¥8.4M |
| 2008 | ¥10.0M |
| 2009 | ¥9.0M |
| 2010 | ¥7.2M |
| 2011 | ¥7.8M |
| 2012 | – |
| 2013 | ¥9.6M |
| 2014 | ¥7.0M |
| 2015 | ¥5.0M |
| 2016 | ¥6.3M |
| 2017 | ¥6.5M |
| 2018 | ¥11.0M |
| 2019 | ¥5.2M |
| 2020 | ¥4.0M |
| 2021 | ¥7.6M |
| 2022 | ¥5.1M |
| 2023 | ¥3.0M |
| 2024 | ¥5.0M |
| 2025 | ¥5.7M |
Show data table
| Year | House | Land |
|---|---|---|
| 2007 | ¥41k/m² | ¥18k/m² |
| 2008 | ¥62k/m² | ¥15k/m² |
| 2009 | ¥69k/m² | ¥24k/m² |
| 2010 | ¥65k/m² | ¥12k/m² |
| 2011 | ¥52k/m² | ¥21k/m² |
| 2012 | – | ¥19k/m² |
| 2013 | ¥39k/m² | ¥18k/m² |
| 2014 | ¥50k/m² | ¥15k/m² |
| 2015 | ¥50k/m² | ¥19k/m² |
| 2016 | ¥46k/m² | ¥13k/m² |
| 2017 | ¥48k/m² | ¥16k/m² |
| 2018 | ¥65k/m² | ¥13k/m² |
| 2019 | ¥42k/m² | ¥19k/m² |
| 2020 | ¥24k/m² | ¥20k/m² |
| 2021 | ¥50k/m² | ¥18k/m² |
| 2022 | ¥52k/m² | – |
| 2023 | ¥25k/m² | ¥15k/m² |
| 2024 | ¥24k/m² | ¥15k/m² |
| 2025 | ¥64k/m² | ¥23k/m² |
Prices near train stations in Nan-yo City
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) |
|---|---|---|---|---|---|---|
| Akayu (赤湯) | – | – | ¥5.7M | 16 | 37 | 2,338-17% vs 2019 |
| Miyauchi(Yamagata) (宮内(山形)) | – | – | ¥2.0M | 8 | 23 | 190-16% vs 2019 |
How much does a house cost in Nan-yo City?
The median house sale, including the land, was ¥5.7M in 2025 across 23 sales.
Are property prices in Nan-yo City going up?
Over the five years to 2025, residential land prices changed +15.0%.
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.