Hakuba Housing Market 2025: A Ski Village Priced Like a City
Data updated 2026-11-10 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2
Key figures for 2025
- Median house price (land + building)
- ¥39.5M
- Residential land per m² (sales)
- ¥22k/m²
- +137.6% over 5 years
- Transactions in 2025
- 50
- #4 of 24 areas in Nagano by price per m²
A tiny, fast-rising market
Hakuba is a ski village in the Northern Alps, with about 8,400 residents. Only about 50 recorded sales a year, mostly land and houses, so figures move a lot from year to year. Even so, the direction is clear: house prices per m² are now about twice the Nagano average, up from below the average ten years ago.
Land is rising fastest
Benchmark residential land rose about 23% in the past year, the fastest rise of any city, town or village in Japan. Land sold in transactions rose from about ¥5,000 per m² in 2015 to about ¥22,000 in 2025. Foreign buyers, mainly for ski chalets and holiday lets, have driven the boom.
Houses
The median house sold for about ¥40M in 2025, up from ¥34M in 2024, on about 20 sales.
People
Population fell 2.1% between 2020 and 2025, but households grew 7%, as more single workers and newcomers settle. In 2025 more people moved out to the rest of Japan than moved in, partly because seasonal workers come and go. Sales fell about 18% in 2025.
Risks
Earthquake probability is low (about 5%), though the Itoigawa–Shizuoka fault line runs through the area. The benchmark sites in the valley are in shallow flood zones. Mountain areas also have avalanche and landslide risks that are not fully shown here.
Living in Hakuba Village, Kitaazumi County: people, homes and risks
- Population 2025
- 8,391
- -2.1% since 2020
- Nagano: -4.5%
- Net moves in 2025
- -105
- -12.51 per 1,000 residents
- Nagano: -0.72
- Strong earthquake risk
- 5.0%
- chance of shaking of intensity 6-lower or more within 30 years
- Nagano: 19.8%
- Official land price 2026
- ¥18k/m²
- +22.8% in a year · – in 5 years
- Nagano: ¥30k/m²
- Flood exposure
- 100.0%
- of 3 benchmark sites in a worst-case flood zone (0.0% 3 m or deeper)
- Nagano: 55.7%
- Landslide exposure
- 0.0%
- of 3 benchmark sites in a landslide warning area
- Nagano: 7.5%
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). Earthquake probability is measured at the municipal center.
Example sales in Hakuba Village, Kitaazumi 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
¥4.0M
¥47k/m²
- Oaza Hokujo
- Hakubaoike
- Land 1100 m² · floor 85 m²
- Built 1975 (51 yrs) · Light steel
¥39.0M
¥236k/m²
- Oaza Hokujo
- Hakuba · 4 min walk
- Land 200 m² · floor 165 m²
- Built 1973 (52 yrs) · Wood
¥77.0M
¥395k/m²
- Oaza Hokujo
- Hakuba
- Land 410 m² · floor 195 m²
- Built 1997 (28 yrs) · Wood
Show data table
| Year | House |
|---|---|
| 2007 | – |
| 2008 | – |
| 2009 | – |
| 2010 | ¥7.8M |
| 2011 | – |
| 2012 | – |
| 2013 | – |
| 2014 | – |
| 2015 | – |
| 2016 | ¥11.0M |
| 2017 | – |
| 2018 | ¥9.5M |
| 2019 | ¥9.0M |
| 2020 | ¥13.0M |
| 2021 | ¥13.0M |
| 2022 | ¥19.0M |
| 2023 | – |
| 2024 | ¥34.0M |
| 2025 | ¥39.5M |
Show data table
| Year | House | Land |
|---|---|---|
| 2007 | – | ¥7k/m² |
| 2008 | – | ¥10k/m² |
| 2009 | – | ¥8k/m² |
| 2010 | ¥52k/m² | – |
| 2011 | – | ¥7k/m² |
| 2012 | – | ¥3k/m² |
| 2013 | – | ¥6k/m² |
| 2014 | – | ¥4k/m² |
| 2015 | – | ¥5k/m² |
| 2016 | ¥78k/m² | ¥5k/m² |
| 2017 | – | ¥6k/m² |
| 2018 | ¥76k/m² | ¥8k/m² |
| 2019 | ¥84k/m² | ¥8k/m² |
| 2020 | ¥98k/m² | ¥9k/m² |
| 2021 | ¥110k/m² | ¥7k/m² |
| 2022 | ¥133k/m² | ¥9k/m² |
| 2023 | – | ¥11k/m² |
| 2024 | ¥209k/m² | ¥16k/m² |
| 2025 | ¥307k/m² | ¥22k/m² |
Prices near train stations in Hakuba Village, Kitaazumi 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 |
|---|---|---|---|---|---|
| Hakuba (白馬) | – | – | ¥40.0M | 13 | 39 |
How much does a house cost in Hakuba Village, Kitaazumi County?
The median house sale, including the land, was ¥39.5M in 2025 across 20 sales.
Are property prices in Hakuba Village, Kitaazumi County going up?
Over the five years to 2025, residential land prices changed +137.6%.
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.