here is where prices are falling in Tarn-et-Garonne

Real estate prices are starting to fall in Tarn-et-Garonne. Some sectors even recorded double-digit declines.

At its best two years ago, the real estate market is no longer what it was in Tarn-et-Garonne. “The very significant drop recorded in 2023 is confirmed. Sales volumes, all goods combined, continue their significant decline with again -26% transactions”, notes Maître Julien Lacombe, departmental delegate in charge of real estate in Tarn-et-Garonne of the Chamber of Notaries of the Court of Appeal of Toulouse. In detail, 3,770 sales were recorded from 1^is July 2023 to June 30, 2024, against 5 110 over the previous period.

This drop in sales volumes concerns all real estate, whether building land, which is the most in difficulty (-33%), but also old houses (-27%) and old apartments (-25%). “Sales volumes fell sharply, returning to a volume that we had not seen since 2014: 2,550 house sales for example, compared to 3,880 sales in the record year 2022. We can also note that, even during the Covid crisis, the sales volume remained much higher, with more than 3,200 sales », notes Maître Julien Lacombe.

Prices for an old apartment are still stagnant

As for prices, they finally seem to be softening, or even falling depending on the type of real estate. They were on the rise until now. Thus, the median prices per square meter for an old apartment go from €1,810 to €1,790 (-0.9%) in one year in the department. But if we look by areas, more precisely, this drop is not felt everywhere. Indeed, prices are decreasing in the Pays de Montauban (-5%), but they are stagnating in Montauban itself (+0,1%), the most expensive sector of Tarn-et-Garonne, and are increasing in South Tarn-et-Garonne (+3,7%) and the Garonne and Confluent (+2,6%).

Likewise, within the Cité d’Ingres, the prices for an old apartment do not change in the same way depending on the neighborhood. Thus, they continue to increase in the city center (+3,6%) and now reach the 2 000 €/m². Which makes this sector the most expensive in Montauban. On the other hand, prices are decreasing in Bas Pays (-2,7%) to settle at €1,960, in Lalande (-6,2%) and fall sharply at Pomponne (-14%). They thus increase respectively to €1,690 and €1,630 in these last two districts, which, in 2022, nevertheless showed higher amounts than the city center.

Double-digit price reductions for homes

As for old houses, the median sales price fell by -5,4% in one year in Tarn-et-Garonne to reach the 175 000 €compared to €180,000 the previous period. It is decreasing in almost all areas of the department, with the exception of Quercy Ouest (+6,8% i.e. the median price at €159,800) and Quercy Est (+3,1% i.e. the median price at €154,600). “This is explained by the particular nature of this market, which particularly attracts people from outside (France residents and foreigners in particular) with high purchasing power,” explains M^e Julien Lacombe. However, prices in these areas remain lower than in Montauban (210 500 €).

The City of Ingres is, moreover, one of the municipalities where prices have decreased (-7,6%). But it is not the one to have suffered the biggest drop. Indeed, in Albias, median sales prices have plummeted to €177,600 for an old house. Which represents a drop of 20%. Castelsarrasin (-15,4%) and Nègrepelisse (-12,1%) also recorded high declines. While in other municipalities in Tarn-et-Garonne, median sales prices have seen a double-digit increase. This is the case in Varen (+18,0%), Saint-Antonin-Noble-Val (+12,8%) and Caylus (+10,8%), notably.