Let’s look at the market.

The May 2026 figures show a local market that is steady, but still selective.

Palmerston North remained the main activity market, Feilding continued to perform solidly, and Ashhurst recorded a smaller number of sales, which means its monthly movements need to be read carefully.

In simple terms, buyers are still active, but they are doing their homework. The homes getting the best attention are generally the ones that are priced right, presented well, and launched with a clear marketing strategy.

This is not a market where every property sells just because it is listed. But it is also not a dead market. Good homes are still moving.

May 2026 market overview

Across Palmerston North City, Feilding, and Ashhurst, there were 153 combined sales in May, with a combined sales volume of $103,002,000.

Palmerston North City carried most of the activity, with 113 sales for the month. Feilding recorded 35 sales, while Ashhurst recorded 5 sales.

The practical read is simple.

The market is active, but not automatic.

Sellers still need to get the basics right. Buyers still have options, but they are not ignoring good homes that are priced correctly.

Palmerston North market snapshot

Palmerston North recorded 113 residential sales in May, up slightly from 108 sales in April.

The median sale price was $620,000, up from $610,000 in April. The median Rateable Value of properties sold was $610,000, and the median days to sell was 39 days.

The median sale price being close to the median RV shows that, for the month, sales were broadly in line with rateable values. That does not mean every home is worth its RV, but it does show why recent comparable sales matter more than guesswork.

For sellers, this reinforces the importance of looking at the property in front of us, the condition, location, presentation, competition, and what buyers have recently paid for similar homes.

For buyers, it shows there is still structure in the market. Well-priced homes are not being ignored, but buyers are comparing carefully.

Where Palmerston North sales happened by price range

The spread of sales shows strong activity through the middle of the market, especially between $501,000 and $700,000.

• 29 sales under $500,000
• 38 sales between $501,000 and $700,000
• 33 sales between $701,000 and $999,000
• 12 sales over $1,000,000

This tells us that affordability is still a key driver.

The middle of the market remains active because it is where many local buyers can still make the numbers work. Homes under $700,000 continue to attract attention when they are well presented and sensibly priced.

Properties above $1,000,000 are still selling, but the buyer pool is smaller. Those buyers are generally more selective, more patient, and more likely to compare a property against other options before making a decision.

Days to sell, what 39 days tells us

The median days to sell in Palmerston North was 39 days.

That is still a workable market, but it is not instant.

A 39-day median selling period means buyers are taking time to view, compare, arrange finance, complete due diligence, and decide whether a property represents fair value.

For sellers, the first few weeks still matter. That is when the most active buyers usually notice a new listing. If those buyers are viewing but not acting, the campaign should be reviewed early.

That does not always mean dropping the price straight away. It may mean checking the marketing, photos, buyer feedback, presentation, viewing access, or how the property compares with similar homes on the market.

But it does mean sellers should not ignore the market’s feedback.

Ashhurst market note

Ashhurst recorded 5 house sales in May. These sales are included in the Palmerston North figures.

The median sale price for Ashhurst was $682,000. This was up from the previous month, but because Ashhurst had only 5 sales, the result needs to be read with care.

Smaller markets can move around from month to month because one or two higher-value or lower-value sales can shift the median noticeably.

Ashhurst remains a market where lifestyle, community feel, commuting distance, section size, and property type can all influence demand. The better measure is not just one month of data, but the pattern across several months, current listings, and recent comparable sales.

Feilding market snapshot

Feilding recorded 35 sales in May, up slightly from 34 sales in April.

The median sale price was $610,000, and the median days to sell was 44 days. The median Rateable Value was $565,000, and listings sat at approximately 150 to 155 properties on the market.

Feilding continues to show solid activity, but the 44-day median time to sell shows buyers are still taking their time.

The median sale price sitting above the median RV suggests some buyers are still prepared to pay for the right property, especially where the home is well located, well maintained, and fits their needs.

As always, the detail matters. One month of sales can be influenced by the type of homes sold, so it is important not to read the headline median in isolation.

What is happening nationally?

Nationally, the market is showing signs of steadiness, but buyers remain cautious.

REINZ reported the national median sale price at $775,000 for May 2026, up 1.3% year-on-year. National sales were down compared with May 2025, showing that while values have held in some areas, activity levels are not running hot.

The national picture is also uneven. Some regions are performing strongly, especially parts of the South Island, while other areas remain more subdued.

For our local market, the main takeaway is that Palmerston North and the wider Manawatū are not operating in isolation. Interest rates, fuel costs, inflation, job security, lending conditions, and general confidence all influence how buyers behave.

From the coal face locally

Locally, May showed a more cautious feel across the market.

There are still buyers out there, but they are more selective. Many are watching comparable sales closely, checking finance carefully, and taking more time before making a decision.

Open homes for fresh listings generally attracted better interest, while properties that had been sitting on the market for more than a month tended to see lower buyer engagement.

That is an important point.

The first part of a campaign still matters. A strong launch can create momentum, but if the price, presentation, or marketing position is not right, buyers can quickly move on to the next option.

There is also still wider uncertainty in the background. Cost-of-living pressures, fuel prices, inflation, global events, and mortgage interest rate expectations are all part of the conversation for buyers.

That does not mean people stop moving. Life still happens. Families grow, people downsize, jobs change, relationships change, investors review their plans, and first-home buyers keep looking for a way into the market.

But it does mean people are making more measured decisions.

What this means for sellers

For sellers, this is a market where strategy matters.

A strong result is still possible, but sellers need to be realistic and prepared from the start.

The key things are:

• Price with evidence, not hope
• Present the property properly
• Make sure the marketing is sharp
• Listen to buyer feedback early
• Understand the competing listings
• Do not rely on one online estimate or RV alone

Buyers are comparing properties closely. If your home is priced well, presented well, and marketed clearly, it has a much better chance of standing out.

If it is overpriced, poorly presented, or hard to understand online, buyers may not give it a second look.

In this market, good advice before launching can make a real difference.

What this means for buyers

For buyers, there is still choice.

Palmerston North listings were sitting around 435 to 445 residential houses in May, which means buyers have options to compare.

But good homes are still attracting interest, especially when they are priced in line with the market.

The best approach for buyers is to be prepared before the right property appears.

That means:

• Have your finance conversations early
• Know your budget
• Understand your conditions
• Do your due diligence properly
• Compare recent sales, not just asking prices
• Be ready to act when the right home comes up

Buyers should also look beyond the purchase price.

Insurance, rates, heating, maintenance, roofing, drainage, school zones, transport costs, garaging, and future resale all matter. A cheaper home is not always better value if it needs major work or creates higher ongoing costs.

Our read on the market

The market is steady, not overheated.

Buyers are active, but selective. Sellers can still get good results, but the campaign needs to be lined up properly from day one.

The best-performing properties are likely to be the ones where the price, presentation, and marketing all work together.

For sellers, the biggest mistake is assuming the market will do the work for you.

For buyers, the biggest mistake is waiting too long when the right property is clearly well priced.

The headline numbers are useful, but they do not tell the whole story. A property-specific view is always more useful than relying on a regional median.

Quick summary

• Palmerston North recorded 113 sales in May.
• The Palmerston North median sale price was $620,000.
• The median days to sell in Palmerston North was 39 days.
• Most Palmerston North sales were between $501,000 and $999,000.
• Ashhurst recorded 5 house sales.
• Feilding recorded 35 sales.
• The Feilding median sale price was $610,000.
• Feilding’s median days to sell was 44 days.
• Buyers are active, but selective.
• Pricing, presentation, and launch strategy still matter.

Thinking about selling or just want to understand your current position?

If you are thinking about selling, wondering what your home may be worth, or just want to talk through what is happening in the market, feel free to get in touch.

Real estate is our favourite subject, and we are always happy to have a straight-up conversation about your options.

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Source note

Local sales figures referenced in this update are based on REINZ market data supplied for the May 2026 market report, along with Team Ants’ local market summary for Palmerston North City, Ashhurst, and Feilding. This article is general information only and should not be treated as legal, financial, or investment advice.

Warm regards,

Ants & The Team