The median sale price for lifestyle properties was $448,500 in the three months to March.
Interest in rural property has returned but it's too soon to know if the market has turned because of low sales numbers, the Real Estate Institute said.
Figures for the three months to March show the median sales price for farms continued to fall, hitting $1,175,000.
That was down on
the same period last year when the median sales price was $1,685,000 but was only $20,000 down on the 2007 March quarter when the median was $1,195,000.
REINZ rural spokesman Peter McDonald said the numbers showed market levels had stabilised after the volatile period in 2008 brought on by the high Fonterra payout to dairy farmers.
"Indications are that confidence is coming back from buyers, the banks are feeling more comfortable because there is not so much volatility."
But the number of sales remains low. Only 231 farms were sold in the three-month period, compared to 717 in the March 2008 quarter and 528 in the March 2007 quarter.
The biggest drop was in Canterbury where the sales numbers fell from 42 in the three months to February 2009 to 32 in the March quarter.
Otago sales numbers also fell from 31 to 21 while the Manawatu/Wanganui region was down from 21 to 15.
But McDonald said dairy farm auctions had attracted strong interest which was a good sign.
The number of dairy farms sold in the three months to March was 39, up from 30 in the three months to February.
"With the small turnover in dairy farms it's not realistic to state with total assurance the market has turned around. But there are certainly signs of renewed interest in rural real estate and that's great to see."
The median sale price for lifestyle property was $448,500 in the three months to March, only slightly down on the same period in 2008 when the median was $450,000.
The number of sales had also risen from 877 in the three months to February 2009 to 1041 in the three months to March.
