NORTHERN Tasmanian homes on average have dropped in value by $24,000 in the past two years, according to the Real Estate Institute of Tasmania.
The institute reported that the median price on Northern homes was $266,000 in 2012, compared with $280,000 in 2010.
North-West median prices dropped by $30,000 between 2010 and 2012 from $270,000 to $240,000.
Data indicated that North- West median house prices have steadied at $240,000 since 2011 - the same figure as at the start of the global financial crisis in 2008.
Meanwhile, the median prices of homes in the North rose by $8500 from $257,500 in 2008.
First National Burnie principal Deanne Lamprey said the lower median price indicated people had bought cheaper homes in the past two years.
She said improved affordability and better buying conditions would underpin home-buying activity growth this year.
"While the market is beginning to rebound, there is a general consensus that the recovery will continue to be slow and gradual as a result of ongoing economic and job uncertainty and an oversupply of properties," Ms Lamprey said.
"Property stock levels may increase, while the number of days that a property is on the market should hold at current levels, showing the market is stabilising.
"A lack of buyer incentives, increased stamp duty, coupled with the increasing number of competing properties available for sale will place downward pressure on property prices in the state.
"This will present some excellent opportunities for upgraders who are expected to show the strongest growth in activity for the region, driven by improved affordability and lower transaction changeover costs."
Real Estate Institute of Tasmania president Adrian Kelly said real estate sales for the December quarter was strong compared to previous quarters.
"Unfortunately though, we will continue to see some Tasmanian suburbs experience negative price movement particularly those in which there is already too much property on the market for sale," Mr Kelly said.
He said the property market would keep treading water until job opportunities improved and employment uncertainty lifted.