03/10/2024
Market Update: Q3 2024 Real Estate Trends in Singapore
As we step into October, I wanted to share some intriguing trends in the Singapore real estate market that could impact your buying or selling decisions:
⬇️ Private Home Prices Decline: Overall private home prices fell by 1.1% in Q3 2024, marking the first decline since Q2 2023. This drop is attributed to weaker sales and fewer new launches during the quarter. However, prices are still up 1.1% year-to-date.
⬆️ HDB Resale Prices Surge: In contrast, HDB resale flat prices saw a robust increase of 2.5% in Q3, continuing a strong upward trend with a cumulative rise of 6.8% for the year so far. A total of 8,035 flats were resold in this quarter alone, indicating healthy demand. The impact of the HDB’s latest cooling measures remains to be seen. 🤔
⬆️ Million-Dollar Flats on the Rise: The number of million-dollar HDB flats sold hit a record high, with 328 units transacted in Q3 2024. In the first nine months of the year, 747 flats changed hands over the million-dollar threshold, compared to just 469 for all of 2023.
✅ HDB Resale Market: While million-dollar flats remain a small proportion of overall sales, flats sold for more than S$600,000 now account for over half of all transactions, up from 45.7% previously. The average price for four-room flats rose by 3.4% to S$638,205, while five-room flats saw a smaller increase of 1.5% to S$734,488.
Feel free to reach out if you wish to know more. 😉
Read more:
https://www.propnex.com/news-details/8961/q3-2024-flash-data-private-home-prices-fell-on-weaker-sales-hdb-resale-flat-prices-gained-strength
Source: PropNex Research, data.gov.sg, businesstimes.com.sg