Market Trends

Average Price of Resale Houses in Tokyo 23-Wards Stays Above 100M Yen

In October, the average asking price of a detached, re-sale house in Tokyo’s 23 wards stayed above the 100 million yen ($812,000) mark for the second month in a row, a drop from the September average of 112,110,000yen, but still a year-on-year increase of 9.7%.

Tokyo Kantei’s latest data release seems to indicate that home sellers in Tokyo’s central areas remain confident of buyer interest as we head towards the end of the year.

More precisely, the average asking price for a detached, second-hand house for sale in Tokyo’s 23 wards was 100,660,000yen, the third month since July that the average asking price for a resale house in the 23 wards has topped 100 million yen.

Only in August, a traditionally slow month for property sales, did the average price drop below 100 million yen to 91,210,000yen.

The survey covered wooden-construction, detached houses that are more than 100sqm (about 1,076 square feet) and less than 300sqm in size.

In Tokyo’s 23 wards, the average land area for a detached, second-hand house on the market in October was 146.2 square meters (about 1,574 square feet); the average floor area was 131.5 square meters (about 1,415 square feet), and the average age of re-sale houses was 21.7 years.

The main takeaway from the October data is that average prices in Tokyo’s 23-Wards stayed strong due to especially high average prices in the central wards.

For the September report, please see Average Price of Second-Hand Houses in Tokyo 23-Wards Leaps to 112 Million Yen.

Tokyo Suburbs

In the suburbs of Tokyo, in October, the average price of a resale house was 39,300,000yen, an increase of 5.8% compared to September and also an increase of 13.1% versus October 2014.

In Tokyo City, but outside the 23 Wards, the price of a second-hand detached house was 65,030,000yen, a decrease of 2.9% compared to September but an increase of 15.0% year-on-year versus October 2014.

Average Prices Up Slightly in Tokyo Capital Region

For the Tokyo Capital Region (which includes Kanagawa, Chiba, and Saitama prefectures), as a whole, average prices were up in October by 2.3% versus September, and up 2.6% year-on-year.

The average prices for major markets in the region were as follows:

  • Yokohama City: 38,950,000 yen (+2.0% v. September and unchanged year-on-year)
  • Kawasaki City: 43,490,000 yen (+7.0% v. September but -14.9% year-on-year)
  • Sagamihara City: 23,590,000 yen (+13.0% v. September but -12.6% year-on-year)
  • Chiba City: 23,230,000 yen (-3.0% v. September but +2.6% year-on-year)
  • Saitama City: 31,710,000 yen (+7.1% v. September but -5.3% year-on-year)

Osaka and Sakai City: Big Year-on-Year Increase

In the Kinki region (which includes Osaka, Kobe, and Kyoto) performance was mixed.

Average asking prices in Osaka leaped 44.9% year-on-year but fell 15.3% in Kobe.

The average prices for the major markets in the region were as follows:

  • Osaka City: 42,960,000 yen (+14.2% v. September and +44.9% year-on-year)
  • Sakai City: 29,540,000 yen (+1.1% v. September and +30.1% year-on-year)
  • Kobe City: 28,310,000 yen (-2.2% v. September and -15.3% year-on-year)
  • Kyoto City: 37,230,000 yen (+8.3% v. September but -10.1% year-on-year)

Nagoya Continues Strong Upward YoY Trend

In October, sellers in Nagoya continued to set aggressive prices, as average prices increased 21.0% year-on-year. More specifically, the average asking prices for detached resale houses in Nagoya and Fukuoka were as follows:

  • Nagoya: City 37,580,000 yen (+8.2% v. September and +21.0% year-on-year)
  • Fukuoka City: 29,470,000 yen (-4.8% v. September but +5.2% year-on-year)

Source: Tokyo Kantei, November 11, 2015 Press Release (in Japanese)

Photo: Chidorigafuchi at night, Chiyoda ward, Tokyo

Photo Credit: 中岑 范姜 via Flickr