Average Price of a Pre-Owned Apartment in Greater Tokyo Reaches a Record High

The average listing price of a pre-owned condominium in the greater Tokyo area rose 10.1% year-on-year to reach ¥40,440,000 ($366,000) in May, a record high. This is according to Tokyo Kantei’s June nationwide pre-owned apartment market report. The May figure eclipsed the previous high (¥40,210,000) set in March.

The greater Tokyo region includes the city of Tokyo and the prefectures of Chiba, Saitama, and Kanagawa.

As we reported in a recent post, the average sales price of a newly constructed apartment sold in greater Tokyo in May reached ¥69,340,000 ($627,000 USD). This was the first time that the average sales price has dropped in the last three months, but supply of newly constructed condominiums remains extremely tight.

Throughout 2020, developers nationwide were cautious about releasing new supply to the market in the midst of the pandemic. This has exacerbated a longer term downward supply trend driven by high labor and material costs and competition with hotel developers for city-center land.

At the same time, extremely tight new apartment supply has been a factor in driving sales of pre-owned apartments and homes, as some buyers are forced to look in this segment of the market where there is greater supply and lower price points.

These are the key takeaways from the May numbers:

  • The average listing price for the Tokyo 23 Wards hit ¥63,060,000 ($570,000 USD), chalking up 11 consecutive months of month-on-month increases.
  • The average listing price for Saitama stayed the same in May compared to April, but was up year-on-year to ¥24,370,000 ($220,300 USD) by 8.2%.
  • The Tokyo 23 Wards and Saitama City both had year-on-year price increases of at least 10.0%. These are the areas most likely to show above average price increases this year.
  • Prices in Yokohama and Chiba City are showing indications of flattening, with May numbers slipping to levels seen in March.
  • The Central 6 Wards (Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, and Shibuya) maintained an upward trend, with a small uptick of 0.1% to ¥91,170,000 ($824,200 USD) in May. Chiyoda and Shibuya are showing signs of rapid price increase.

Breakdown by prefecture

Average Listing Price of a Resale 70-sqm Apartment in the Greater Tokyo Area — May 2021
By Prefecture, Source: Tokyo Kantei
Average Listing Price in JPY Vs. YoY Vs. Previous Month
Greater Tokyo Area 40,440,000 10.1% 0.6%
Tokyo 56,710,000 11.3% 0.9%
Kanagawa 30,110,000 6.1% 0.8%
Saitama 24,370,000 8.2% 0.0%
Chiba 22,470,000 8.2% 1.9%

Breakdown by major city

Average Listing Price of a Resale 70-sqm Apartment in the Greater Tokyo Area — May 2021
By Major City, Source: Tokyo Kantei
Average Listing Price in JPY Vs. YoY Vs. Previous Month
Tokyo 23 Wards 63,060,000 10.8% 0.5%
Tokyo Central 6 Wards 91,170,000 8.9% 0.1%
Yokohama 33,080,000 6.8% 0.9%
Saitama City 29,980,000 12.3% 1.2%
Chiba City 20,430,000 6.9% 2.4%
Tokyo Central 6 Wards: Chiyoda, Chuo, Minato, Shinjuku, Bunkyo, Shibuya

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Source: Tokyo Kantei Pre-Owned Apartment Market Report, June 2021 (Japanese PDF)