Hdb Resale Prices Rises 26 4Q2024 97 Across Year

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HDB resale prices continued their upward trend in the fourth quarter of 2024, recording a 2.6% increase. This marks the 19th consecutive quarter of price growth in the resale market, according to data released by HDB on January 24.The cumulative price increase for the entire year was 9.7%, making it a strong year for the public housing market. The y-o-y price increase of 2024 was nearly double that of 2023, reaching 4.9%.The last quarter’s growth in resale prices was slightly lower than the 2.7% q-o-q increase seen in the third quarter of 2024. Mohan Sandrasegeran, the head of research & data analytics at SRI, attributes the robust growth in resale prices throughout the year to the limited supply of housing units that reached their Minimum Occupation Period (MOP) in 2024.Read also: Approximately 5,000 HDB units in nine towns to reach MOP this year Advertisement”This tight supply has put upward pressure on prices, especially as buyers show a strong interest in newer and larger flats, such as five-room and executive units, which cater to the needs of growing families,” he says.Among all flat types in the HDB resale market, five-room flats saw the highest price increase in the fourth quarter of 2024, with average resale prices rising 2.2% q-o-q to $754,097. Four-room flats also experienced a considerable increase of 2.2% q-o-q, reaching $652,544.The Central Area recorded the highest price growth at 25.6% q-o-q, followed by Toa Payoh (12.1%), Tampines (6.9%), Bishan (6.7%) and Bedok (6.1%), according to Christine Sun, the chief researcher & strategist at OrangeTee Group. Around 285 HDB resale units were sold for $1 million or more in the last quarter of 2024, bringing the total number of million-dollar transactions for the year to 1,035.More than 90% of these transactions took place in mature estates, with the Kallang/Whampoa estate leading with 156 units, followed by Toa Payoh (144 units) and Bukit Merah (135 units).Read also: Final two pandemic-delayed BTO projects completed: HDBAdvertisementAdvertisementYear-end lull in transaction volumeHDB resale transactions fell by 21.1% q-o-q, from 8,142 units sold in the third quarter of 2024 to 6,424 units in the fourth quarter. The holiday season and festive period contributed to the decline, according to Lee Sze Teck, the senior director of data analytics at Huttons Asia. He also suggests that the lower interest rates may have prompted some buyers to invest in private residential or Executive Condominium (EC) properties.Some buyers may have also opted for a ballot for a flat in the latest Build-to-Order (BTO) sales exercise, which took place in October 2024, adds Sandrasegeran. This BTO sales exercise saw the launch of a record 15 projects, comprising 8,573 flats under a new location-based classification system. It was also the first time singles were allowed to buy two-room flexi BTO flats in all locations.Nevertheless, the overall resale transaction volume for 2024 increased by 8.4% y-o-y, from 26,735 units sold in 2023 to 28,986 units sold in 2024. This is the highest number of yearly resale transactions since 2021, when 31,017 flats were sold.According to data compiled by Huttons Asia, the top five most popular HDB towns in 2024 were Sengkang, Woodlands, Punggol, Tampines, and Yishun. These five estates accounted for around 35.9% of all HDB resales in 2024.Read also: HDB to launch 19,600 BTO flats and over 5,500 sale of balance flats in 2025AdvertisementAdvertisementTop five most popular HDB towns among buyers in 2024(Source: HDB, Huttons Data Analytics as of 24 January 2025)Decline in newly MOP flats for 2025In 2025, around 6,976 flats are expected to reach the end of their MOP, representing a 41.6% decrease in new housing supply entering the secondary public housing market compared to the 11,952 flats in 2024.Sandrasegeran explains that this is a result of the relatively lower number of BTO flats completed in 2020 due to the Covid-19 pandemic. Since then, HDB has announced its plans to launch over 25,000 new flats across three BTO sales exercises in 2025, with 19,600 BTO flats and more than 5,500 flats under the Sale of Balance Flats (SBF) exercise.The next SBF exercise will take place concurrently with the upcoming BTO sales exercise in February. It will offer 5,000 BTO flats in Kallang/Whampoa, Queenstown, Woodlands, and Yishun. This will be HDB’s largest SBF exercise since November 2020, when 5,220 units were made available.AdvertisementFour in every 10 of the 5,500 SBF flats offered next month are already completed. Sandrasegeran says that SBF flats are particularly popular among home seekers who want to acquire a brand-new, ready-to-move-in flat within a short waiting time, as opposed to going through the typical BTO process.About 3,800 units of the 19,600 BTO flats planned for launch in 2025 will be Shorter Waiting Time (SWT) flats, with waiting times of less than three years. Sandrasegeran expects resale prices in the HDB market to increase by 3.5% to 5.5% in 2025, with a resale transaction volume ranging between 26,000 and 27,000. However, Hutton’s Lee is more optimistic, projecting a price increase of between 5% and 8% across the year. Check out the latest listings for HDB propertiesAsk BuddyCompare price trends of HDB, Condo, and Landed homesListings for HDB flatsPast HDB resale transactionsWhat is the HDB loan rate?HDB loan vs Bank loanCompare price trends of HDB, Condo, and Landed homesListings for HDB flatsPast HDB resale transactionsWhat is the HDB loan rate?HDB loan vs Bank loan