Hdb Resale Price Growth Slows 04 3q2025 Amid Easing Resale Transactions
HDB resale prices only saw a modest growth of 0.4% quarter-on-quarter (q-o-q) in the third quarter of 2025, compared to the 0.9% increase in the previous quarter. This marks the fourth consecutive quarter of slowing growth, with the slowest increase recorded since the sluggish 0.3% rise in the second quarter of 2020.
Despite the slowdown, Lee Sze Teck, senior director of data analytics at Huttons Asia, points out that HDB resale prices have still increased by 55.7% since reaching a low in the second quarter of 2019, and are up by 54.4% from the Covid-19 circuit breaker period in the second quarter of 2020. Christine Sun, chief researcher and strategist at Realion (OrangeTee & ETC) Group, agrees with this sentiment and adds that the surge in prices may have resulted in wider gaps between sellers’ expectations and buyers’ affordability. “With sellers asking for record prices and buyers showing resistance, the increasing price disparities have led to slower negotiations and a more challenging resale market,” she says.
According to data released by HDB, 15 out of 26 HDB towns saw an increase in prices in the third quarter. Among them, Clementi recorded the highest q-o-q price spike of 7.8%, followed by Central Area with a 6.3% increase and Geylang with a 5.0% increase. Sun notes that most flat types saw either a drop in average prices or a slower growth rate. By room type, two-room units saw the highest growth in the third quarter of 2025, with average prices rising 3.1% q-o-q from $363,196 in the second quarter to $374,596 in the third quarter. Five-room units saw a modest growth of 0.7% q-o-q, followed by four-room flats, which saw an average price increase of 0.3% in the quarter.
Lee from Huttons notes that this is the first time since the fourth quarter of 2023 that resale prices of four- and five-room flats have recorded a quarterly growth of less than 1%. Meanwhile, multi-gen and executive flats, as well as three-room units, saw a decline in average prices of 1.6% q-o-q and 0.8% q-o-q respectively, according to HDB caveats. “This gradual pace of increase reflects a cooling in demand for resale flats, as buyers turn to new built-to-order (BTO) and sale-of-balance flats (SBF) launches, with around 30,000 new units offered this year,” observes Sun from Realion.
In terms of resale transactions, there was a 1.7% increase from 7,102 units in the second quarter to 7,221 units in the third quarter. However, on a yearly basis, there was a decline of 7.3% in the number of units transacted, from 22,562 units in the same period in 2024 to 20,913 units in the third quarter of 2025.
Lee from Huttons attributes this decline to the launch of more than 10,000 flats under the July 2025 BTO and SBF exercise. “More than 3,900 flats were either completed or had a shorter waiting time of three years or less, which diverted some demand from the HDB resale market,” he explains.
The top five most popular HDB towns among buyers in the third quarter of 2025 were Punggol, Sengkang, Tampines, Woodlands, and Yishun, which accounted for around 36.2% of total transactions in the quarter.
Despite the slower price growth in the third quarter, an estimated 480 flats were sold for seven-figure sums, representing a 15.9% increase from the previous quarter and setting a new record for the highest number of million-dollar transactions in a single quarter. “Flats in mature estates continue to make up the majority of million-dollar transactions, highlighting the strong demand for homes in more centrally located towns with more extensive amenities,” notes Eugene Lim, key executive officer of ERA Singapore.
The breakdown of million-dollar flats by price range shows that around 79 of these transactions were for units that had just reached their five-year Mandatory Occupation Period (MOP), representing a 25.4% increase from the previous quarter. In the third quarter of 2025, 90% of the million-dollar transactions were in mature estates, with Toa Payoh recording the highest number of million-dollar flats sold at 92, followed by Bukit Merah with 61 flats and Kallang/Whampoa with 40 flats.
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However, Lim from ERA Singapore notes that million-dollar transactions still make up a small segment of the market, accounting for 6.6% of all resale transactions.
Looking ahead, Lim predicts that HDB resale prices and transactions may moderate slightly in the fourth quarter of 2025 due to the upcoming school holiday season, which typically sees a dip in resale activity. He also notes that the recent conclusion of the October BTO exercise, which offered the largest supply of flats in 2025 at 9,144 units, could draw potential buyers away from the resale market. Similarly, Lee from Huttons expects the resale prices to rise at a slower pace of 3-4% with 26,000 to 28,000 units transacted by the end of 2025. He also predicts that there will be at least 1,500 million-dollar transactions, accounting for more than 5% of the total market activity. Sun from Realion projects a price increase of 3-5% over the year, with around 28,000 to 29,000 units transacted, while Lim from ERA Singapore forecasts a price increase of 3-6% across 26,000 to 27,000 transactions.