Tokyo Kantei announced on December 7th the average price trends for newly constructed wood frame single-family houses (SFH) and second hand SFH in the Greater Tokyo Area (GTA) for November, 2023.
The GTA includes the following prefectures; Tokyo, Kanagawa, Chiba and Saitama prefectures.
The survey included properties with a land area of between 100 to 300 square meters, located within a maximum travel time of 30 minutes on foot or 20 minutes by bus from the nearest station, and included only freehold wood-frame SFH properties.
All percentages in the following article represent Month-on-Month (MoM) changes.
All prices in the below articles are averages and are only meant to illustrate trends. They are not a guarantee on pricing as each property needs to be evaluated on a case by case basis.
Always consult a Japan licensed realtor for your property needs.
Brand new wood-frame SFH
The average price in the Greater Tokyo Area (GTA) area continued to decline, standing at ¥44.74 million; a 0.4% decrease from the previous month.
Broken down by prefecture:
Prefecture | Avg. Wood-Frame SFH Price | MoM Change |
Tokyo | ¥56.16 million | 3.0% up |
Kanagawa | ¥45.87 million | 4.9% down |
Chiba | ¥37.51 million | 0.7% up |
Saitama | ¥37.31 million | 5.9% down |
Although Kanagawa and Saitama Prefectures reversed their trends to a decline after three straight months, Chiba Prefecture maintained a consecutive price increase.
Second hand wood-frame SFH
Conversely, in the market of second hand SFH, the average price in the GTA extended an upward trend, reaching ¥40.73 million; a 2.1% increase from the previous month.
Broken down by prefecture:
Prefecture | Avg. Wood-Frame SFH Price | MoM Change |
Tokyo | ¥65.78 million | 0.7% down |
Kanagawa | ¥41.53 million | 3.4% up |
Chiba | ¥28.42 million | 3.7% up |
Saitama | ¥29.31 million | 3.9% up |
For the first time since data collection began in April 2014, the average second hand wood-frame SFH in the GTA breached the ¥40 million mark.
Further reading:
Tokyo Kantei November, 2023 Major Metro SFH Report BRAND NEW (Japanese only)
Tokyo Kantei November, 2023 Major Metro SFH Report SECOND HAND (Japanese only)
Source:
R.E. Port (Second hand SFH data; Japanese only)
R.E. Port (Brand new SFH data; Japanese only)
