Tokyo Kantei announced on March 7th the average price trends for new and second-hand wood frame single-family homes (SFH) in the Greater Tokyo Area (GTA) for February 2024.
The GTA consists of Tokyo, Kanagawa, Chiba and Saitama prefectures.
Key Takeaways:
Brand new home prices dropped, affecting overall metropolitan area prices.
Second-hand home prices rose consistently, except for Kanagawa Prefecture.
Tokyo prefecture’s second hand prices rose for two consecutive months.
Saitama Prefecture saw continuous price increases, turning positive year-on-year.
The properties measured have a land area of 100 to 300 square meters, with a travel time from the nearest station of within 30 minutes by foot or within 20 minutes by bus, and are freehold land ownership.
Brand New Single Family Homes
The average price in the GTA fell to ¥44.2 million, a 3.1% decrease from the previous month.
Broken down by prefecture:
Prefecture | Average SFH Price | % Change |
Tokyo | ¥52.13 million | 5.7% down |
Kanagawa | ¥46.95 million | 2.6% down |
Chiba | ¥37.47 million | 0.1% down |
Saitama | ¥38.19 million | 2.7% down |
Second Hand Single Family Homes
The average price in the GTA continued to rise to ¥40.46 million, a 2.7% increase from the previous month.
Broken down by prefecture:
Prefecture | Average SFH Price | % Change |
Tokyo | ¥62.33 million | 2.7% up |
Kanagawa | ¥43.68 million | 2.0% down |
Chiba | ¥27.24 million | 0.8% down |
Saitama | ¥28.75 million | 3.7% up |
Further Reading:
Tokyo Kantei BRAND NEW SFH Report February 2024 (Japanese only)
Tokyo Kantei SECOND HAND SFH Report February 2024 (Japanese only)
Sources:
Brand New SFH Data (R.E. Port News; Japanese only)
Second Hand SFH Data (R.E. Port News; Japanese only)
