HDB Resale Prices Up 30% in 5 Years — Is the Market Slowing Down?

Over the past few years, Singapore’s HDB resale market has seen significant price growth. Many homeowners have witnessed their flat values increase substantially since the pandemic period.

But as prices reach new highs, an important question is emerging:

Is the HDB resale market still rising strongly, or is it beginning to slow down?

Looking at resale transaction data over the past five years, several interesting trends are becoming clear. These patterns help explain how the HDB market has evolved and what buyers and sellers should expect going forward.

HDB Resale Prices Have Risen Strongly

The most noticeable trend is the sharp increase in resale prices since 2021.

Median resale prices have increased roughly as follows:

Overall, this represents an increase of around 30% in five years.

Several factors contributed to this rise:

• Construction delays during the pandemic
• Limited supply of completed flats during certain periods
• Strong demand from buyers who could not wait for BTO flats
• Earlier periods of relatively low interest rates

During 2021 and 2022 especially, many buyers turned to the resale market because waiting times for new flats became longer.

Transaction Volume Tells Another Story

While prices have increased significantly, the number of resale transactions has not risen at the same pace.

This suggests that the market may be becoming more selective.

Buyers today tend to compare more units before making a decision. Units that are well priced and in good locations still attract strong interest, but flats priced too aggressively may take longer to sell.

This behavior indicates that the market is not overheating, but instead gradually stabilising after several years of strong growth.

Location Still Matters More Than Lease Age

One interesting pattern seen in resale data is that location often has a bigger impact on price than the age of the flat.

Flats in mature estates such as:

• Queenstown
• Bukit Merah
• Toa Payoh
• Kallang / Whampoa
• Marine Parade

continue to command strong prices, even when the remaining lease is shorter.

These areas benefit from several advantages:

• proximity to the city
• established MRT networks
• mature amenities and infrastructure

Because of these factors, buyers are often willing to pay a premium for location, even if the lease is older compared to newer flats in outer towns.

The 60-Year Lease Turning Point

Although location is important, remaining lease still plays a role in buyer decisions.

Data suggests that buyers begin to become more cautious when the remaining lease approaches around 60 years.

This is largely due to financing considerations:

• CPF usage may be restricted for very old flats
• loan tenure may become shorter
• buyers consider future resale possibilities

For these reasons, flats approaching this lease range may attract a smaller pool of buyers compared to newer units.

Why Older Flats Are Still Selling

Despite concerns about lease decay, older flats continue to see healthy demand in the resale market.

There are several reasons for this.

First, older flats are usually more affordable, allowing buyers to enter the property market at a lower price point.

Second, many older flats have larger floor areas compared to newer flats.

Third, many of these flats are located in mature estates with strong connectivity and amenities.

For many buyers, these benefits outweigh concerns about lease age.

Larger Flats Remain Highly Sought After

Another trend seen in the resale market is the strong demand for larger flats.

Executive flats and spacious layouts often command higher prices because they are no longer built in large numbers today.

As newer flats tend to be smaller, some buyers who value living space may prefer larger resale units instead.

What Could Happen Next?

Looking ahead, the HDB resale market may enter a more stable phase.

Several factors could moderate price growth in the coming years:

• increasing supply of new BTO flats
• more resale flats entering the market as they reach Minimum Occupation Period (MOP)
• earlier cooling measures continuing to influence the market

Because of these factors, price increases may become more gradual compared to the rapid growth seen in recent years.

A More Selective Market Ahead

Overall, the HDB resale market today appears to be evolving into a more selective and balanced market.

The flats that tend to perform best usually have a combination of:

• good location
• reasonable remaining lease
• practical layouts and good condition
• realistic pricing

Units that are priced too high or located in less desirable areas may take longer to sell.

For both buyers and sellers, understanding these trends can help make better decisions in today’s changing property market.

Final Thoughts

The HDB resale market has experienced strong growth over the past five years, with prices rising about 30% since 2021.

However, as the market matures and supply gradually increases, price growth may begin to moderate.

While demand for HDB flats remains strong, the market today rewards good location, quality units and realistic pricing more than ever.

For homeowners considering selling, and buyers planning their next move, understanding these market trends is key to navigating Singapore’s evolving HDB landscape.

I'm Jerey Han Sin from PropNex, bringing over decades of experience as a seasoned agent. Whether you're considering selling your HDB or condo in Singapore, or renting your property, I'm here to assist you every step of the way.

My expertise spans both residential and commercial properties, ensuring comprehensive support for all your real estate needs. Backed by a dedicated team, we stand ready to provide the assistance you require for a seamless and successful transaction.

If you're unsure what to do next, you can request a professional property and asset planning session before making a decision.

Your property journey is important to us, and I'm committed to making it a smooth and rewarding experience for you.

I hope you enjoyed reading my article. Please note that this is a creative and informative piece of writing, and not professional advice. If you have any questions or feedback, feel free to reach out 😊

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