Average Tokyo second hand SFH prices surge 16.4 percent in October
Tokyo Kantai announced on November 9th the average price trends of second hand single-family homes (SFH) in major metropolitan areas and cities for October of 2023.
The survey focused on properties with land area of 100 to 300 square meters and travel time to the nearest station within a 30-minute walk or a 20-minute bus ride.
Additionally, only freehold properties were considered, no leasehold.
The Greater Tokyo Area average SFH prices rose 5.2%, led by a 16.4% surge in Tokyo Pref. average prices.
Kanagawa recorded a fifth straight decline, down 3.2%, while Chiba Pref. saw a 1.9% increase.
Osaka's prices surged 3.8%, contrasting with a 4.9% decline in Hyogo and a 0.5% drop in Kyoto.
The Chubu region saw a 2.4% rise, with Aichi reversing to a 1.3% decrease; Miyagi surging 10.3%.
Fukuoka Pref. experienced a 3.1% rise, contributing to a positive trend in overall home prices for October 2023.
In the Greater Tokyo Area (GTA), the average price experienced a reversal to the upside, reaching an average of ¥39.9 million; a 5.2% increase compared to the previous month.
The GTA consists of Tokyo, Chiba, Kanagawa and Saitama prefectures.
Broken down by prefecture:
Avg. SFH Price
Tokyo saw a significant reversal with an average price of ¥66.22 million (a 16.4% increase).
Meanwhile, Kanagawa Prefecture recorded a decline for the fifth consecutive month, with an average price of ¥40.15 million (a 3.2% decrease).
Chiba Prefecture witnessed a reversal to the upside at ¥27.4 million (a 1.9% increase), while Saitama Prefecture saw a decline yet again at ¥28.22 million (a 1.9% decrease).
Overall, the price increase in Tokyo prefecture led to an upward trend in the entire GTA.
In the Greater Osaka Area, the average SFH price reversed to the downside, decreasing to an average of ¥28.48 million; a 0.9% decline.
Osaka Prefecture experienced a reversal with an average price of ¥32.68 million (a 3.8% increase), whereas Hyogo Prefecture saw a decline at ¥27.48 million (a 4.9% decrease).
Kyoto Prefecture reversed its four-month upward trend, recording a decline at ¥34.75 million (a 0.5% decrease).
In the Chubu region, the average second hand SFH price continued to rise for the third consecutive month, reaching ¥25.67 million (a 2.4% increase).
Aichi Prefecture, however, reverted to a decline at ¥30.31 million (a 1.3% decrease).
Miyagi Prefecture saw a significant reversal, with an average price of ¥27.28 million, a 10.3% increase compared to the previous month.
Fukuoka Prefecture also experienced a second straight month of increases at ¥25.02 million (a 3.1% increase).
Tokyo Kantei October 2023 Average Second Hand SFH Price Trend Report (Japanese only)
R.E. Port News (Japanese only)