Greater Tokyo condo discounts widen as sellers adjust

Resale condominium discounts in Greater Tokyo widened to more than 6% in 2025, even as average prices rose and homes sold faster.

The figures point to a more selective market rather than a broad downturn.

Homes priced close to buyer expectations continued to sell quickly. Listings launched at ambitious prices were more likely to require deeper reductions, especially after several months on the market.

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Key Points:

• Average discounts widened to 6.14% in the first half of 2025 and 6.22% in the second half.

• Average asking and transaction prices still reached record highs.

• Homes sold within one month recorded an average discount of only 2.32%.

• Nearly half of those quick sales closed without any price reduction.

• Discounts increased sharply when properties remained unsold for several months.

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Tokyo Kantei analysed resale condominium transactions completed within 12 months of the initial listing date, releasing findings on July 30th.

The study compared each property’s original asking price with its final transaction price. Rare cases in which the sale price exceeded the asking price were excluded.

Photo by Atul Vinayak on Unsplash

The data covers the Greater Tokyo Area, generally defined in Japanese property statistics as the prefectures of Tokyo, Kanagawa, Saitama and Chiba.

Prices rose, but negotiation increased

In the first half of 2025, the average initial asking price reached ¥54.07 million.

The average transaction price was ¥50.75 million, producing an average discount of 6.14%.

That was almost two percentage points wider than in the previous six-month period.

The pattern continued in the second half.

The average asking price rose to ¥56.40 million, while the average transaction price increased to ¥52.89 million.

Despite those gains, the average discount widened slightly further to 6.22%.

Prices were still rising, but sellers were accepting larger reductions from their original expectations.

At the same time, homes were selling faster. The average marketing period shortened from 4.74 months in the first half to 4.48 months in the second half.

Together, the figures suggest that more sellers were choosing to adjust their price rather than leave a property on the market for an extended period.

Correct pricing helped homes sell quickly

The first few months after listing were especially important.

Properties sold within one month recorded an average discount of just 2.32%.

Almost half, 49.6%, sold at the original asking price. A further 31.4% sold with a reduction of no more than 5%.

Across all properties sold within three months, the average discount was 3.57%.

Just over half of all transactions, 50.8%, were completed within that three-month period. By six months, the cumulative share had reached 73.8%.

The results suggest that buyers were still prepared to act quickly when a property entered the market at a credible price.

Wider average discounts therefore do not mean that demand weakened evenly across every location, building or property type.

Longer listings required deeper reductions

The longer a property remained unsold, the greater the eventual discount tended to be.

Properties sold in their third month recorded an average discount of 5.48%.

For sales completed in the sixth month, the average reached 8.24%.

After eight months, average discounts generally exceeded 10%.

Properties taking 12 months to sell recorded an average discount of 12.72%, compared with 4.69% for 12-month sales in 2024.

For homes sold in their tenth month, more than one-quarter required a reduction of over 20% from the original asking price.

That is not to say that every long-listed property will follow the same pattern.

Location, age, condition, floor level, building management and competing supply can all affect the final price.

However, the data shows the financial risk of beginning well above the level buyers are willing to accept.

The Significance

Greater Tokyo’s resale condominium market remained expensive and active in 2025.

But it also became less forgiving of unrealistic asking prices.

For sellers, the findings reinforce the importance of setting a launch price based on recent comparable transactions rather than relying only on rising market averages.

For buyers, time on the market can provide useful negotiating context.

A newly listed property may offer limited room for negotiation if it is priced appropriately. A similar unit that has remained unsold for several months may give the buyer greater leverage.

For international investors and owners, the broader lesson is that Japanese portal prices should not be treated as confirmed market values.

The final transaction price may differ substantially, particularly when the original listing price was ambitious or the property has been on the market for an extended period.

Further Reading:

Tokyo Kantei: 2025 Greater Tokyo resale condominium price-gap and selling-period report (Japanese only)

Tokyo Kantei: Release announcement and regional reports (Japanese only)

R.E.port: Coverage of the findings (Japanese only)