Greater Tokyo existing condo inventory is accumulating in higher price bands

Greater Tokyo’s existing condominium inventory is becoming increasingly concentrated at the higher end of the market.

Listings above ¥100 million are building up, while stock below that level is declining, according to an analysis by real estate data company Mansion Research.

The company examined 481,019 publicly advertised existing condominium listings from January 2023 through July 2026.

---

Key Points:

• Inventory is rising in the ¥100 million–¥500 million range.

• Listings below ¥100 million are declining.

• Higher borrowing costs may be affecting demand at the upper end.

• A shift toward more expensive remaining stock can push up average asking-price figures.

---

The result points to a widening divide by price - and shows why rising overall inventory does not necessarily mean buyers have more choice at every budget level.

Inventory Is Building Above ¥100 Million

Mansion Research identifies ¥100 million as an increasingly important dividing line in the Greater Tokyo resale condominium market.

Inventory in the ¥100 million–¥200 million and ¥200 million–¥500 million bands has been rising.

Listings above ¥500 million also remain elevated.

Below ¥100 million, however, available stock is declining.

The broader resale market has also seen an increase in inventory. The Real Estate Information Network for East Japan, or REINS, reported a year-on-year rise in Greater Tokyo existing condominium stock in July 2026.

Mansion Research’s analysis suggests that this increase is concentrated in higher price bands rather than spread evenly across the market.

That means buyers can face very different conditions depending on their budget.

Higher Borrowing Costs May Be Affecting Demand

Mansion Research points to higher mortgage rates as one possible reason for the divide.

Buyers of more expensive homes generally need larger loans, making higher borrowing costs more significant at the upper end of the market.

The company also suggests that some buyers may be adjusting what they purchase rather than leaving the market altogether.

That could mean moving farther from central locations, accepting a longer walk from a station, choosing an older or smaller unit, or switching from a tower condominium to a more conventional building.

Those compromises can bring a purchase back within budget.

The listing data does not prove that higher mortgage rates or changing buyer preferences caused the inventory shift.

But the pattern is consistent with affordability becoming a greater constraint at higher price points.

Why Rising Asking Prices Can Be Misleading

The changing inventory mix can also affect headline asking-price statistics.

More expensive properties generally have higher prices per square meter.

If lower-priced units are absorbed while more ¥100 million-plus properties remain on the market, those higher-priced homes make up a larger share of the available stock.

That can push up the average asking price without meaning that individual properties are rising in value at the same pace.

For buyers below ¥100 million, the practical issue is supply.

Even if total inventory increases, choice in lower price ranges may remain limited if listings continue to decline.

For sellers above ¥100 million, conditions are different.

More competing listings could mean longer marketing periods or greater pressure to set asking prices at levels buyers can finance.

The key change in Greater Tokyo is therefore not simply that more existing condominiums are available.

It is that a growing share of that inventory is concentrated at the expensive end of the market.

Further Reading:

Can Condominiums Above ¥100 Million Still Sell? Price-Band Polarization in the Greater Tokyo Existing Condo Market (Japanese only)

REINS Monthly Market Watch: July 2026 (Japanese only)