On July 18th, the Real Estate Information Network for East Japan (REINS; pronounced “rains”) has published its latest quarterly report, revealing continued growth in the real estate market across the Greater Tokyo Area (GTA) for Q2 2024.
The report looks at second-hand (existing) condo and single-family home sales for the measured period.
The GTA consists of Tokyo, Kanagawa, Saitama and Chiba prefectures.
The transaction data below is voluntarily supplied by agents registered in the REINS system. Since voluntary, the numbers do not represent the entirety of transactions in the GTA.
Price data is averaged to illustrate trends and in no way represents a guarantee. Real estate is a hyper-local game so always consult a licensed realtor for your property specific needs.
Existing Greater Tokyo Condo Market Trends
The number of transactions for existing condominiums surged to 9,355 units, reflecting a 6.3% increase compared to the same period last year.
This marks the fourth consecutive quarter of year-on-year (YoY) growth.
Q2 2024 trends broken down by GTA prefecture are:
Prefecture | No. of Transactions | % YoY Change |
Tokyo | 5,166 | 9.6% up |
Kanagawa | 2.082 | 0.7% down |
Chiba | 1,084 | 3.2% up |
Saitama | 1,023 | 8.5% up |
Despite this rise in transactions, the number of new on-market listings for the GTA for the quarter decreased by 3.2% YoY, totaling 47,835 units currently advertised for sale at time of publication.
The average transaction price per square meter increased by 8.9% to ¥775,000, marking the sixteenth consecutive quarter of price hikes.
Every prefecture recorded YoY price per sqm increases.
The average transaction price climbed by 8.4% to ¥49.4 million, continuing an impressive upward trajectory for 47 consecutive quarters since Q4 2012.
Existing Greater Tokyo Single-Family Homes (SFH) Market Trends
Transactions for GTA existing single-family homes rose by 9.1% year-on-year to 3,621 units, marking the second consecutive quarter of growth.
The average GTA transaction price increased by 5.3% to ¥39.76 million, continuing a sixteen-quarter streak of YoY increases.
Further Reading:
Real Estate Information Network for East Japan Q2 2024 Trend Report (Japanese only)
Source:
R.E. Port News (Japanese only)
