Growing share of dual earners help drive up 2024 Greater Tokyo single family home prices
- Adam German
- May 9
- 2 min read
The SUUMO Research Center, part of Recruit’s housing division, released findings on May 8 from its latest annual Newly Built Detached House Buyer Survey.
The survey targeted individuals who signed contracts to purchase newly built single-family homes in the Greater Tokyo area - including Tokyo, Kanagawa, Saitama, Chiba, and parts of Ibaraki - between January and December 2024.
A total of 1,087 responses were collected.
Key Findings
Average Household Income:
The average total annual income of households purchasing new detached homes was ¥8.75 million, up ¥610,000 from 2023.
The most common annual income brackets were:
¥6–8 million: 23.3%
¥8–10 million: 19.2%
¥4–6 million: 16.9%
Notably, dual-income households accounted for 72% of all buyers - marking the first time this figure has exceeded 70% since the survey began in 2014.
Home Purchase Prices:
The average home purchase price hit a record high of ¥48.44 million, rising by ¥3.29 million from the previous year.
Homes priced at ¥60 million or more made up 20.1% of transactions - the first time this segment has reached one-fifth of the total.
Other notable price brackets included:
¥35 - 40 million: 15.1%
¥50 - 60 million: 14.5%
Average purchase prices rose across all surveyed areas, with Tokyo’s 23 wards exceeding ¥70 million for the first time.
Property Size:
Average building size increased for the second consecutive year to 98.5 square meters (up from 98.0 sqm in 2023).
Average land size decreased for the second straight year to 118.5 square meters (down from 119.3 sqm).
Down Payments and Loans:
The average amount of down-payments rose to ¥7.29 million, up ¥800,000 year-on-year.
Households taking out full loans with zero down payment increased to 30.2% (up 2.7 percentage points).
The average total loan amount reached ¥45.24 million - its highest level since the survey began.
Further Reading:
SUUMO 2024 Newly Built SFH Report for 2024 (Japanese only; provided more granular data than that outlined above)
Source:
R.E. Port News (Japanese only)
