The East Japan Real Estate Information Network reported November 2024 market trends for the Greater Tokyo Area (GTA), highlighting significant shifts in both condominium and single-family home sales.
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Greater Tokyo November 2024 Condominium Market Trends
Sales Growth: Existing condominium sales volume in the GTA rose 10.6% year-on-year (YoY) to 3,207 units, the first YoY increase for this metric in five months.
The GTA consists of Tokyo, Kanagawa, Chiba and Saitama prefectures.
Broken down by prefecture:
Tokyo: 1,770 units (+11.7% YoY)
Saitama: 331 units (+5.8% YoY)
Chiba: 372 units (+6.0% YoY)
Kanagawa: 734 units (+12.6% YoY)
Tokyo's prefecture, a major market driver, saw a robust 11.7% YoY increase to 1,471 units.
November 2024 GTA Condo Price Trends
Average GTA price per square meter: ¥794,100 (+5.9% YoY), marking a 55-month consecutive rise since May of 2020.
Average GTA sales price: ¥50.22 million (+6.1%).
November 2024 GTA Condo Supply Dynamics
New GTA condo listings in November: 15,505 units (-4.8% YoY), continuing a nine-month decline.
GTA total on-market condo listings: 45,646 units (-2.9% YoY), shrinking for the seventh straight month.
Single-Family Home (SFH) Market Trends
Sales Surge: Transactions of existing SFH soared 30.2% YoY to 1,262 units, rebounding after two months of decline.
Price Recovery: The average transaction price climbed 2.1% to ¥38.95 million, marking the first YoY increase in two months.
Further Reading:
November 2024 Monthly Market Watch Summary Report (Japanese only)
Source:
R.E. Port News (Japanese only)
