On October 20th, the Real Estate Transaction Promotion Center released the updated on-market listing data for September, 2023.
Listings covers both on-market sales and rentals in the residential sector of Japan RE nationwide.
Key Takeaways:
In September, new real estate listings in Japan increased by 3%, while reported transactions rose by 6.6%.
The total number of listings for both sale and rent reached 895,648, marking six months of consecutive growth.
For properties available for sale, new listings increased for the ninth consecutive month.
Rental listings decreased for the nineteenth consecutive month, but reported rental transactions increased for the fifth consecutive month.
In September, newly listed sales & rental properties increased for the second consecutive month, reaching 379,320 listings; a 3.0% increase compared to the same month last year (YoY).
The total number of listings reached 895,648 (a 3.3% increase YoY) for the sixth consecutive month.
September 2023 second hand condominium movements by region
Area | Avg. Transaction Price | YoY Change | # of Transactions | YoY Change |
Nationwide | ¥36,570,000 | 5.54% up | 5,987 | 3.47% up |
Hokkaido | ¥22,350,000 | 11.69% up | 233 | 9.39% up |
Tohoku | ¥23,270,000 | 3.28% up | 125 | 11.97% down |
Kita-Kanto & Koshin-etsu | ¥21,150,000 | 7.88% down | 85 | 7.59% down |
Toshien | ¥46,580,000 | 5.08% up | 3,102 | 5.62% up |
Hokuriku | ¥18,840,000 | 2.43% down | 41 | 24.24% up |
Chubuen | ¥25,280,000 | 9.06% up | 402 | 7.20% up |
Kinkien | ¥28,610,000 | 4.76% up | 1,403 | 1.68% down |
Chugoku Region | ¥24,100,000 | 6.26% up | 142 | 8.97% down |
Shikoku Region | ¥18,770,000 | 1.73% up | 46 | 26.98% down |
Kyushu & Okinawa | ¥22,590,000 | 1.85% up | 408 | 13.02% up |
Source: Real Estate Transaction Promotion Center, translate by Patience Realty
Reported transactions for sales & leasing also saw a positive YoY uptick for the fifth consecutive month, with 47,790 cases (a 6.6% increase).
Japan real estate law doesn’t require agents to publish transaction records so all transaction records reported are voluntary and may not represent the complete transaction picture. This data is for informational purposes and in no way guarantees price or rent accuracy. Always consult a licensed real estate professional for your specific needs.
Regarding for sale listings only, new listings increased for the ninth consecutive month, totaling 125,729 cases (a 16.6% increase YoY).
The total registered sale listings amounted to 388,739 listings nationwide (a 24.2% increase YoY) for the sixteenth consecutive month of growth.
Reported sales transactions saw a positive trend for the fourth consecutive month, with 15,896 cases (a 7.2% increase YoY).
September 2023 second hand single-family home movements by region
Area | Avg. Transaction Price | YoY Change | # of Transactions | YoY Change |
Nationwide | ¥26,400,000 | 0.90% down | 3,568 | 5.66% up |
Hokkaido | ¥19,750,000 | 7.88% down | 270 | 12.97% up |
Tohoku | ¥18,510,000 | 0.16% up | 178 | 5.82% down |
Kita Kanto & Koshin-etsu | ¥17,050,000 | 1.73% up | 189 | 2.72% up |
Toshien | ¥40,110,000 | 1.70% up | 1,038 | 1.42% down |
Hokuriku | ¥14,140,000 | 1.53% down | 74 | 64.44% up |
Chubuen | ¥23,970,000 | 3.81% up | 296 | 0.34% up |
Kinkien | ¥23,840,000 | 5.07% up | 963 | 8.81% up |
Chugoku Region | ¥14,980,000 | 10.14% down | 194 | 9.60% up |
Shikoku Region | ¥13,030,000 | 10.45% down | 61 | No change |
Kyushu & Okinawa | ¥19,450,000 | 9.45% down | 305 | 22.49% up |
Source: Real Estate Transaction Promotion Center, translate by Patience Realty
Supply and demand for nationwide sales listings seem to be moving upward together which could mean a flattening of prices in the near future.
Turning to leasing, new rental listings decreased nationwide for the nineteenth consecutive month, totaling 245,203 listings (a 2.9% decrease YoY).
Total registered rental listings nationwide amounted to 506,909 (an 8.5% decrease), marking the thirteenth consecutive month of decline.
Reported rental transactions increased for the fifth consecutive month, with 31,894 cases (a 6.3% increase YoY).
The decrease in supply plus increase in reported transactions indicate there may be higher demand than supply, which could be a catalyst for higher rents in the future.
Further Reading:
Real Estate Transaction Promotion Center September 2023 report (Japanese only)
