Tokyo 23-ward new single-family home prices pass JPY 130 million

The average advertised price of a newly built single-family home in the Tokyo 23 wards rose above JPY 130 million for the first time in August, even as the broader Greater Tokyo average slipped.

The Greater Tokyo Area consists of Tokyo, Chiba, Kanagawa and Saitama prefectures.

AI generated Tokyo new SFH rendering, not an actual property.  All rights reserved.

Tokyo Kantei put the Tokyo 23-ward average at JPY 133.41 million, up 4.1% from July and 33.4% from a year earlier. It was the third consecutive monthly increase and the second consecutive record for the series.

The increase was much larger than the change in property size. Average land area was 120.3 square meters, up 6.8% year-on-year, while average floor area rose 3.3% to 114.6 square meters.

That indicates the rise was not simply the result of much larger homes entering the market.

Tokyo Kantei’s figures are advertised prices, not completed transaction prices. The dataset covers qualifying newly built wooden single-family homes offered for sale within specified size, tenure and station-access parameters.

The broader Greater Tokyo Area (GTA) picture was very different. The regional average fell 0.4% from July to JPY 52.16 million, although it remained 8.6% higher than a year earlier.

That decline did not mean prices were falling across the region. Tokyo Prefecture rose 2.6%, Kanagawa 0.8% and Saitama 0.1%, while Chiba declined 1.3%.

Tokyo Kantei said the GTA average was pulled down partly because higher-priced Tokyo properties accounted for a smaller share of the month’s supply.

The number of Tokyo properties in the dataset fell 17.0% from July, compared with a 3.2% decline across Greater Tokyo as a whole.

That composition effect is important. A metropolitan average can fall when the monthly mix shifts toward lower-priced areas, even if prices in several individual markets are stable or rising.

Tokyo Prefecture itself reached a record JPY 69.40 million, up 2.6% month-on-month and 16.1% year-on-year. Kanagawa also set a record at JPY 56.18 million.

The divide within Tokyo is especially striking. Tokyo non-23 wards averaged JPY 54.51 million in August, down 3.1% from July, compared with JPY 133.41 million inside the 23 wards.

That gap helps show how expensive newly built SFH supply inside the wards has become. Land is a major component of a new single-family home in Tokyo, particularly where developable residential plots are scarce and land values are high.

Construction costs also affect development economics, but Tokyo Kantei’s data do not separate land and building components. The figures therefore cannot show how much of the increase came from land-cost pressure and how much came from building costs.

What they do show is that prices have risen much faster than average land or floor area.

The JPY 133.41 million figure should also be read carefully. It is an average for qualifying properties in Tokyo Kantei’s dataset, not a universal benchmark for a new home anywhere in the 23 wards.

The wards contain very different residential submarkets, and August’s qualifying sample totaled 114 properties. Changes in which areas and property types appear in the monthly data can therefore influence the average.

Further Reading:

Tokyo Kantei: August 2026 New Single-Family Home Price Report (Japanese only)

Tokyo Kantei: August 2026 Existing Single-Family Home Price Report (Japanese only; not mentioned in the article but good for comparison purposes)