Tokyo new single-family home prices hit record as existing homes retreat
Tokyo's average asking price for newly built single-family homes (SFH) reached a record ¥71.53 million in October 2026, up 6.2% from September, while the average for existing homes fell 13.0% to ¥70.22 million, according to Tokyo Kantei.
The contrasting movements suggest a widening divide between new and existing homes. But September's sharp increase in existing-home asking prices, together with changes in the properties being advertised, makes the picture more complicated.
New-home asking prices reach a record
Tokyo's average new SFH asking price exceeded ¥70 million for the first time since Tokyo Kantei began tracking the series in April 2014. It was also 24.2% higher than in October 2025.
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Across the Greater Tokyo Area, covering Tokyo, Kanagawa, Saitama and Chiba, the average rose 3.1% month on month to ¥52.80 million, up 10.0% year on year.
The increase was not uniform. Kanagawa's average declined 1.1%, while Tokyo Kantei noted that a larger share of advertised homes in Tokyo contributed to the higher regional average.
The record therefore reflects a sustained rise in asking prices, although changes in the geographic mix of listings also influence the figures.
Existing homes reverse September's surge
Tokyo's existing SFH average fell from ¥80.67 million in September to ¥70.22 million in October. But September itself had brought a 17.1% increase, pushing the average above ¥80 million for the first time.
Despite October's sharp decline, the average remained 5.2% higher than a year earlier.
Tokyo Kantei identified an increase in the average age of advertised properties as one factor behind the decline. A larger share of older homes can reduce the average asking price without indicating that comparable properties have lost equivalent value.
However, October's average was also below levels recorded in earlier months when advertised homes had similar average ages. Property age therefore does not fully explain the decline.
Differences in location, land area, building size and condition may also have contributed, although the reports do not establish their individual effects.
Across Greater Tokyo, existing-home asking prices declined 6.5% to ¥41.87 million, slightly below their year-earlier level. The decline was uneven, with Saitama recording a monthly increase.
Smaller new homes are not necessarily cheaper
Tokyo Kantei's separate research shows that newly built homes on smaller plots also face higher asking prices.
Its standard new-home category covers land areas of 100–300 square meters, while small-lot homes occupy plots of 50 to under 100 square meters.
The Greater Tokyo small-lot average rose 3.8% to a record ¥63.80 million, approximately ¥11 million above the standard new-home average.
In Tokyo, small-lot homes averaged ¥82.92 million, up 2.0% month on month and 10.2% year on year. Saitama's average climbed 8.1% to ¥51.25 million, exceeding ¥50 million for the first time.
The premium does not mean smaller plots are inherently more expensive. Small-lot homes may be concentrated in higher-priced locations or differ in other characteristics, making direct comparisons difficult.
Nevertheless, the figures show that purchasing a newly built home on less land does not guarantee a lower asking price.
What the figures mean for buyers
Across Greater Tokyo, existing homes averaged ¥41.87 million in October, compared with ¥52.80 million for standard new homes and ¥63.80 million for small-lot new homes.
The lower existing-home average offers an apparent purchase-price advantage. But older properties may require renovations, seismic upgrades or higher maintenance spending, while building condition can affect mortgage financing.
Comparing total acquisition and ownership costs is therefore more useful than comparing asking prices alone.
October's figures point to sustained increases in new-home asking prices and substantial monthly volatility in existing-home averages. Yet Tokyo's existing-home average remained above its year-earlier level despite the 13.0% decline.
The apparent narrowing of the price gap between new and existing homes does not establish that comparable properties are changing in value at those rates. Meanwhile, record small-lot asking prices suggest that choosing less land offers no guarantee of a more affordable new home.
