1Q 2025 HDB Quarterly Report: HDB Resale Market Reported Moderate Price Growth Amid Y-o-Y Decline in Resale Transactions

SINGAPORE, 25 April 2025 – According to the Housing and Development Board (HDB), the HDB Resale Price Index (RPI) rose to 201.0 in the 1Q 2025, marking a 1.6% quarter-on-quarter (q-o-q) increase, which is a more moderate growth compared to 2.6% q-o-q in 4Q 2024.

This marks the 23rd consecutive quarter of HDB resale price increases.

Resale transaction volume increased by 2.6% quarter-over-quarter to 6,590 in 1Q 2025, up from 6,424 units in 1Q 2024. This also represents a 6.8% year-over-year decline from 6,790 transactions in 1Q 2024.

The number of HDB rental applications rose by 12.3% quarter-on-quarter from 8,603 cases in the fourth quarter of 2024 to 9,662 cases. This also marks a 2.8% year-on-year increase.

HDB will launch approximately 5,400 Build-To-Order (BTO) flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands in July 2025. At the same time, they will also conduct a second Sale of Balance Flats (SBF) exercise, offering about 3,000 flats.

ERA’s comments

Compared to 1Q 2024, we observed fewer resale transactions at the beginning of the year due to the significant scale of the BTO and SBF launches in February, which featured over 10,000 flats available, diverting potential buyers from the resale market.

We anticipate a slight rebound in resale transactions during 2Q 2025 as unsuccessful applicants eventually turn towards the resale market. However, we believe that some may wait for the upcoming BTO and SBF sales launches in July, where buyers can expect popular locations like Clementi, Tampines, and Toa Payoh,” said Eugene Lim, Key Executive Officer of ERA Singapore.

In 1Q 2025, 74% of HDB resale transactions were under the $750,000 mark. The 4-room flats sold within the $500,000 to $750,000 range were found across 16 HDB towns, predominantly in non-mature estates, with flats aged 15 years and under.

Meanwhile, 5-room flats in the same price range were similarly located in non-mature estates but were slightly older, ranging from 16 to 25 years old.

 Chart 1: HDB Transactions by Price Ranges

Source: data.gov.sg as at 15 April 2025, ERA Research and Market Intelligence

Around 8,000 flats are expected to reach the Minimum Occupation Period (MOP) in 2025, 13,500 in 2026, and 19,500 in 2028. In the medium term, the increase in MOP supply may alleviate pressure on resale prices, especially for flats in mature estates or central locations, which continue to experience strong demand among home buyers.

“In 1Q 2025, we saw 348 million-dollar flat transactions, up from 285 in the previous quarter. This marks the highest number of million-dollar flat transactions in a quarter to date, although such flats remain a marginal 5.3% of the overall resale market. Notably, the majority of these million-dollar flats are centrally located and recently MOP flats.”

“Separately, more 4-room flats were transacted above the million-dollar mark, as compared to 5-room flats in 1Q 2025. These transactions were at in-demand and well-located street addresses such as Bidadari and Dawson Road, which have recently fulfilled their MOP.”

The increase in million-dollar HDB resale transactions has been primarily fueled by private property right-sizers and HDB upgraders, who prefer larger, centrally located flats with longer leases. Desirable locational traits, such as strong transport connectivity and proximity to reputable schools, further support this demand, motivating buyers to pay premium prices for these homes.

Meanwhile, the continuous influx of new private home launches has motivated more HDB owners to transition to private homes, leading the majority of them to sell their flats.

Chart 2: HDB Million-dollar Resale Flat Transactions

Source: data.gov.sg as at 15 April 2025, ERA Research and Market Intelligence

“The HDB resale market remains resilient,” Eugene added. “Overall, we expect resale price growth to be more measured this year with the ongoing economic headwinds.

Some buyers may be more cautious about upgrading to private property and instead, turn to the HDB resale market. However, the firm demand for flats with longer leases in popular housing estates and fewer MOP units suggests these flats may continue to grow in price throughout the year.

For media enquiries, please contact:

Ning Peh, Senior Marketing Communications Manager, ERA Singapore

Email: [email protected]

Kaixin Yue, PR Manager, ERA Singapore

Email: [email protected]

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