2Q 2025 HDB Quarterly Report: Resale Prices Register Lowest Price Growth Since 2020
- By ERA Singapore
- 3 mins read
- 25 Jul 2025
SINGAPORE, 25 July 2025 – “According to the 2Q 2025 Quarterly Report released by the Housing and Development Board (HDB), the HDB Resale Price Index (RPI) rose to 202.9 in 2Q 2025. This uptick represents a 0.9% quarter-on-quarter (q-o-q) increase.
This q-o-q change in RPI represented a moderate increase, marking both the 24th consecutive quarter of price growth, but also the lowest q-o-q growth since 2Q 2020. This observation also reinforces ERA Singapore’s forecast of 3% to 6% annual growth in the HDB resale market.
Resale transactions rose by 7.8% q-o-q to 7,102 cases, from 6,590 cases witnessed in 1Q 2025. This rise in transactions also signified a 3.4% decrease year-on-year, compared to 7,352 cases seen in 2Q 2024.
Since 4Q 2024, HDB resale prices rose 2.5% price and in the 1H 2025, we have seen a total of 13,692 resale transactions. These observations are in line with ERA Singapore’s forecast of 3% to 6% annual growth, and 26,000 – 27,000 resale transactions.”
Chart 1: HDB RPI vs Number of Transactions

Source: HDB, ERA Research and Market Intelligence
“The HDB resale market defied the typical seasonal slowdown, as buyer demand held firm despite the April-May election period, June school holidays, and prevailing economic uncertainties.
Amid global trade tensions and weaker economic sentiment, more buyers adopted a more prudent stance, choosing to turn to the HDB resale market as a more affordable and stable housing option.
Coupled with higher private housing prices, buyers might see resale HDB flats as a more attractive value proposition, offering better locations and larger unit sizes at a more accessible price tag when compared to private homes.” said Eugene Lim, KEO, ERA Singapore.
BTO and SBF exercises may further moderate HDB market
“The July BTO and SBF launch, which consists of 5,500 Build-to-Order (BTO) and 4,600 Sale of Balance (SBF) flats may divert demand from the resale market.
With around 10,000 units released under the July BTO and SBF exercises and results expected by late September, unsuccessful applicants may turn to the October sales launch as an alternative. As such, demand in the HDB resale market may remain moderate in 3Q 2025. We may see this group of buyers returning to the resale market towards the end the year.
The BTO market this year has a slew of interesting projects, from flats in highly sought-after locations such as Toa Payoh and Bukit Merah to flats in new precincts such as Mount Pleasant, as well as a first BTO launch in Simei in over a decade.”
HDB Transactions by Price Range
Chart 2: HDB Transactions by Price Ranges

Source: data.gov.sg as of 25 July 2025, ERA Research and Market Intelligence
In 2Q 2025, the number of HDB flats sold at the million-dollar mark rose by a further 19.3% q-o-q to 415 units.
Collectively, the 1H 2025 has seen some 763 million-dollar flat transactions, compared to 1,035 transactions seen for the whole of 2024. More 4-room flats were sold for at least $1 million. Specifically, the number of such transactions rose to 165 units in 2Q 2025, up from 148 units in 1Q 2025. ERA forecasts that the number of million-dollar HDB resale flats could exceed 1,300 by the end of 2025, driven by strong demand for well-located and newer flats.
However, most HDB flats remained affordable, with 78% of all transacted HDB flats in the quarter falling under the $750k mark. 18 of 24 HDB residential towns saw median 4-room resale prices under this $750k price range, with the exceptions being towns that were centrally located, or considered to be mature estates.
In 2025, we will see 6,974 HDB flats fulfil their Minimum Occupation Period (MOP), the lowest in 11 years since 5,301 units reached their MOP in 2014.”
Chart 3: Number of MOP Flats by year

Source: HDB as of 30 June 2025, ERA Research and Market Intelligence
“This has led to upwards pressure on resale prices, especially for flats in central locations and mature estates. But the number of MOP flats is slated to more than double in 2026, which could offer some reprieve to homebuyers by then.”
Table 1: Distribution of MOP Flats by Town in 2025

Source: HDB as of 24 July 2025, ERA Research and Market Intelligence
“Among the flats reaching MOP in 2025, 30% of them are in popular, centrally located housing estates such as Toa Payoh and Queenstown, which tend to command higher resale prices. They are popular among buyers, since they are not subject to the more stringent resale restrictions under the new “Plus” and “Prime” classification.
It is also likely that the changes to the BTO classification would increase demand and prices of resale HDB flats in mature estates. This is due to their well-established amenities and transport connectivity, both of which are strong draws for right-sizers and family buyers alike.
There has been a third BTO exercise announced for October 2025. This exercise will offer 9,100 BTO flats and consist of projects in highly popular towns such as Ang Mo Kio, Bishan, and Toa Payoh, which frequently see high-value HDB transactions. This surplus of new BTO homes could help relieve demand on the resale market when it takes place in 4Q 2025.
Regardless, with the reduced supply of MOP flats in 2025, we should still see gentler price growth in the resale HDB market for the year. We anticipate an overall 3% – 6% price growth, with 26,000 – 27,000 resale HDB flat transactions by end-2025.”
Rental
“2Q 2025 saw a further increase in approved rental applications, seeing a total of 10,066 applications, a 4.2% increase q-o-q from the 9,662 applications received in the previous quarter. This is also a 5.4% increase y-o-y.
Across the board, median rental prices for all flat types rose marginally in the quarter, except for executive flats which fell by 0.4% in the quarter on average. The largest shift was for 5-room flats, which saw a 1.7% q-o-q growth on average.
The HDB leasing market is likely to see prices increasing in 2025 as the supply of MOP flats are low. Factoring in the possibility of a rise in demand for HDB rentals from price-sensitive tenants amid potential economic uncertainty, ERA predicts that HDB rents could rise by 2% to 5% y-o-y this year.
Meanwhile, HDB flat rental volume is expected to range between 34,000 and 36,000 in 2025; this is lower than the full-year estimate of 36,000 to 38,000 for 2024, likewise due to a decrease in the number of MOP flats.”
For media enquiries, please contact:
Lisha Rodney
Public Relations Manager, ERA Singapore
Email: Lisha.Rodney@era.com.sg