HDB Resale Market Shows Resilience: Q4 Slowdown Offset by Annual Growth and Record Million-Dollar Flats; 2025 Outlook Promising

HDB Resale Market Shows Resilience: Q4 Slowdown Offset by Annual Growth and Record Million-Dollar Flats; 2025 Outlook Promising

The HDB resale market showed resilience in 2024 despite a 21.1% Q4 slowdown, with annual transactions rising 8.4% to 28,986 units and prices surging 9.7%. Million-dollar flats hit a record 1,035, with Sengkang, Punggol, and Tampines topping buyer preferences. Experts predict a strong 2025, with transactions expected to reach 26,000-28,000 and prices growing 5-8%.

HDB Resale Market Analysis: Q4 2024 and 2025 Outlook：

The fourth quarter of 2024 witnessed a slowdown in the HDB resale market.  Transaction volume decreased significantly, likely influenced by several factors.  The substantial Build-To-Order (BTO) launch in October 2024 and the large Sale of Balance Flats (SBF) exercise in February 2025 likely diverted buyer attention.  Furthermore, some buyers, capitalizing on lower interest rates, shifted their focus to private condominiums or Executive Condominiums.  Seasonal factors, such as the festive season and year-end holidays, may have also contributed to the market cooling.

Specifically, islandwide HDB resale transaction volume dropped by 21.1% quarter-on-quarter to 6,424 units in Q4 2024. Despite this quarterly dip, the overall 2024 performance remained robust.  Total transactions reached 28,986 units, representing an 8.4% increase compared to the 26,735 units transacted in 2023.

Price growth, while still positive, moderated in Q4 2024, rising by 2.6%.  However, the full-year picture shows significant appreciation.  HDB resale prices jumped by 9.7% in 2024, considerably higher than the 4.9% growth recorded in 2023.

Popularity among buyers remained concentrated in established and developing towns.  Sengkang, Punggol, Tampines, Woodlands, and Yishun emerged as the top five most sought-after locations in 2024.  Notably, the market also saw a record-breaking 1,035 million-dollar flat transactions during the year, highlighting continued demand at the higher end.

Looking ahead to 2025, the HDB resale market is expected to experience continued, though moderated, growth.  Transaction volume is projected to range between 26,000 and 28,000 units.  Price growth is forecast to slow to a range of 5% to 8%, indicating a potential stabilization of the market after the strong price increases of the previous year. This suggests a more balanced market dynamic may be emerging.

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It was a slower quarter for the HDB resale market in 4Q 2024. Buyers were distracted by the largest BTO launch in Oct 2024 and the largest SBF exercise in Feb 2025. There were some buyers who took advantage of the lower interest rates to look for either a condominium or executive condominium. Seasonal factors like the festive season and year-end holidays may have also contributed.

Islandwide transaction volume of HDB resale flats was down by 21.1% quarter-on-quarter to 6,424 units in 4Q 2024. Overall in 2024 though, the transaction volume of HDB flats was 28,986 units, 8.4% higher than the volume of 26,735 flats in 2023. Prices of HDB resale flats continued to rise in 4Q 2024 albeit at a lower rate of 2.6%. In 2024, prices of HDB resale flats jumped by 9.7%, much higher than the gains of 4.9% for the whole of 2023.

The top 5 most popular HDB towns among buyers in 2024 are Sengkang, Punggol, Tampines, Woodlands and Yishun. The number of million-dollar flats hit a record high of 1,035 units last year too. In 2025, the HDB resale market will see further upside. HDB resale flat transactions are estimated to be between 26,000 to 28,000 while prices are likely to grow at a slower pace of 5% to 8% this year.

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