Flash Report: HDB resale prices hold steady in March 2025, but transaction volume continues to decline

Prices in Singapore’s HDB resale market held steady in March 2025 compared to the previous month, but the number of transactions continued to slide.

While year-on-year price growth remains healthy, the dip in resale activity points to a potential shift in buyer sentiment as more consider private resale and new launch options amidst improving loan conditions.

Let’s dive deeper.

Table of contents

• Prices stabilise despite variation across flat types and estates
• Resale volume slips further amid shifting market preferences
• Fewer million-dollar flats change hands
• Outlook: subdued activity may continue in the months ahead

Prices stabilise despite variation across flat types and estates

According to the latest figures from the SRX Property Price Index, overall HDB resale prices in March 2025 remained unchanged from February. However, there were nuanced movements depending on estate type and flat configuration.

Despite the monthly stagnation, HDB resale prices remain on a solid growth trajectory on an annual basis. Compared to March 2024, overall prices have risen by 9.5%. All flat types recorded gains year-on-year, with three-room flats increasing by 10.4%, four-room flats by 10.2%, and 5-room flats by 8.1%, and executive flats by 5.5%.

In mature estates, prices saw a modest decline of 0.4%, while non-mature estates recorded a 0.8% increase. Among the different room types, prices for 3-room, 5-room, and executive flats experienced declines of 0.9%, 1.1%, and 2.4% respectively. In contrast, 4-room flats saw a price increase of 1.1%.

Both mature and non-mature estates have seen strong annual growth as well, with prices increasing by 9.0% and 9.7% respectively over the past year.

Resale volume slips further amid shifting market preferences

While prices held their ground, the volume of HDB resale transactions continued its downward trend. In March 2025, a total of 1,911 flats changed hands—a 9.2% decrease from February 2025. Compared to the same month last year, resale volume was 7.4% lower.

The continued fall in resale volume may indicate that more buyers are exploring alternatives in the private market. With SORA-linked home loans becoming more competitive, private resale condominiums and new launches are becoming increasingly attractive to upgraders.

At the same time, sellers may be growing more cautious about increasing their asking prices amid softer demand and greater competition from the private housing segment.

Breaking down the transaction volume by flat type, 4-room flats accounted for the largest share at 44.2% of all transactions. 3-room flats made up 26.7%, while 5-room and executive flats contributed 23.4% and 5.7% respectively.

In terms of location, non-mature estates remained the more active segment, comprising 56.6% of all resale transactions, while mature estates accounted for the remaining 43.4%.

Fewer million-dollar flats change hands

Sales of million-dollar flats also saw a modest dip in March 2025. A total of 108 HDB flats were transacted for at least S$1 million, down from 121 such transactions in February. These high-value deals accounted for 5.6% of the total resale volume for the month.

The most expensive HDB flat sold in March was a five-room unit at Pinnacle@Duxton, which fetched S$1.518 million. In non-mature estates, the highest transacted price was S$1.13 million for an executive flat located at Hougang Street 21.

Toa Payoh led the way with the most million-dollar transactions in March, registering 25 such sales. This was followed by Bukit Merah with 18 units and Kallang/Whampoa with 10 units.

Outlook: subdued activity may continue in the months ahead

While HDB resale prices have held firm, the declining transaction volume suggests that the market may be entering a more cautious phase. As borrowing costs remain a key consideration and private housing continues to lure potential buyers, the resale market may face ongoing headwinds.

Unless there is a significant shift in financing conditions or government policy, activity in the HDB resale segment is likely to remain muted in the months ahead. Buyers appear to be weighing their options more carefully, and with more choices now available, the competition for their attention is only intensifying.