The HDB resale market in November 2024 remained resilient, with prices continuing to climb despite a drop in transaction volumes. This steady price growth over the year was supported by sustained demand, especially for flats in Mature Estates, which are highly sought after for their central locations, accessibility, and established amenities. The seasonal year-end slowdown and the lingering effects of the oversubscribed BTO launches a month prior contributed to the dip in activity this November.
This article explores the HDB resale price trends and statistics that influenced the market in November, providing essential insights into the performance across various regions and the broader market landscape.
Table of contents
HDB resale price index: Sustained growth reaching 10.4% year-on-year
HDB resale prices increased by 0.9% in November 2024 compared to October, maintaining a positive trajectory. Mature Estates recorded a 1% increase, reflecting the enduring appeal of their convenient locations and robust infrastructure. Meanwhile, Non-Mature Estates saw a more modest 0.2% rise, driven by their affordability and suitability for younger families.
In terms of room types, 3-room flats saw the highest price increase at 1.3%, underscoring their popularity among singles and smaller households. Prices for 4-room flats grew by 1%. Larger 5-room units saw a 0.7% rise, while Executive flats experienced a 2.8% decline, likely due to their higher price points and more limited demand.
Compared to November 2023, overall HDB resale prices rose by 10.4% year-on-year. All room types recorded annual price increases, with 3-room flats climbing by 11.2%, 4-room flats by 10.8%, 5-room flats by 9.2%, and Executive flats by 5.1%. Prices in both Mature and Non-Mature Estates also increased significantly, rising by 9.8% and 9.7%, respectively, over the year.
Transaction volumes: Seasonal dip in activity
November 2024 recorded 1,951 HDB resale transactions, marking a 9.6% decline from October and an 8.7% drop compared to the same period last year. This decline reflects the typical year-end holiday slowdown when both buyers and sellers tend to delay property decisions. November being a post-BTO month also highlighted the possible reason behind the activity dip.
Among the transactions, 4-room flats accounted for the largest share, representing 45% of the total volume. They remain a popular choice for families and young couples seeking a balance between affordability and space. Meanwhile, 3-room flats made up 23.4% of transactions. Larger units, such as 5-room flats, contributed to 25.3% of the volume, while Executive flats comprised 6.4%, indicating a more niche demand.
Non-Mature Estates dominated activity, accounting for 63.3% of transactions in November. These areas continue to attract buyers looking for more affordable options and newer developments. Mature Estates contributed 36.7% of transactions, reflecting their enduring appeal for central locations and established amenities.
Additional reading: Dropped HDB resale volumes amid competition from BTO launch in October
Notable HDB resale transactions in November 2024
HDB resale market recorded 87 flats sold for at least S$1 million in November. Although this was a decline from October’s 103 such transactions, it still underscored the strong demand for prime flats. Toa Payoh led the way with 20 million-dollar flat transactions, followed by Bukit Merah and Kallang/Whampoa, which each recorded 10 sales. Other areas such as Queenstown and Bishan also saw notable high-value transactions, highlighting the desirability of their matured neighbourhoods and comprehensive amenities.
#1 in Mature Estates: S$1,550,000 at Dover Crescent
The highest transaction for November was a 5-room flat at Dover Crescent, which fetched an impressive S$1.55 million. This flat’s record-breaking price can be attributed to its prime location near top-tier schools such as National University of Singapore (NUS), as well as its proximity to Biopolis and Fusionopolis at One-North, hubs of innovation and research. The area’s excellent transport links, including Dover MRT and Buona Vista MRT interchanges, further boosted its appeal.
Read more: S$1.35M & S$1.55M flats rank among the top 10 most expensive HDB resales in Queenstown and SG
3
2
3
2
3
2
2
2
3
2
3
2
2
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
3
2
2
1
2
2
3
2
3
1
3
2
3
2
3
2
2
1
3
2
2
1
2
2
3
2
3
2
3
2
3
2
3
2
#1 in Non-Mature Estates: S$1,050,000 at Compassvale Drive
In Non-Mature Estates, a 5-room flat at Compassvale Drive in Sengkang achieved the highest transaction price of S$1.05 million. Its appeal lay in its spacious layout and excellent connectivity through the Sengkang MRT and LRT networks. The flat’s location near amenities like Compass One and key hubs like Punggol Digital District also contributed to its value.
Looking to upgrade to a larger flat or a premium location? Use 99.co’s affordability calculator to see if it fits your budget!
HDB resale market outlook and overview
The HDB resale market in November 2024 showcased remarkable resilience, with prices surging by an impressive 10.4% year-on-year. This robust growth highlights the sector’s ability to thrive amidst challenges, cementing its importance in Singapore’s housing landscape. Despite a 9.6% month-on-month dip in transaction volumes, resale prices continued to climb, underpinned by strong demand.
The year-end slowdown, typical for the market, was amplified by cooling measures and the oversubscribed October BTO launches. Many prospective buyers may have temporarily paused their property search after missing out on BTO units. These buyers are expected to return to the resale market after the holiday season, potentially sparking a rebound in activity as 2025 begins.
Looking ahead, limited flat supply and declining interest rates are likely to provide a solid foundation for continued price stability. Buyers seeking larger homes or flats with desirable layouts are expected to drive demand further. Prime locations will remain a magnet for discerning buyers, while Non-Mature Estates will continue to attract younger families and value-conscious purchasers.
What do you think about the increase in HDB resale price? Let us know in the comments section below or on our Facebook page.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
Alternatively, you can jump onto 99.co’s Property Value Tool to get an estimate for free.
If you’re looking for your dream home, be it as a first-time or seasoned homebuyer or seller – say, to upgrade or right-size – you will find it on Singapore’s fastest-growing property portal 99.co.
Meanwhile, if you have an interesting property-related story to share with us, drop us a message here — and we’ll review it and get back to you.
Join our social media communities!
Facebook | Instagram | TikTok | Telegram | YouTube | Twitter
Leave a comment