The HDB resale market started 2025 on a firm footing, with prices continuing their upward trend in January. Despite signs of moderation, demand for resale flats remains strong, particularly for larger units in prime locations. While price growth has slowed compared to the rapid increases of previous years, buyers and sellers must navigate shifting market dynamics. A combination of affordability concerns, government policies, and external economic factors will shape the trajectory of resale prices in the months ahead.
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HDB resale prices edged up by 1% in January 2025
HDB resale prices edged up by 1% in January 2025, reflecting a steady increase from December. While overall price gains remained consistent, many flats—excluding newer units or those with rare features—traded near recent transaction levels. This trend indicates a slight shift in bargaining power towards buyers, as affordability concerns temper aggressive price increases.
As such, HDB resale prices are expected to climb by 4% to 6% throughout 2025, a softer pace compared to the 9% surge seen in 2024. The steady increase in prices has led to greater buyer caution, particularly as many locations have already reached record-high valuations.
Price growth across estates and flat types
Resale price growth in January was evident across both Mature and Non-Mature Estates, rising by 0.7% and 1%, respectively. On a year-on-year basis, prices in Non-Mature Estates surged by 9.3%, slightly outpacing the 8.9% increase seen in Mature Estates. Meanwhile, the overall price increase was 9.3% from January 2024.
In terms of flat sizes, all categories saw upward movement. Prices for 3-room, 4-room, and 5-room flats increased by 1.1%, 1.3%, and 1.1%, respectively. Executive flats saw a smaller gain of 0.5%. Compared to a year ago, 3-room and 4-room flats saw the highest appreciation, rising by 10.1% and 10.4%, respectively. The price growth for 5-room and Executive flats stood at 7.7% and 5.2% over the same period.
Transaction volume declined by 11.4% y-o-y
The HDB resale market saw 2,329 transactions in January 2025, a 9.4% increase from December 2024. However, on a year-on-year basis, sales volume declined by 11.4%, reflecting a broader cooling in resale demand. The distribution of transactions by flat type remained consistent, with 4-room flats making up the bulk of sales at 45.5%. Meanwhile, 3-room flats accounted for 25.5% of transactions, 5-room units represented 23.4%, and Executive flats made up the remaining 5.6%.
By estate type, 59.8% of January’s resale transactions came from Non-Mature Estates, while Mature Estates contributed the remaining 40.2%. This trend highlights continued strong demand in Non-Mature Estates, where buyers may find relatively more affordable options compared to centrally located Mature Estates.
Million-dollar flats remain in high demand
The demand for premium resale flats continues to thrive with the potential to surpass 1,000 units again this year, particularly for spacious units such as lofts and maisonettes. January 2025 saw 119 HDB flats transacted for at least S$1,000,000, a jump from the 95 units recorded in December 2024. Notably, this figure came just one sale short of the all-time high recorded in a single month. The million-dollar transactions in January accounted for 5.1% of the month’s total resale volume.
Similar to previous months, Toa Payoh led the pack, with 22 million-dollar transactions in January. Queenstown and Bukit Merah recorded 20 and 14 deals, respectively. Other estates such as Clementi, Kallang/Whampoa, and Ang Mo Kio also saw multiple transactions crossing the million-dollar threshold. The most expensive resale flat in January 2025 was a 5-room unit in Lorong 1A Toa Payoh, which changed hands for an impressive S$1.6 million. Meanwhile, the highest-priced unit in a Non-Mature Estate was an Executive flat at Toh Guan Road, sold for S$1.168 million.
Read more: Where can you find the most expensive HDB resale flats in Singapore?
HDB resale market: What lies ahead?
The resale market is set to face a mix of stabilising and challenging factors in the coming months. The upcoming launch of more Build-To-Order (BTO) flats in 2025 is expected to ease demand pressure, potentially slowing the pace of resale price increases. However, broader market uncertainties, including global economic conditions and recent US tariff measures, may influence sentiment and transaction volumes.
While price growth is expected to be moderate compared to the past year, the sustained demand for million-dollar flats suggests that well-located, spacious homes will continue to command a premium. Buyers navigating this evolving landscape should remain attentive to affordability trends and market conditions as they make their purchasing decisions.
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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".
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