Singapore resale home market soars 41.4% in Q2 2024

This is the highest quarterly sales since Q2 2022.

Singapore's private resale home market recorded 3,802 transactions during the second quarter of 2024, the highest quarterly sales in two years, as per OrangeTee’s latest report.

This is a 41.4% increase from the 2,689 units sold in Q1 2024 and a significant rise compared to Q2 2022, which saw 4,236 transactions

Resale transactions accounted for 77.4% of the total 4,915 units sold in Q2 2024, the highest proportion on record. In the first half of 2024, 6,491 resale homes were sold, up 16% from 5,598 units in the same period of 2023. The increase is due to the higher availability of newly completed private properties, with around 30,000 homes finished in 2022 and 2023.

Resale prices rose for the fourth consecutive quarter, with the average price increasing 1.1% from $1,695 per square foot (psf) in Q1 to $1,714 psf in Q2. This is the first time average resale prices have surpassed $1,700 psf. 

Prices in the Rest of Central Region also rose 2.9% to $1,833 psf, and in the Outside Central Region, prices increased 3.5% to $1,494 psf. Conversely, prices in the Core Central Region fell 3.6% to $2,147 psf.

In the first half of 2024, resale condo prices (excluding executive condos) rose 4.8% to $1,696 psf, whilst new condo prices fell 7.6% to S$2,379 psf. The gap between new and resale prices narrowed from 59.1% to 40.2%.

Resale demand is expected to remain strong, driven by HDB upgraders looking for completed homes and potentially lower mortgage rates. However, the number of available units is expected to decrease from 11,329 in 2023 to 9,000-11,000 in 2024.

Prices may continue to rise by 4.5% to 6%, with an estimated 10,500 to 12,000 resale homes expected to be transacted in 2024.