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Analysing HDB Resale Price Across Singapore: Trends & Insights


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The HDB resale market in Singapore is a dynamic landscape, with prices and trends often varying considerably from town to town. Whether you’re a homeowner considering selling your flat or a prospective buyer hoping to enter the market, understanding these local nuances is crucial. Let’s dive into the recent data and decipher what it means for you.

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  • HDB resale prices rose 1.8% in Q1 2024, a slight growth from the previous quarter.

  • Resale transactions increased by 8% quarter-on-quarter.

  • While prices are still rising, the rate of price growth has slowed significantly compared to the previous two years.

What this means for sellers and buyers

For SellersWhile the market isn’t as heated as it was in 2021/2022, you can still expect reasonable price appreciation. However, be realistic with your pricing expectations and be prepared for potentially longer selling times than in the peak years.
For BuyersThe market is less competitive than it was, offering more time to consider options and potentially negotiate prices. However, don’t expect prices to drop dramatically – the market remains relatively stable.

Check the HDB resale price of HDB flats in your town

The data presented is updated daily. 

Key insights on HDB resale prices per HDB town

  • Bukit Timah holds the record for flats with the highest HDB resale price. From last year to the first quarter of 2024, the average HDB resale price in Bukit Timah rose to over $870,000.

  • The most affordable flats can be found in Jurong West, with an average HDB resale price of $511,645.

  • The HDB resale price growth in Marine Parade saw a 0.26% change, which amounts to about a $160,600 difference, from January 2023 to March 2024.

Note: HDB resale price changes can vary significantly depending on flat type and size. For the most accurate picture, research recent transactions for comparable flats in your town.

Find out the past HDB transacted prices in your block and cluster instantly!

3 main factors that influence HDB resale prices

1. Market demand and supply

The overall demand for HDB resale flats remains robust despite the growing BTO flat supply. Resale transactions increased by 8% in Q1 2024 compared to the previous quarter, reflecting heightened market activity​. This could be due to more homeowners looking for an immediate move-in or a larger unit.

2. Economic condition

The economic outlook and higher domestic mortgage rates have influenced buyer behavior. Although uncertainties from global geopolitical tensions persist, local economic stability supports sustained demand for resale flats​.

3. Government policies

Policies aimed at providing affordable housing and the introduction of cooling measures in previous years have moderated price hikes, contributing to a more stable market compared to the rapid increases seen in 2021 and 2022.

Policy/MeasureDescriptionImpact on HDB Resale Prices
Additional Buyer’s Stamp Duty (ABSD)Additional stamp duty on residential property purchases for certain categories of buyers.Reduces speculative demand, helping to stabilise prices.
Mortgage Servicing Ratio (MSR)Limits the portion of a borrower’s gross monthly income that can be used to service mortgage loans, capped at 30% for HDB flats.Ensures financial prudence among buyers, keeping resale prices in check.
Loan-to-Value (LTV) LimitsCaps the maximum amount that can be borrowed relative to the property’s value. For HDB loans, LTV is 75%; for bank loans, it is generally capped at 55%.Restricts borrowing capacity, moderating demand and preventing excessive price increases.
Total Debt Servicing Ratio (TDSR)Limits total debt obligations of a borrower to 55% of their gross monthly income.Ensures financial prudence, reducing the risk of default and curbing excessive price growth.
Minimum Occupation Period (MOP)Requires owners of HDB flats to occupy their flats for at least five years before selling or renting out the entire flat.Reduces speculative flipping of properties, contributing to price stability.
Enhanced CPF Housing Grant (EHG)Provides additional financial support to eligible first-time homebuyers based on income, with no restrictions on flat type and location.Makes resale flats more affordable for first-time buyers, supporting demand and influencing price levels.
Proximity Housing Grant (PHG)Encourages families to live closer together by providing grants for purchasing a resale flat near their parents or children.Increases demand for resale flats in specific locations, potentially driving up prices in those areas.
CPF Withdrawal LimitsLimits the use of CPF savings for housing purchases to ensure sufficient retirement savings.Influences affordability of resale flats, moderating demand and price increases.

Should you sell your HDB flat now?

First, you can check how much your home is valued with Homer AI to get an idea of how much you can potentially sell your home for. You can also find out your estimated cash proceeds and your affordability for your next home.

Sell HDB Agent Ohmyhome

To find out whether it IS a good time for you to sell your home, drop us a message on WhatsApp to reach any of our Super Agents.

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