HDB resale prices have seen a slight uptick since the start of 2024 with pent-up demand from first-time buyers and private property sellers. There’s one less BTO sales exercise this year, which could lead to tougher competition for those looking to get a new HDB flat, hence many first-timers have opted for a resale flat instead. Also, there could’ve been more private property sellers that completed the 15-month waiting period and therefore pushed demand for bigger flats in central areas.
Here’s all you need to know about HDB resale prices in 2024
- HDB resale price per HDB town in the past 60 days/ 1 month
- Median HDB selling price in Q1 2024
- HDB selling price trending upwards in 13 towns
- List of $1 million HDB resale transactions in Q1 2024
- $1 million HDB transactions by Ohmyhome
- 10 factors that affect your HDB selling price
- A step-by-step guide on how to sell your HDB resale flat in 2024
- How to maximise your profit when you sell your HDB resale flat
HDB resale price per HDB town in the past 60 days/ 1 month
This HDB resale price map shows the average prices of each HDB town in the past 60 days. Hover over each town for the details.
Median HDB selling price in Q1 2024
The 3-room flats in Central clocked the highest median HDB selling price last quarter at $500k, while 4-room flats in Bukit Merah almost hit $900k, and 5-room flats in Ang Mo Kio at $905k.
| Town | 3-room | 4-room | 5-room |
|---|---|---|---|
| Ang Mo Kio | $399,000 | $531,500 | $905,000 |
| Bedok | $378,000 | $514,000 | $740,000 |
| Bishan | * | $706,500 | * |
| Bukit Batok | $380,000 | $591,500 | $748,900 |
| Bukit Merah | $400,000 | $895,000 | $895,000 |
| Bukit Panjang | $390,000 | $528,000 | $645,000 |
| Bukit Timah | * | * | * |
| Central | $500,000 | * | * |
| Choa Chu Kang | * | $510,000 | $600,000 |
| Clementi | $390,000 | $600,000 | * |
| Geylang | $345,000 | $588,000 | * |
| Hougang | $404,000 | $563,000 | $700,000 |
| Jurong East | $368,000 | $483,400 | $646,500 |
| Jurong West | $370,000 | $495,000 | $580,900 |
| Kallang/ Whampoa | $403,000 | $848,000 | $924,000 |
| Marine Parade | * | * | * |
| Pasir Ris | * | $570,000 | $688,000 |
| Punggol | $490,000 | $633,000 | $728,000 |
| Queenstown | $430,000 | $897,500 | * |
| Sembawang | $452,500 | $565,000 | $593,000 |
| Sengkang | $470,000 | $580,000 | $629,000 |
| Serangoon | $402,500 | $604,500 | $772,900 |
| Tapmines | $440,000 | $600,000 | $700,400 |
| Toa Payoh | $365,000 | $834,000 | $870,000 |
| Woodlands | $393,000 | $512,000 | $615,000 |
| Yishun | $403,400 | $535,000 | $650,000 |
Those with an asterisk (*) refer to cases with less than 20 resale transactions in the quarter for the particular town and flat type. The median prices of these cases are not shown as they may not be representative. Also, the data below excluded transactions that may not accurately reflect the market price, i.e. resale of part shares, resale between related parties, cases under the Conversion Scheme, resale of terrace flats, converted flats, and HUDC flats.
Find out if your HDB valuation is higher than the median HDB resale price for your town
Get an accurate estimation of your home value and potential cash proceeds after the sale, as well as your affordability for your next home. Check it out here.
HDB selling price trending upwards in 13 towns
These towns in particular have seen HDB resale prices trend upwards in the last quarter.
- Bishan
- Marymount
- Ang Mo Kio
- Toh Tuck/ Bukit Timah
- Ghim Moh/ Clementi
- Holland Village
- Queenstown
- Tiong Bahru
- Tanjong Pagar
- Toa Payoh
- Whampoa
- Serangoon
- Bedok
List of $1 million HDB resale transactions in Q1 2024
As you can see from the table below, most of the million-dollar HDB transactions are from resale flats in The Peak @ Toa Payoh as well as more central areas such as Bishan and Bukit Merah. This is in line with the average HDB resale prices you can find in this heatmap.
| Address | Resale Date | Flat Type | Price |
|---|---|---|---|
| 139A Lorong 1a Toa Payoh | Jan 1, 2024 | 5 ROOM | $1,568,888 |
| 138C Lorong 1a Toa Payoh | Jan 1, 2024 | 5 ROOM | $1,540,000 |
| 273B Bishan Street 24 | Jan 1, 2024 | 5 ROOM | $1,458,000 |
| 1A Cantonment Road | Jan 1, 2024 | 5 ROOM | $1,450,000 |
| 9A Boon Tiong Road | Mar 1, 2024 | 5 ROOM | $1,450,000 |
| 1F Cantonment Road | Feb 1, 2024 | 5 ROOM | $1,400,000 |
| 1E Cantonment Road | Mar 1, 2024 | 5 ROOM | $1,378,888 |
| 1A Cantonment Road | Mar 1, 2024 | 4 ROOM | $1,370,000 |
| 1G Cantonment Road | Mar 1, 2024 | 4 ROOM | $1,350,000 |
| 95C Henderson Road | Jan 1, 2024 | 5 ROOM | $1,328,888 |
$1 million HDB transactions by Ohmyhome
Here’s a peek at some of the HDB resale transactions by Ohmyhome in a hot town like Toa Payoh, which have been seeing more million-dollar flats.
10 factors that affect your HDB selling price
- Location: Proximity to amenities such as MRT stations, schools, shopping malls, parks, and employment hubs can significantly impact your HDB selling price.
- Supply and Demand: Supply-demand dynamics in the specific HDB estate and the broader property market can affect prices. Shortages or surpluses of housing inventory can influence prices accordingly.
- Market Conditions: Economic factors such as interest rates, inflation, and employment rates can influence buyer sentiment and purchasing power, thereby affecting selling prices.
- Property Size and Type: Larger flats generally command higher prices. Additionally, certain flat types (e.g., executive maisonettes) may have higher demand due to their rarity and unique features.
- Condition and Age of the Flat: Newly renovated or recently built flats generally fetch higher prices compared to older units in need of refurbishment. The age and condition of the flat, including any upgrades or renovations, can impact its selling price.
- Lease Remaining: HDB flats in Singapore have a 99-year lease. The remaining lease tenure affects the resale value, with flats having shorter leases typically selling at lower prices.
- Government Policies: Changes in government policies related to housing, such as cooling measures or subsidies, can influence market sentiment and prices.
- External Factors: Events such as global economic conditions, geopolitical tensions, or natural disasters can indirectly affect property prices by influencing investor confidence and market stability.
- Facilities and Amenities: The presence of additional facilities within the HDB estate, such as recreational areas, community centers, and security measures, can impact the perceived value and selling price.
- Property Market Sentiment: Buyer and seller sentiment, influenced by factors like media reports, market speculation, and consumer confidence, can impact pricing decisions.
A step-by-step guide on how to sell your HDB resale flat in 2024
- Step 1: Register Intent to Sell
- Step 2: Calculate HDB sale proceeds
- Step 3: Post your HDB resale flat for sale
- Step 4: Arrange viewings and conduct negotiations
- Step 5: Grant Option to Purchase (OTP) to HDB buyer
- Step 6: Discuss Temporary Extension of Stay with HDB buyer
- Step 7: Buyer will exercise the OTP and pay the Option fee
- Step 8: Submit HDB resale application
- Step 9: Contact a conveyancing lawyer
- Step 10: Endorse HDB resale documents
- Step 11: Pay legal fees and other HDB resale costs
- Step 12: Receive HDB approval letter
- Step 13: Prepare for the Resale Completion Appointment
- Step 14: Attend Resale Completion Appointment
Should you sell your HDB flat now?
Everyone’s situation is different, so the answer to this varies. 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.
Empowered by proprietary technology and years of experience under their belt, they will be able to provide strategic advice on your next steps. You can also chat with us via our Live Chat at the bottom, right-hand corner of the screen.
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