Timing your sale can make a big difference in how much you earn and how quickly you close the deal. Understanding HDB resale price trends and transaction volumes over the past decade can help you make a well-informed decision.
But before diving into market insights, it’s important to consider your own goals. Are you looking for the highest selling price? A fast, hassle-free sale? Or a smooth transition into your next home? Identifying your priorities will help you determine the best time to sell your HDB resale flat.
Table of Contents
- Cash Out for a Bigger Home or Right-size Your Home
- A Decade of HDB Resale Market Trends
- What Can You Learn From These?
- The “Sell-and-Buy” Approach Isn’t for Everyone
- Don’t Wait for the “Best Time” to Sell Your HDB Resale Flat — Plan Your Home Sale Now With Singapore’s Top 1% Property Agents
- Not Ready to Speak to an Agent? Learn Everything You Need About Your HDB Resale Flat With HomerAI
- Related Articles
For example, you may be looking to:
Cash Out for a Bigger Home or Right-size Your Home
In Singapore’s property market, timing your sale can make all the difference. If you’re upgrading to a bigger home, you might be waiting for your HDB valuation to hit a certain price to maximise your sale proceeds. On the other hand, if you’re right-sizing, selling at the right moment could unlock extra funds for investments or passive income.
But here’s the catch — selling high only works if you’re buying smart. If condo prices are also on the rise, waiting too long could mean paying more for your next home. The key is to strike the right balance. Working with an experienced property agent can help you time your sale and purchase strategically, ensuring you make the most of your move.
A Decade of HDB Resale Market Trends
Understanding past market trends can give you a clearer picture of when to sell. Let’s take a look at how the HDB resale market has evolved over the past decade and what it means for your next move.
When HDB resale transactions peaked
The HDB resale market has experienced significant transaction peaks over the years, particularly in August 2021 and July 2024. These peaks were influenced by a mix of economic conditions, government policies, and shifting buyer behaviors.
August 2021 peak:
- Post-Pandemic Demand Surge: The easing of COVID-19 restrictions led to a rebound in housing activity after months of lockdown-related delays. With many households re-evaluating their living spaces, demand for larger resale flats soared.
- BTO Delays: Construction disruptions caused by pandemic-related workforce and supply chain issues delayed BTO flats, pushing many homebuyers to opt for resale flats instead.
- Attractive Government Grants: Enhanced CPF Housing Grants, including raised income ceilings, made HDB resale flats more accessible, especially to first-time buyers.
- Tight Supply & Strong Competition: The limited availability of resale flats — due to fewer sellers listing their homes during the pandemic — intensified demand and contributed to price growth.
July 2024 peak:
- MOP Expiry for Newer Flats: HDB resale flats in Ghim Moh Edge, St George’s Tower, and McNair Towers reached their 5-year MOP, adding to supply.
- Private Property Owners Downgrading: More private homeowners sold their properties and moved into premium resale HDB flats, driving demand.
- Post-June Holiday Demand: The typical seasonal rebound in transactions after the school holidays contributed to higher resale activity.
- Strong Buyer Confidence: Anticipation of further price increases and limited housing supply encouraged buyers to enter the market sooner.
- Stable Economy & Financing: Improved economic conditions and relatively favorable mortgage rates kept resale demand strong.
HDB & private property price trends (2017–2023)
The HDB resale market remained relatively stable until mid-2020, when Covid-19 and the Circuit Breaker lockdown brought property transactions to a halt. With physical viewings suspended, both HDB and private property sales slowed significantly.
It wasn’t until Q4 2020 — as Singapore’s economy stabilised and adjusted to the cooling measures — that resale prices began climbing again. This upward trend led to the next peak in August 2021, when over 2,700 HDB flats were sold at a median price of $517,640 — a 16% jump from the previous high.
When median HDB resale prices hit a peak
After Covid-19, HDB resale prices surged, driven by strong demand and market recovery. From August 2020 to November 2022, median prices climbed from $448,341 to $557,712. The upward trend continued, reaching a peak of $581,023 in November 2023 — a 30% increase in just three years.
HDB resale price trends (2014-2024)
HDB resale prices have been on an upward trajectory, rising 9.6% in 2024 — nearly double the 4.9% increase in 2023. However, growth started to moderate in Q4 2024, with prices increasing 2.5%, slightly lower than Q3’s 2.7% gain.
At the same time, resale transactions dropped by 22.5%, from 8,142 flats in Q3 to 6,314 flats in Q4, as more buyers turned to BTO flats. The October 2024 BTO launch, which introduced 8,500 new flats across key towns, played a big role in shifting demand away from the resale market.
This isn’t the first time government measures have shaped HDB resale trends. Back in September 2022, a 15-month waiting period was introduced for private property owners before they could purchase an HDB resale flat, preventing them from outbidding regular buyers. This was followed by an increase in Additional Buyer’s Stamp Duty (ABSD) rates in April 2023, further cooling demand.
The ABSD rates as of 2023
| Citizen | Buying 1st Residential Property | Buying 2nd Residential Property | Buying 3rd and Subsequent Residential Property |
| Singapore Citizen (SC) | 0% (no change) | 20% (up from 17%) | 30% (up from 25%) |
| Singapore Permanent Resident (SPR) | 5% (no change) | 30% (up from 25%) | 35% (up from 30%) |
| Foreigners buying any residential properties | 60% (up from 30%) | 60% (up from 30%) | 60% (up from 30%) |
| Entities buying any residential properties | 65% (up from 35%) | 65% (up from 35%) | 65% (up from 35%) |
What Can You Learn From These?
#1: Property prices tend to rise over time
Singapore’s property market has consistently shown resilience, with prices trending upward over the years despite occasional slowdowns. Even when cooling measures temporarily curb demand, history shows that prices typically rebound after a period of adjustment.
Take the April 2023 ABSD hike — while it initially tempered market activity, median HDB resale prices later surpassed the previous peak. This long-term price appreciation makes real estate a solid asset, but timing still matters.
Waiting too long could mean facing new cooling measures or having to pay Cash Over Valuation (COV), increasing your cash outlay. If you’re planning to sell and upgrade, keeping an eye on market trends and acting strategically can help you maximise your returns.
#2: Private property prices appreciate faster than HDB flats
If you’re planning to sell your HDB resale flat and upgrade to a condo, it’s important to know that private property prices typically rise faster than HDB flats.
That said, price fluctuations do happen — especially after cooling measures are introduced. Following the April 2023 ABSD hike, the average condo price per square foot (PSF) dropped from around $2,000 in February 2023 to about $1,800 in October 2023. This decline was partly due to fewer foreign buyers, as ABSD for foreigners doubled from 30% to 60%, making private property less attractive to them.
However, don’t expect a major price drop. Most condo buyers in Singapore are locals, and demand remains steady.
Read More: What Can You Expect in the Singapore Condo Market in 2024?
The “Sell-and-Buy” Approach Isn’t for Everyone
Selling your HDB resale flat before buying a new home might seem like the logical choice, but it’s not always the best approach for everyone.
The key is to time your sale strategically — knowing the best time to sell your HDB can help you maximise your sale proceeds while ensuring a smooth transition to your next home.
But beyond timing, it’s just as important to plan your finances carefully. Before making a move, consider whether you have enough funds to cover:
- Outstanding home loan repayments
- CPF refunds used for the current flat
- Downpayment and stamp duties for your next property
Without a clear financial roadmap, you might end up rushing your next purchase or stretching your budget more than expected. If you’re unsure, working with a property agent can help you weigh your options and make a move with confidence.
Don’t Wait for the “Best Time” to Sell Your HDB Resale Flat — Plan Your Home Sale Now With Singapore’s Top 1% Property Agents
Drop us a message on WhatsApp to speak with us and we’ll connect you with the right property agent who will help you sell your home at the best price and within your preferred timeline.
Not Ready to Speak to an Agent? Learn Everything You Need About Your HDB Resale Flat With HomerAI
HomerAI is our home ownership management & e-Valuation tool that will provide an accurate estimation of your home valuation that’s updated every month, so you can track if it increased, stayed the same, or decreased.
HomerAI can also help you:
- Estimate how high and when’s the best time you can sell your HDB flat. With an accurate home valuation, you’ll know the exact market rate for your home and negotiate with confidence.
- Financially plan for your next dream home. How much do you actually get to keep? Do you have enough for your next home? Relax, leave the calculations to HomerAI.
- Stay updated on the property market. No more waking up to thousands of news articles about new cooling measures. Get it straight from one source.
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This article is part of Ohmyhome’s When to Sell guide series, written to help homeowners make informed decisions. Explore more insights on topics like:
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