Hdb Resale Price Growth Slows 04 3q2025 Amid Easing Resale Transactions
During the week, the hustle and bustle of daily life is a familiar scene at Coastal Cabana. As the sun rises, the aroma of breakfast permeates from the kitchen to the balcony, setting the stage for the day. Children leisurely make their way to the side gate, ready for a short bus ride to school, while adults have the option to hop on the nearby Pasir Ris MRT Station or take a quick drive out via the TPE.
After a long day of work, residents can easily pick up groceries at the nearby White Sands or indulge in a delicious dinner at Downtown East, both just a few minutes away. But it’s the weekends that truly showcase the essence of living at Coastal Cabana. The estate transforms into a private club with its swimming pool, BBQ pavilion, and endless opportunities for outdoor activities such as biking to Pasir Ris Park or catching the sunset at Pasir Ris Beach.
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The latest data from HDB shows that resale prices of HDB flats increased by just 0.4% quarter-on-quarter (q-o-q) in 3Q2025, as compared to the 0.9% price growth recorded in 2Q2025. This marks the fourth consecutive quarter of slower growth and the slowest quarterly increase since the sluggish 0.3% rise seen in 2Q2020. Despite this, property experts remain optimistic as HDB resale prices have climbed 55.7% since hitting its lowest point in 2Q2019 and are up 54.4% since the Covid-19 circuit breaker period in 2Q2020.
Lee Sze Teck, Senior Director of Data Analytics at Huttons Asia, notes that the recent price surge could have widened the gap between seller expectations and buyer affordability, resulting in slower deal negotiations and a more challenging resale market. Christine Sun, Chief Researcher and Strategist at Realion (OrangeTee & ETC) Group, shares this sentiment and adds that the rising price disparities have made it more difficult for transactions to take place.
Out of the 26 HDB towns, only 15 saw price gains in 3Q2025. Clementi saw the highest q-o-q price increase of 7.8%, followed by Central Area (6.3%) and Geylang (5.0%). According to Sun, most flat types have seen average prices drop or record slower growth. By room type, two-room units saw the biggest growth with average prices rising 3.1% q-o-q from $363,196 in 2Q2025 to $374,596 in 3Q2025. Five-room units saw modest growth of 0.7% q-o-q, followed by four-room flats which saw average prices rise 0.3% in the quarter. This marks the first time since 4Q2023 that resale prices of four- and five-room flats have posted quarterly growth of less than 1%, according to Lee.
On the other hand, multi-gen and executive flats, as well as three-room units, saw average prices ease by 1.6% q-o-q and 0.8% q-o-q respectively, according to HDB caveats. Sun believes that this more gradual pace of increase reflects a cooling in demand for resale flats, as buyers turn to new built-to-order (BTO) and sale-of-balance flats (SBF) launches, with around 30,000 new units offered this year.
In terms of resale transactions, there was a 1.7% increase from 7,102 units in 2Q2025 to 7,221 units in 3Q2025, according to data released by HDB. On an annual basis, there was a 7.3% decline in the number of transactions, from 22,562 units sold in the corresponding period in 2024 to 20,913 units in 3Q2025. According to Lee, the lower y-o-y volume can be attributed to the launch of over 10,000 flats under the July 2025 BTO and SBF exercise. “More than 3,900 flats were either completed or had a shorter waiting time of 3 years or less, which pulled away demand from the HDB resale market,” he says.
The five most popular HDB towns in 3Q2025 were Punggol, Sengkang, Tampines, Woodlands, and Yishun, which accounted for approximately 36.2% of total transactions during the quarter.
Despite the slowing price growth in 3Q2025, there was a total of 480 flats sold for seven-figure sums, up 15.9% from the previous quarter and marking the highest number of million-dollar transactions ever recorded in a single quarter. “Flats in mature estates continue to make up the majority of million-dollar transactions, highlighting the strong demand for homes in more centrally located towns that offer extensive amenities,” notes Eugene Lim, Key Executive Officer of ERA Singapore.
According to Huttons’ Data Analytics, around 79 of these transactions were units that had just reached their five-year Mandatory Occupation Period (MOP), up 25.4% from the previous quarter. In 3Q2025, 90% of the million-dollar transactions were in mature estates, with Toa Payoh recording the highest number of million-dollar flats sold in the quarter at 92. This was followed by Bukit Merah with 61 flats and Kallang/Whampoa with 40 flats.
However, Lim points out that million-dollar transactions made up a small segment of the market, accounting for 6.6% of all resale transactions.
Looking ahead, property experts project a slower pace of growth in the HDB resale market in the upcoming quarter. “With the school holiday season approaching in 4Q2025, which typically sees many families travelling and a dip in resale activity, HDB transactions and prices are expected to moderate slightly,” says Lim. He adds that the recent BTO exercise, which offered the largest supply of flats in 2025 at 9,144 BTO units, could draw prospective buyers away from the resale market. Lee agrees and notes that some buyers may opt to apply for these flats despite the strict restrictions on resale.
Given the above factors, Lee anticipates HDB resale prices to have a slower pace of growth at 3-4% with 26,000 to 28,000 resale HDB flat transactions by the end of 2025. He estimates that there will be at least 1,500 million-dollar transactions, which could make up more than 5% of the total market activity. On the other hand, Sun projects a price increase of 3-5% with over 28,000 to 29,000 transactions, while Lim forecasts a rise of 3-6% across 26,000 to 27,000 transactions.