Will 2024 HDB resale prices exceed 2023 figures?

With all the buzz surrounding record-breaking HDB sales and million-dollar resale flats (we’ve seen 68 million-dollar sales in April alone, just 6 short of the highest number seen back in January this year), the burning question on most minds is whether 2024 HDB resale prices will surpass those of 2023.

In this article, we dive into the comparison between 2023 and 2024 HDB resale prices to provide a clearer picture of what’s happening on the ground, especially for homebuyers, sellers, or investors.

Rapid price growth in 1Q24

In the first quarter of 2024, prices surged at a faster pace, rising by 1.8% quarter-on-quarter. This comes as no surprise given the recent milestones in HDB sales, with transactions now moving past the 1 million mark and even touching 1.2 million. 

The list of HDB towns with transactions higher than 1.2 million is indicative of this rising trend: 

Notably, just last week, news broke of a 5-room resale flat in Bukit Merah setting a new record for the most expensive transaction in Singapore, nearing S$1.59 million. 

Additionally, 25 records of 4-room HDB flats (estimated MOP year 2023 onwards) transacted for above S$1 million. These transactions took place in various locations such as St George’s Lane, Henderson Road, Strathmore Ave, and Toa Payoh East.

On a positive note, no 3-room flats transacted close to S$1 million for HDBs reaching MOP in 2023 and after. The highest resale price in this category was around S$800,000 for an HDB located in St George’s Lane.

However, with such significant milestones and records being broken in the HDB resale market, it’s clear that the demand and prices are steadily growing.

Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025



Predictions for 2024 HDB resale prices

OrangeTee predicts that HDB resale prices may rise by up to 5% in 2024, slightly surpassing the 4.9% growth observed in 2023. Similarly, Huttons forecasts a full-year price growth of 3% to 5%. 

Moreover, data from 99.co indicates a continuous increase in HDB prices through all the months this year, with a 190.4 SPI (Sub-Index) recorded in April, further indicating an upward trend.

Looking for a property close to an MRT station of your choice? Check out 99.co’s MRT map here.

Factors driving the market

Demand from first-time homebuyers and downsizing private homeowners continues to buoy prices in the HDB resale market. Moreover, limited availability of flats in certain areas is expected to maintain stable prices or even drive them higher in the coming years.

Looking for HDB flats that will MOP this year? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT

Anticipated trends and market dynamics for 2024

Experts anticipate an increase in volume in the HDB resale market in the coming months. With HDB set to launch another Build-To-Order (BTO) exercise in June 2024, offering around 6,830 flats, market dynamics are poised to shift. 

Additionally, applicants unsuccessful in the sole Sale of Balance (SBF) exercise in 2024 may re-enter the resale market, further influencing market trends. Prospects for existing resale flats in prime locations with longer leases remain promising, as they do not face restrictions on subsequent resale.

Interested in upcoming new launches for the year? Take a look at your options here: 8 new launches expected in Q2 of 2024

What are your thoughts on the recent HDB prices? Share them in the comments section below or on our Facebook page.