Despite the persistent headlines surrounding million-dollar HDB transactions, approximately one in five resale flats continues to change hands below the $500,000 threshold, with 20.2% of resale flats sold in September 2025 falling within this price bracket. This proportion represents a slight decline from the 23.5% recorded in August 2025, yet underscores the continued availability of relatively affordable public housing options within Singapore’s resale market.
One in five HDB resale flats still sells below $500,000, proving affordable options remain despite million-dollar headlines.
The third quarter of 2025 data reveals that 22% of transactions occurred between $250,000 and $500,000, while half of all resale deals during this period fell within the $500,000 to $750,000 range. These figures indicate that the majority of HDB resale transactions remain accessible to buyers seeking housing below the $750,000 mark, even as high-value transactions capture disproportionate media attention.
Market projections suggest that between 1,500 and 1,600 million-dollar transactions will materialize by the end of 2025, representing a fraction of overall market activity. The third quarter alone saw 472 million-dollar flats traded, marking a record high and comprising 6.8% of all resale transactions during the period.
The broader resale market recorded a modest 0.4% quarter-on-quarter increase in 3Q 2025, bringing the price index to 203.7, with year-on-year gains reaching 7.3% as of June 2025. Transaction volumes in 2Q 2025 totaled 6,981 units, reflecting a 5% year-on-year decline, while full-year projections estimate between 26,000 and 27,000 transactions for 2025, compared to 28,986 in 2024. The first quarter of 2025 saw HDB resale prices increase by 1.5% in Q1, marking the slowest quarterly growth in five quarters.
Non-mature estates accounted for 58.5% of sales, with buyers in these locations prioritizing space and affordability considerations. The wide price gap between public and private housing continues to drive demand, as private condo prices have surged 145.6% since 2010, making resale flats an attractive alternative for many buyers.
Supply constraints continue to influence market dynamics, as the number of flats reaching their Minimum Occupation Period in 2025 stands at 6,974 units, the lowest figure in 11 years and substantially reduced from the 30,919 units recorded in 2022.
Approximately 30% of 2025 MOP flats are concentrated in central estates such as Toa Payoh. This limited supply is projected to double in 2026, potentially restoring greater equilibrium between demand and supply.
Four-room flats constituted 43.1% of transactions, followed by three-room units at 26.2%, five-room flats at 24%, and Executive units at 6.7%.
Rising median household income, which reached $11,297 in 2024, combined with population growth, continues to sustain buyer demand across various flat types and price segments.
