HDB resale prices grow 9.6% in 2024 despite Q4 slowdown

It was higher than the 4.9% growth in 2023.

HDB resale prices grew by 9.6% in 2024, with slower quarterly growth of 2.5% in Q4 compared to Q3, which reflects resilience despite affordability concerns and market adjustments.

In its commentary, Huttons noted HDB resale prices rose by 9.6% for the full year, significantly higher than the 4.9% growth in 2023, showing strong overall market performance despite the quarterly slowdown​.

Meanwhile, million-dollar flat transactions fell by 18.4% QoQ in Q4 2024, with 270 units sold compared to 331 in Q3.

For the entire year, million-dollar flat sales reached a record high of 1,020 units, more than double the 470 transactions in 2023. More than 90% of these were in mature estates, with Toa Payoh leading due to flats in Bidadari fulfilling their Minimum Occupation Period.

On the other hand, OrangeTee noted that 4-room flats showed a 2.5% increase in Q4, down from 3.4% in Q3.

Executive flats had the slowest price growth at 1.2% QoQ in Q4, whilst 5-room flats saw an acceleration to 3.2%, it said.