Landed home sales surge 78.3% YoY in Q4 2024

Transaction volume increased 5.1% quarter-on-quarter to 435 units, marking a 78.3% YoY rise.

The landed homes market saw strong activity in Q4 2024, despite the typical year-end slowdown, Huttons reported.

In a report, Huttons said transaction volume increased 5.1% quarter-on-quarter (QoQ) to 435 units, marking a 78.3% YoY rise.

In a report, Huttons said the overall number of landed home transactions in 2024 reached 1,574 units, representing a 34.4% increase compared to 2023 due to price corrections in the previous quarter and interest rate cuts, which encouraged buyers to return to the market.

The semi-detached home segment experienced the highest growth, with transactions surging by 45.3% YoY to 478 units in 2024. Similarly, terrace homes recorded strong demand, with 948 units sold, up 37.2% YoY.

In contrast, detached home sales declined slightly, with 148 transactions in 2024 compared to 151 in 2023.

Supported by steady demand, prices remained firm in Q4 2024, averaging $1,944 per square foot (psf) on land, slightly higher than $1,924 psf in Q3 2024. Over the full year, landed home prices increased by 3.1% YoY to $1,922 psf.

Terrace homes saw the highest price increase, rising to $2,048 psf in Q4 2024, whilst semi-detached home prices grew to $1,838 psf. Detached home prices, however, declined to $1,594 psf, reflecting affordability challenges for buyers.

The total value of transactions in Q4 2024 reached $2.4b, reflecting a 14.8% QoQ increase. For the full year 2024, the total transacted value of landed homes stood at $8.4b, a 28.5% increase from $6.5b in 2023.

There was also a noticeable decline in HDB upgraders purchasing landed homes, with their share of buyers dropping to 13.7% in 2024, compared to 20.4% in 2020.