HDB resale prices ease slightly while volumes rebound in March 2026

After remaining largely stable in the early months of the year, HDB resale prices edged down slightly in March 2026. This modest dip came alongside a strong rebound in transaction activity, following the softer volumes recorded in February, suggesting that market momentum has begun to normalise rather than weaken.

Resale prices slip 0.1% as 4-room flats weigh on overall index

HDB resale prices eased slightly by 0.1% in March, bringing the overall index to 209.6. While this marks the first monthly decline of the year, the movement remains mild and does not suggest a broad-based slowdown across the market.

Mr Luqman Hakim, Chief Data & Analytics Officer at 99.co, noted that the marginal drop should not be seen as a downward trend. In fact, both Mature and Non-Mature Estates continued to grow, rising by 0.3% and 0.2% respectively.

As Mr Luqman explained, the slight decline occurred “even as both Mature and Non-Mature Estates recorded price increases, indicating that the overall decline was likely driven by shifts in transaction mix rather than broad-based price weakness.”

In months where a larger share of transactions comes from relatively lower-priced segments, such as certain 4-room flats, the overall index can be pulled down despite stable or rising prices elsewhere.

This pattern becomes clearer when examining price changes by flat type. Prices for 3-room flats rose by 0.4%, while 5-room and Executive flats increased more strongly by 1.1% and 1.8% respectively, reflecting continued demand for larger homes. In contrast, 4-room flats recorded a 0.7% decline, which had an outsized impact on the overall index due to their dominant share of resale transactions.

Median HDB resale price in March 2026

Looking beyond short-term movements, the broader trend remains positive. On a year-on-year basis, HDB resale prices are still up by 1.4%, suggesting that the market continues to hold its ground after a period of sustained growth. Across flat types, prices rose by 1% for 3-room flats, 0.9% for 4-room flats, 2% for 5-room flats, and 3.9% for Executive flats, with larger units continuing to outperform.

A similar pattern can be seen across locations. Compared to a year ago, prices in Mature Estates increased by 2.7%, significantly outpacing the 0.6% growth in Non-Mature Estates. This reflects the continued premium placed on central, well-established neighbourhoods, even as affordability-driven demand supports price stability in outer estates.

Transaction volumes rebound as market activity picks up

Resale activity picked up in March 2026, with a total of 2,053 HDB resale flats transacted, marking a 22.9% increase from February. This rebound confirms that the earlier dip in activity was largely seasonal.

On a year-on-year basis, transaction volumes were also 7.4% higher compared to March 2025, reinforcing the view that buyer demand remains intact despite the slight moderation in prices.

The distribution of transactions by flat type provides further insight into buyer behaviour. 4-room flats continued to dominate, accounting for 45% of total resale volume, reflecting their position as the most popular option for many households.

3-room flats made up 25.1% of transactions, while 5-room flats accounted for 24.5%, indicating sustained demand from both right-sizers and upgraders. Executive flats formed a smaller 5.3% share, reflecting their rarity in the market.

Looking at the regional split, Non-Mature Estates accounted for 56.7% of total transactions. Meanwhile, 43.3% of transactions took place in Mature Estates, representing a higher proportion compared to the first two months of the year. It means that a significant segment of buyers remains willing to pay a premium for established locations with better connectivity and amenities.

Million-dollar transactions continue to rise despite price moderation

Another key highlight from March is the continued increase in million-dollar transactions. A total of 145 flats were sold for at least S$1 million, up from 122 in the previous month. According to Mr Luqman, the increase in high-value transactions reflects sustained interest in well-located and larger units, which continue to attract buyers despite broader market moderation. Notably, these high-value deals represented 7.1% of total resale volume in March.

Toa Payoh led the pack with 34 million-dollar transactions, reinforcing its position as one of the most sought-after mature estates for high-value resale flats. Bukit Merah and Ang Mo Kio followed with 23 and 18 units respectively, while a wide spread of towns — including Queenstown, Kallang/Whampoa, Clementi, Bukit Timah, Geylang and Serangoon — also contributed to the growing pool of million-dollar deals.

HDB resale price record in March 2026: S$1.649 million in Bukit Merah

At the top end of the market, the highest transacted price in March reached S$1,648,888 for a 5-room flat at Tiong Bahru View in Bukit Merah. With approximately 88 years and 10 months of lease remaining, this transaction now ranks among the top three most expensive HDB resale flats ever recorded in Singapore.

Read more: A 5-room flat in Bukit Merah was sold for record S$1.648M

In Non-Mature Estates, the highest transaction in this segment came from Woodlands Street 82, where an Executive flat — built in 1994 — was sold for S$1,150,000. This reflects a growing willingness among buyers to pay for space and specific attributes such as unit layout, even when the remaining lease is relatively shorter.

Wrapping up

As Mr Luqman summarised, “The March 2026 data points to a market that is stabilising rather than declining. While headline prices eased slightly, underlying demand remains supported by the rebound in volumes and continued strength in larger flats and prime locations”.

The post HDB resale prices ease slightly while volumes rebound in March 2026 appeared first on .