In the used real estate market in the Tokyo metropolitan area in March 2025, the number of contracts for used condominiums increased by 31.0% compared to the same month last year, and the contract prices also increased by 2.6%. If you look only at prices, the market has risen, but inventory has decreased by 5.2% compared to the same month last year, so it is necessary to read the number of items, prices, and inventory separately.
Japan-specific context: This article uses REINS, Japan's broker-based real-estate transaction network, rather than a direct equivalent of the US MLS. For an overseas investor, the distinction matters: the figures describe completed transactions and registered inventory in Japan, not every property advertised online.
Compared with many overseas markets, a Japanese market average should be read together with station distance, building age, floor area, and management condition. Those details can matter more than the national overall market trend when you assess one apartment.
When you are wondering whether it is too expensive to sell or whether it is worth buying now, you cannot make a decision based on the average price alone. In this article, we will organize the figures for March 2025 based on the monthly reports from the East Japan Real Estate Information Institute (REINS), and explain how to use them to make decisions for each property.
Points of this article
- For used condominiums, the number of contracts was 4,991, the contract price was 49.45 million yen (approximately US$307k, estimated as of July 2026), and the inventory was 43,941.
- An increase in the number of properties indicates a recovery in demand, but the average price also changes depending on the size and location of the property.
- It is important to check the average for the entire metropolitan area by dividing it into regional differences such as Tokyo's 23 wards, Tama, Yokohama and Kawasaki.
- While the number of contracts for used detached houses has increased significantly, the contract prices have fallen, so they cannot be interpreted in the same way as condominiums.
- Before deciding to buy or sell, check examples of successful deals and inventory periods in the same station distance, building age, and area area.
How did the used real estate market in the metropolitan area move in March 2025?
First of all, to conclude, March 2025 is the month when transactions of used condominiums increased and prices also rose. However, this is an average value for the metropolitan area and does not mean that all properties have increased at the same rate.
According to REINS's "Monthly Market Watch Summary Report March 2025," the number of contracts for used condominiums in the Tokyo metropolitan area was 4,991, an increase of 31.0% compared to the same month last year. The contract price was 49.45 million yen (approximately US$307k, estimated as of July 2026), an increase of 2.6%, and the price per square meter was 790,100 yen (approximately US$5k, estimated as of July 2026), an increase of 4.1%.The price per square meter has exceeded the same month of the previous year for five consecutive months.
On the other hand, the exclusive floor area of contracted properties was 62.58 m2, a decrease of 1.5%. Rather than assuming that the reason for the price increase is that the price has increased uniformly for properties of the same size, it is necessary to check the location, age of construction, and area composition of the properties that have been contracted.
| Indicators | March 2025 | Comparison with same month last year | How to read |
|---|---|---|---|
| Number of used condominium contracts | 4,991 results | +31.0% | See trading activity |
| Used apartment contract price | 49.45 million yen (approximately US$307k, estimated as of July 2026) | +2.6% | Average price of actual contract |
| Used apartment square meter unit price | 790,100 yen (approx. US$5k, estimated as of July 2026)/㎡ | +4.1% | View with area difference corrected |
| Exclusive area of contracted property | 62.58㎡ | -1.5% | Check the composition of the contracted property |
| Number of new registrations | 16,844 results | -0.01% | See inflow of offers |
| Number of items in stock | 43,941 results | -5.2% | See number of properties to choose from |
The source is REINS March 2025 Summary Report. Even if the number of contracts and contract prices increase at the same time, this table alone does not reveal the prices of properties for sale that did not result in contracts or the sales period for each property.
Why do we look at the number of contracts and prices for used condominiums at the same time?
The number of transactions is the number of transactions that were actually completed, and the closing price is the average price of the transactions that were completed. By not only looking at the price list but also looking at whether the number of transactions is increasing, it becomes easier to consider whether buyers are moving or whether only a small number of high-value transactions are pushing up the average.
For example, even if the closing price has increased, if the number of properties with small area increases, the impression of the total price and price per square meter will change. On the other hand, even if the number of properties is increasing, if transactions are concentrated in relatively new properties or near stations, it cannot be said that the ease of selling older properties has improved.
It is important for owners who are thinking of selling to not simply apply the average price to their property. When requesting an appraisal, receive a list of not only the appraised value, but also the age of the building, walking distance from the station, exclusive area, number of floors, and management status of the case you are comparing.
People considering purchasing also check the difference between the advertised price and the closing price. If a property remains on the market for a long time, the room for negotiation will change depending on whether you wait without lowering the price or whether you are taken off the market because the closing conditions are not met.
If you are reviewing your overall assets as an individual, Steps to consider a real estate investment portfolio may also be helpful. If you list not only the price increase of a room, but also the loan balance, rental income, and repair schedule on the same table, it will be easier to make a decision on whether to sell or buy more.
Did only Tokyo's 23 wards rise? Check the number of deals by region
The average value of the used real estate market in the metropolitan area hides regional movements. The number of used condominium contracts in March 2025 exceeded the same month last year not only in Tokyo's 23 wards, but also in Yokohama/Kawasaki, Kanagawa Prefecture, Saitama, Chiba, and Tama.
| Region | Compared to the same month last year in number of contracts |
|---|---|
| 23 wards of Tokyo | +28.4% |
| Tama | +30.6% |
| Yokohama/Kawasaki | +33.2% |
| Kanagawa Prefecture Others | +51.3% |
| Saitama Prefecture | +30.2% |
| Chiba Prefecture | +28.4% |
Although the growth rate in Kanagawa Prefecture and other areas is high at 51.3%, the scale cannot be compared based on the rate alone since the number of cases in the previous year was small. It is necessary to check the actual number of properties, average price, and price per square meter for each area, and further narrow down the area of station area and age of building.
For example, a person in Tokyo's 23 wards who is looking for a property that was built less than 15 years ago within a 10-minute walk from a station, and a person in Chiba Prefecture who prioritizes private space over distance from the station will have different properties to consider even though they have the same average price of 49.45 million yen (approximately US$307k, estimated as of July 2026). Regional statistics are the starting point, and the final step is to break them down according to purchase conditions.
Once you have decided on a candidate for purchase, please check the following four points: financing, vacancy, repairs, and exit, according to Things to check before starting real estate investment in the Tokyo area. When prices are rising, it is safer to calculate the balance after purchasing first.
Why are the contract prices for used detached houses different from those for condominiums?
In March 2025, there were 2,196 contracts for used houses in the Tokyo metropolitan area, an increase of 62.8% compared to the same month last year. On the other hand, the contract price was 40.3 million yen (approximately US$250k, estimated as of July 2026), a decrease of 2.6%, the land area was 144.91㎡, a decrease of 0.2%, and the building area was 103.85㎡, a decrease of 1.2%.
This combination shows that more trading does not necessarily mean higher prices. For used detached houses, the land and building are evaluated together, so the age of the building, road access, whether or not it can be rebuilt, the condition of the building, and the shape of the land have a strong influence on the price.
When selling a used detached house, it is not appropriate to calculate the price mechanically using the condominium's unit price per square meter. We will evaluate the remaining value of the building, whether it requires demolition or repair, and whether there is any demand for the land.
When purchasing, don't make a decision based solely on the impression you get when viewing the property; keep a record of the confirmation. If you prepare the materials according to the table below, it will be easier to explain during price negotiations and loan appraisals.
| Check items | Materials/Questions | Influence on judgment |
|---|---|---|
| Connection/reconstruction | Road type, width, access road length | Possibility of rebuilding and exit |
| Building status | Inspection and repair history | Post-purchase expenditure |
| Land shape | Official map, survey map, elevation difference | Creation/exterior costs |
| Peripheral contract | Examples of deals in the same area | Validity of appraised price |
When deciding between a detached house and a condominium, compare not only the initial price, but also the repairs during ownership, the effort involved in management, and the potential buyers when selling. If you only get one cost estimate, don't rush into making a purchasing decision.
When the closing price goes up, how do you decide whether to buy or sell?
In a month when the market price has gone up, your decision should be based not on "Will it still go up?" but on "Will it hold true under your conditions?" Market averages are used to confirm direction and do not guarantee purchase or sale prices.
Before selling, collect materials in the following order.
- Collect three or more recently concluded deals from the same station or within walking distance.
- Record differences in age, area, number of floors, orientation, and management status.
- Check the difference between the selling price and closing price and the sales period.
- Calculate take-home pay after sales costs, loan balance, and taxes.
Before making a purchase, we not only check whether we can get the desired price, but also estimate what happens if interest rates rise or vacancies occur. When considering rental management, use A perspective of comparing real estate management costs in Tokyo and Osaka and compare management costs not just in terms of low prices, but also in terms of the scope of recruitment, repairs, and reporting.
For example, even if the property is close to the average price of 49.45 million yen (approximately US$307k, estimated as of July 2026), the amount remaining will vary depending on the amount of equity, loan period, reserve for repairs, and future rent. In practice, it is best to make a judgment based on the income and expenditure statement for each property, rather than relying on the average value as a conclusion.
How do you use REINS market statistics and real estate price indexes?
REINS is suitable for checking the number of contracts, contract price, price per square meter, inventory, etc. from registered sales information. On the other hand, the Ministry of Land, Infrastructure, Transport and Tourism's real estate price index is an index based on transaction price information, and is useful for tracking monthly market changes over time.
The Ministry of Land, Infrastructure, Transport and Tourism creates a real estate price index based on approximately 300,000 transaction price information annually, and publishes it monthly by housing type and region. Because the target and aggregation method are different from REINS' closing price, the figures may not match.
When considering buying or selling an individual property, first look at REINS's closing cases and real estate company appraisals. When checking long-term trends for the entire region, please use the Ministry of Land, Infrastructure, Transport and Tourism Real Estate Price Index and Real Estate Information Library.
This article focuses on statistics for March 2025. For future reference, in June 2026, the number of contracts for used condominiums in REINS was 4,241, a decrease of 1.3% from the same month last year, and the contract price was almost unchanged at 52.08 million yen (approximately US$323k, estimated as of July 2026). For used houses, the number of contracts was 2,019, an increase of 3.9%, and the contract price was 40.06 million yen (approx. US$248k, estimated as of July 2026), an increase of 1.7%.
This comparison is shown to avoid treating the March 2025 figures as current market rates. For the latest judgment, please check the materials for the target month from REINS Monthly Market Watch and compare them in the same area and property type.
Summary: Read the metropolitan area used real estate market in three numbers
In March 2025, in the metropolitan area used real estate market, the number of contracts for used condominiums increased significantly, and the contract price and price per square meter also exceeded the same month of the previous year. As inventory decreased, buyers' options narrowed, and sellers found it easier to explain their case studies.
However, the results will change if you divide the area and property conditions. Check the number of contracts, contract price, and number of inventory, and finally compare the station distance, building age, area, management condition, and holding cost for each property.
Use the figures for the used real estate market in the metropolitan area to decide which materials to check next, not to conclude a purchase or sale. This is the basis for not making hasty decisions when the market is moving.
Frequently Asked Questions (FAQ)
Q1. What is the contract price for a used condominium in March 2025?
A. The average contract price for used condominiums in the Tokyo metropolitan area in March 2025 was 49.45 million yen (approx. US$307k, estimated as of July 2026), an increase of 2.6% compared to the same month last year. The price of each property varies depending on location, age, area, etc., so don't decide on the appraised value based only on the average value.
Q2. If the number of deals increases, will real estate prices also rise?
A. An increase in the number of contracts indicates active trading, but it does not directly guarantee a price increase. We also check the area and age composition of the properties that have been contracted, as well as regional differences and the number of properties in stock.
Q3. Which should I look at: REINS or the real estate price index?
A. REINS is a good place to buy and sell individual properties, and the Ministry of Land, Infrastructure, Transport and Tourism's real estate price index is good for looking at long-term regional trends. Because the targets and aggregation methods are different, it is important not to simply compare the numbers.
Q4. Can I use the statistics from March 2025 to make current purchase decisions?
A. Please use the statistics for March 2025 as a reference for knowing the past market, and add the latest month's statistics and examples of successful transactions for each property when making purchase decisions. Interest rates, repairs, rent, and inventory periods will also be recalculated using current conditions.
