A quiet finish defined the Housing and Development Board’s resale market in the fourth quarter of 2025, as prices remained completely flat for the first time in nearly six years. Flash estimates released on January 2, 2026, indicate that full-year price growth for 2025 clocked in at a modest 2.9%, a figure that feels almost sluggish when compared to previous highs.
This specific result represents a significant cooldown when compared to the robust 9.7% surge seen back in 2024, showing just how much the wind has effectively left the market’s sails. It seems the days of frantic double-digit excitement are paused, at least for the moment.
This stagnation in the fourth quarter marks a notable shift, fundamentally echoing the quiet period recorded way back in the first quarter of 2020. While the Housing and Development Board prepares to release final statistics on January 23, 2026, these preliminary numbers paint a clear picture of a local market taking a well-deserved breather.
The primary culprit behind this sluggish performance appears to be softer resale volumes, which dipped considerably as people likely focused on holiday plans rather than house hunting.
Data indicates that resale activity struggled to maintain momentum, leading directly to the zero-growth scenario. To illustrate the volume trends, the fourth quarter of the prior year saw 6,424 units change hands, a sharp 21.1% drop from the 8,142 units sold in the preceding quarter.
This downward trend in transaction activity persisted throughout much of 2025, acting as a heavy, consistent anchor on price appreciation. It is a classic case of supply and demand finding a muted equilibrium.
Interestingly, the public housing sector’s sudden nap contrasted sharply with the private residential market, where prices actually edged up during the same period.
Fueled by healthy home sales and a particularly strong showing in the landed homes segment, private properties managed to buck the general trend of stagnation. While HDB resale prices hit the pause button, the private sector briskly moved forward. This pattern has prospective Executive Condo buyers carefully reconsidering their 25% down payment requirements before committing to purchases in the current market climate.
As 2025 closes with growth limited to just over two percent, stakeholders will watch closely to see if buyers return with renewed energy. Future projections indicate that the market will regain some momentum, with prices expected to rise by 3%-4% in 2026.
