HDB Flash Estimate – 1Q 2024 HDB Resale Price Index

01 April 2024

The HDB resale market continues to stabilise, with the Resale Price Index (RPI) reaching 183.5 in 1Q 2024, showing a growth rate of 1.7% q-o-q, compared to 1.1% q-o-q growth in 4Q 2023. Despite the festivities, resale volume in 1Q 2024 reached 6,928 transactions, marking 5.5% y-o-y growth.

With HDB prices on the rise, some owners are seizing the opportunity to upgrade to private homes. The growing new home options makes it highly appealing for HDB ugraders.

In 1Q 2024, there were 185 million-dollar HDB flat transactions, marking a significant 79.6% y-o-y increase. The surge could be attributed to private property owners who have recently completed their 15-month wait-out period and have recently purchased HDB resale flats. The 15-month wait-out period was introduced in Sept 2022 to help moderate demand for resale flats.

Beyond just the rising number of million-dollar flats, more of them are being sold at higher prices too. For instance, since 2023, there are more 4-room million-dollar flats transacted since 2023. Additionally, two million-dollar flats were transacted above $1.5 million, both of which are relatively new flats located in Toa Payoh. Demand for resale flats in mature estates is still going strong and as a result some of them have achieved record selling prices.

Nonetheless, overall demand for HDB flats is expected to hold firm, particularly those located in proximity to amenities and transport nodes. Existing resale flats, which are not affected by the more stringent resale conditions set for the upcoming Prime and Plus flats, will also be popular among buyers.

HDB Price Index

The HDB resale price index reached 183.5 in 1Q 2024, marking an all-time high. It grew by 1.7% q-o-q and 5.7% y-o-y.

As 1Q 2024’s 1.7% q-o-q growth remained below the average quarterly increase of 2.5% observed in 2022 and around 3.1% in 2021, indicating a moderation in HDB resale prices.

HDB Resale Transaction Volume

Resale transactions in 1Q 2024 totalled 6,928, marking an increase of 5.8% q-o-q from 6,547 in the previous quarter. Compared to the same period in 2023, which saw 6,567 transactions, 1Q 2024 experienced an increase of 5.5% y-o-y.

Chart 1: HDB Resale Index vs Number of Transactions

Source: HDB, ERA Research and Market Intelligence, *Based on flash estimates

Chart 2: HDB Transactions by Flat Type

Source: data.gov.sg, caveats as at 1 April 2024, ERA Research and Market Intelligence

More flats expected to cross million-dollar mark in 2024

In 1Q 2024, there were 185 million-dollar flat transactions. Compared to the 4Q 2023, this reflected a notable 39.1% increase from 133 transactions. Year-on-year, the figure rose by 79.6% from 103 transactions in 1Q 2023. Since 2023, there have been significantly more 4-room flats reaching the million-dollar mark, and this trend would likely persist into 2024. 

Chart 3: HDB Million-dollar Flats by Flat Type

Source: data.gov.sg, caveats as at 1 April 2024, ERA Research and Market Intelligence


This information is provided solely on a goodwill basis and does not relieve parties of their responsibility to verify the information from the relevant sources and/or seek appropriate advice from relevant professionals such as valuers, financial advisers, bankers and lawyers. For avoidance of doubt, ERA Realty Network and its salesperson accepts no responsibility for the accuracy, reliability and/or completeness of the information provided. Copyright in this publication is owned by ERA and this publication may not be reproduced or transmitted in any form or by any means, in whole or in part, without prior written approval. 

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