The HDB resale market activity continued to gain traction in December, posting a second straight month of higher sales, following a significant slowdown in transactions in October. During the month, both HDB resale volume and average resale prices saw a slight uptick, while the number of million-dollar resale deals also rose from the previous month.

There were 2,037 HDB flats resold in December 2025 - up by 22% month-on-month (MOM) from the 1,665 units moved in November (see Chart 1). Year-on-year, sales were down by 4% compared to the 2,112 units sold in December 2024. The average resale price, meanwhile, rose by 2% MOM in December to $660,162 from $649,087 in November.

Still, the pickup in activity in December was unable to mitigate the softer transaction volume in October and November. As such, the HDB resale market ended on a relatively quieter note in Q4 2025, with just over 5,000 resale transactions - the lowest quarterly sales figure since Q2 2020.

Chart 1: HDB Resale Volume and Average Resale Price

According to HDB flash estimates released on 2nd January 2025, 5,129 resale flats were transacted in Q4 2025 (up to 30 December). Taking in the 20,913 flats resold in the first nine months of 2025, this brings the total resale tally in 2025 to 26,042 units - underperforming the 28,986 units resold in the whole of 2024.

The softer sales in the last quarter of 2025 were likely the result of several factors, including the ample supply of new public housing. In October 2025, 9,144 new Build-to-Order (BTO) flats were launched by the HDB, bringing the total number of new flats introduced in 2025 to 29,975 units - comprising 19,723 BTO flats and 10,252 flats offered under the Sale of Balance Flats (SBF) exercises. The strong supply of new flats, including those with shorter waiting times of 3 years or less may have siphoned some buying interest from the HDB resale market. In addition, with school holidays and the festive season in full swing, the end-year seasonal lull likely weighed on resale activity.

Meanwhile, HDB resale prices were flat in Q4 2025, following the trim 0.4% QOQ increase in Q3 2025, according to HDB flash estimates. This is the first quarter that resale prices were unchanged since Q1 2020. All in, HDB resale prices grew by 2.9% in the whole of 2025, down significantly from the 9.7% increase in 2024, and marking the most sluggish pace of price increase since 2019 where prices inched up by 0.1%.

When analysing transaction data by price range, it was observed that the proportion of flats resold for under $500,000 in December fell to 22.7% from 24.4% in the previous month. Meanwhile, 41.4% of resale flats fetched between $500,000 and $700,000, a notch down from 42.7% in November. The proportion of resale flats priced at $700,000 to just under $1 million showed the biggest growth, increasing to 28.8% in December from 25.6% in the previous month. The proportion of million-dollar resale flat deals remained steady at 7.1% in December, relatively on par with the 7.2% proportion in November (see Chart 2).

Chart 2: HDB Resale Flat Transactions By Price Range

By flat type and town classification, average resale prices in mature towns fell across most room types with the exception of 3-room flats, which posted a small increase of 0.4% MOM to about $474,557 in December (see Table 1). Flats in non-mature towns saw a similar trend, with 4-room units reflecting a 1.0% MOM increase in average resale price to $608,665 during the month.

Table 1: Average HDB resale flat prices by flat type, by town classification

The number of million-dollar resale flats finished strong in December, with a total of 145 flats resold for at least $1 million in December - up by 21% from the 120 units that changed hands in November (see Chart 3). The 145 units of million-dollar resale flats in December comprised 54 four-room flats, 57 five-room flats, and 34 executive flats.

Among the million-dollar resale flat deals in the month, 12 units were located in non-mature towns - three each in Hougang, Woodlands and Sengkang, two in Bukit Panjang, and one in Yishun. The million-dollar flats located in non-mature estates are either executive flats or 5-room units. Of note, the three units of such flats sold in Sengkang in December is a new monthly high.

The remaining 133 units of million-dollar resale flats sold in December are in mature towns, led by Toa Payoh with 25 deals, followed by Queenstown and Kallang Whampoa with 20 and 18 of such sales, respectively. In particular, Tampines posted 10 million-dollar flat deals - the highest monthly tally of such sales in the town.

In the whole of 2025, there were 1,594 units of million-dollar resale flats sold - up by 54% from the 1,035 units transacted in 2024.

Chart 3: Number Of HDB Flats Resold For At Least $1 Million By Month

During the month, the priciest HDB resale flat transacted was a 5-room unit at The Peak @ Toa Payoh, which fetched $1.525 million or $1,211 psf (see Table 2). The DBSS (design, build and sell scheme) unit which spans 117 sqm is located on a high floor ranging between the 40th and 42nd storey, and has a lease balance of 85 years and five months at the point of resale.

PropNex notes that several towns saw new record HDB resale prices being set in December. Among them, a 5-room flat at Clementi Crest in Clement Avenue 3 was resold for $1.5 million, and an executive flat in Kovan Green in Hougang was transacted for $1.45 million in December. The other towns that booked record resale price in December were Geylang (a 5-room flat in Pine Close went for $1.375 million), Bukit Panjang (an executive flat in Jelebu Road fetched $1.18 million), Sengkang (a 5-room flat in Sengkang East Avenue was resold for $1.1 million), and in Sembawang (a 4-room flat in Canberra View was transacted for $889,000).

Table 2: Top 10 HDB Resale Flats Sold In December 2025 By Transacted Price

Given the ample new supply of new flats and existing policy guardrails, the HDB resale market and resale prices are expected to remain relatively stable and grow at a moderate pace. To this end, the moderation in price growth in 2025 is likely positive for the overall HDB resale market, and may reduce the likelihood of further cooling measures imposed on the segment.

Contact a PropNex salesperson to find out more about resale HDB market trends.