The public housing resale market remained relatively resilient in May. HDB resale flat prices crept up from April to May 2024, supported by a higher transaction volume during the month. Sales data showed that the average price of resale flat climbed by 1.2% month-on-month to $599,198 in May from $591,937 in the previous month (see Chart 1). When compared with a year ago, the average price was up by 5.1% from $570,281 in May 2023.

Notably, the slight increase in the average resale price came as demand improved. Transaction data showed that the number of resale flats sold rose by 5.7% from 2,377 units in April to 2,513 units in May. On a year-on-year basis, the HDB resale volume was up by 11.9% from May 2023. The resale volume in May is the highest monthly sales since 2,622 resale flats were sold in January 2024.

Non-mature towns accounted for about 59% of the monthly resale volume in May, with Sengkang, Woodlands, and Jurong West being the most popular. Meanwhile, mature estate Tampines posted the highest number of transactions, with 189 resale flats changing hands. 

Chart 1: HDB resale volume and average transacted price by month

Source: PropNex Research, Data.gov.sg (retrieved on 3 June 2024)

Table 1: Average transacted HDB resale flat prices by Flat Type in last six months

Source: PropNex Research, Data.gov.sg (retrieved on 3 June 2024)

By flat type, the average resale price of 4-room flats posted a 1.3% MOM increase in May to about $612,619, followed by 5-room flats which saw the average price rise by 1.2% MOM to $719,132. Meanwhile, the average price of 3-room resale flats inched up by 0.3% MOM, while that of executive flats dipped by 1.7% MOM in May after booking a 2.4% price growth in the previous month (see Table 1). 

Evaluating the data by towns and flat types, a couple of flat types in mature towns witnessed a decline in the average resale price in May, with executive flats posting the steepest drop of 2.3% MOM to about $950,000, while that of 4-room flats eased by 1.4% MOM. By contrast, that of 5-room resale flats rose by 2.6% MOM to more than $840,000 (see Table 2). Over in non-mature towns, 4-room flats posted a decent price growth at 1.8% MOM to around $564,500 in May. 

Table 2: Average transacted HDB resale flat prices in Mature and Non-mature towns

Source: PropNex Research, Data.gov.sg (retrieved on 3 June 2024)

In May 2024, mature towns made up the top 3 lists of estates in PropNex?s ranking of average transacted resale prices on a per square foot basis ($PSF) by flat types (see Table 3). The highest average PSF price for 4-room flats in May was $940 psf in the Central Area, while the Central Area and Bishan garnered the highest average unit resale price for 5-room flats and executive flats in the month at $997psf and $797 psf, respectively. 

Table 3: Top 3 towns by Average $PSF transacted price by flat type in May 2024 (and corresponding price in previous month)

4-Room
Top 3				Apr-24	May-24
CENTRAL AREA				$787	$940
QUEENSTOWN				$952	$874
TOA PAYOH				$772	$825
5-Room			Executive
Top 3	Apr-24	May-24	Top 3	Apr-24	May-24
CENTRAL AREA	$955	$997	BISHAN	$772	$797
BUKIT TIMAH	-	$899	ANG MO KIO	$617	$706
QUEENSTOWN	$772	$888	KALLANG/WHAMPOA	Oh no! Enjoy our Content? If it is of any consolation, know that you are not alone in this real estate journey. Let us show you the way to make this journey an interesting and enjoyable one! Do check and try again! Are you ready for more? {{ error ? 'Submit Email' : 'Count me in!'}} Suggested Reads Do You Have the Japan Fever? Top Scoop: 2026 Property Market Outlook with Ismail Gafoor and Kelvin Fong Upcoming Events View more PWS Masterclass 2026 May 16, 2026 Why This Could Be the LAST Affordable EC – And How to Pick the Best Unit December 19, 2025 You may like Do You Have the Japan Fever? December 11, 2025 Top Scoop: 2026 Property Market Outlook with Ismail Gafoor and Kelvin Fong December 10, 2025 The Early-2026 Launch Rush: What Homebuyers Should Know Now December 09, 2025 5 Most Expensive HDB Estates (Based on Average Resale PSF) December 04, 2025 2025 年 11 月组屋转售量与平均价格双双回暖 December 03, 2025 More Homes Coming To The East In Tanah Merah December 03, 2025 Oh no! Enjoy our Content? If it is of any consolation, know that you are not alone in this real estate journey. Let us show you the way to make this journey an interesting and enjoyable one! Do check and try again! Are you ready for more? {{ error ? 'Submit Email' : 'Count me in!'}} You are Set! Stay tuned to our brain-teasing content slated to roll out via email soon. Email Submitted! You subscribed earlier! No biggie, remember to check your junk mail if you have yet to hear from us! Follow us on WeChat