HDB Resale Market 2025: What the Transaction Data Actually Shows

The HDB resale market has been one of the most consistent performers in Singapore's residential property landscape over the past four years. Prices have risen through cooling measures. Volume has held up. And million-dollar HDB transactions, once rare, have become a routine feature of the market.

Here's what the data actually shows, and what it means.

The 2024 Baseline: Strong Across the Board

In 2024, HDB resale prices increased by 9.7% for the full year, across all flat types and across all towns. Transaction volume reached 28,986 resale transactions, an 8.4% increase from the 26,735 transactions in 2023.

HDB described the growth as driven by "robust, widespread demand" amid tight supply. (Source: HDB Q4 2024 data)

This context matters: 9.7% full-year price growth in a year when the government also tightened the HDB loan LTV limit from 80% to 75%, demonstrating how resilient underlying demand was.

Town-Level Price Variation: It's Not One Market

The national average conceals significant variation. A breakdown of 4-room flat medians by town:

• Highest: Toa Payoh at $950,000
• Bishan and Queenstown: consistently above $800,000 to $900,000 for 5-room and executive flats
• Non-mature towns (Sengkang, Tampines, Punggol): 4-room medians in the $648,000 to $700,000 range

For 3-room flats, Punggol recorded the highest median nationally at $526,900, reflecting the newer stock and longer leases in that estate.

For 5-room and executive flats, Bishan had the highest median at $970,000; Jurong West had the lowest at $620,000. (Source: HDB Q4 2024 data)

The data reinforces what every experienced buyer knows: psf alone isn't the whole story. Estate maturity, remaining lease, proximity to MRT, and specific block all create wide variation even within the same town.

The Million-Dollar Phenomenon

HDB million-dollar resale transactions were once extraordinary. In 2025, 415 resale flats transacted at $1 million or more in Q2 alone.

This trend is concentrated in specific estates and flat types:

• Mature towns: Toa Payoh, Queenstown, Bishan, Kallang/Whampoa
• Large flats: 5-room, executive, and multi-generation
• Well-located blocks: high floors, MRT proximity, premium apartment types

Sengkang, a non-mature town - has also entered this tier, with its highest-transacted unit at approximately $909 psf for a high-floor Premium Apartment 4-room near Buangkok MRT. (Source: HDB Insights, 2026)

This signals that the premium segment is no longer confined to central or mature estates.

COV: What Buyers Are Actually Paying

COV. Cash Over Valuation - is the amount a resale buyer pays above HDB's official valuation, which must come entirely from cash. In high-demand districts, median COV ranges from $30,000 to $50,000 per transaction in 2025.

This is an often-overlooked component of the real purchase cost. A flat "valued at $600,000" that transacts at $650,000 requires $50,000 in cash over valuation, on top of the standard 10% to 15% cash and CPF downpayment.

What This Means for Buyers

If you're buying a resale HDB in 2025 or 2026, the key points are:

1. Prices remain elevated across most towns and flat types.
2. Cash-over-valuation is a real cost that needs to be budgeted.
3. Well-located flats, high floor, near MRT, newer blocks - are commanding significant premiums over town medians.
4. Grants are available to offset some of the cost for eligible first-timers, including the Proximity Housing Grant.

What This Means for Sellers

HDB sellers in most towns are in a strong position. Transaction volumes are healthy, demand from HDB upgraders and growing families remains consistent, and the gap between HDB resale and private condo entry has kept many buyers in the public housing market longer than expected.

The key question for sellers is timing within the market cycle, particularly if you're planning to upgrade to private after the sale. Selling high is valuable; so is buying the next property at the right time.

Our Take

The HDB resale market in 2025 remains an active, price-supported market. It's not cheap. But for buyers who understand what drives value at the specific block and floor level, not just the town-level average - there are still rational purchase decisions to be made.

If you're thinking about buying or selling in the resale market, knowing your specific flat's position relative to current transacted comps is the most valuable thing you can know. That's what we help you figure out.

Frequently Asked Questions

How many HDB resale transactions were there in 2024?

28,986 resale transactions were recorded in 2024, an 8.4% increase from 2023's figure of 26,735. (Source: HDB)

What was the HDB resale price growth in 2024?

HDB resale prices increased by 9.7% for the full year 2024. (Source: HDB Q4 2024 data)

How many HDB flats sold for over $1 million in 2025?

In Q2 2025 alone, 415 resale flats transacted at $1 million or above. (Source: published HDB resale data)

What does COV mean in HDB resale transactions?

COV stands for Cash Over Valuation: the amount paid above HDB's official valuation. It must be paid entirely in cash and cannot be covered by CPF or housing loans.

Are HDB resale prices likely to keep rising in 2026?

Market conditions depend on supply, cooling measures, and macroeconomic factors. As of 2025, HDB resale demand remained resilient, supported by BTO delays and upgrader activity. Any projection should be treated as indicative, verify with current transacted data before making decisions.

Not Sure What the Right Move Is for You?

Every property situation is different. If you're trying to work out what this means for your specific flat, income, or timeline, a planning session is the clearest way forward.

We'll look at your current numbers, map out your options, and give you an honest view of what each path looks like financially, no obligation, no pressure.

[Book a planning session with Serene & Mei →]