CHAPTER I

New Single-Family Homes: Record-High Prices Continue, Up 33.4% Year-Over-Year in Tokyo’s 23 Wards

Let’s start by looking at new single-family homes. According to a press release issued by Tokyo Kantei on June 9, 2026, the average price of new single-family homes (wooden construction, freehold, land area 100–300 m²) in the Greater Tokyo Area (Tokyo, Kanagawa, andChiba Prefecture, and Saitama Prefecture) for new single-family homes (wood-frame, freehold, land area 100–300 m²) was 50.43 million yen, up 2.3% from the previous month. This marks the highest price since records began in April 2014.By prefecture, Tokyo saw a 7.0% month-over-month increase to 63.55 million yen, marking its first rise in three months and a double-digit year-over-year increase. Kanagawa Prefecture also reached a new record high, rising 3.8% month-over-month to 55.16 million yen.On the other hand, Chiba Prefecture saw a 3.5% month-over-month decline to 41.1 million yen, and Saitama Prefecture fell 1.3% month-over-month to 40.58 million yen; however, according to Tokyo Kantei, both figures remain above their average prices for the past three months.

By major city, the average price in Tokyo’s 23 wards was 114.86 million yen, down 4.2% from the previous month. However, it showed a significant year-over-year increase of 33.4%.This is a rebound from the average price in Tokyo’s 23 wards, which had fallen to the 80 million yen range in May 2025, a point also noted by Tokyo Kantei. In the Tokyo suburbs, the average price rose 7.4% month-over-month to 54.59 million yen, setting a new record high.Yokohama City saw a 2.4% month-over-month increase to 61.81 million yen, marking its fourth consecutive month of growth, while Kawasaki City rose 2.5% month-over-month to 55.85 million yen; both areas are showing steady growth.

This upward trend in new single-family home prices is corroborated by another survey. According to “Price Trends for New Single-Family Homes in the Greater Tokyo Area (May 2026),” published by AtHome Lab Co., Ltd. on June 24, 2026,the average asking price (listing price) for new single-family homes registered and published for consumers in the Greater Tokyo Area was 50.78 million yen, up 1.0% from the previous month—marking the third consecutive month of increases—and up 6.0% year-over-year, marking the 21st consecutive month of increases.The Tokyo 23 Wards recorded a month-over-month increase of 4.0% and a year-over-year increase of 18.6%, both marking the largest increases on record.Seven areas—Tokyo (23 Wards/Suburbs), Kanagawa Prefecture (Yokohama City, Kawasaki City, and others), Saitama Prefecture (Saitama City and others), and western Chiba Prefecture—have set new record highs since January 2017; among these, the Tokyo suburbs have set new record highs for 15 consecutive months.Since both Tokyo Kantei’s data—which reflects actual transactions—and AtHome Lab’s data—which covers the listing stage—point in the same direction, it can be said that the price increase for new single-family homes is not a temporary phenomenon but rather a trend spanning multiple indicators.

CHAPTER II

Existing Single-Family Homes: Tokyo Prefecture Rises 19.5%; Closing Prices Also Rise for the Fifth Consecutive Month

Similar upward pressure to that seen in new homes is also evident in the pre-owned single-family home market.According to a Tokyo Kantei survey, the average price of pre-owned single-family homes in the Greater Tokyo Area (wooden structures, freehold, land area 100–300 m²) in May 2026 rose 2.8% month-over-month to 42.54 million yen, continuing the upward trend from the previous month.By prefecture, Tokyo saw a 19.5% month-over-month increase to 75.86 million yen—its first rise in five months—marking the highest price since records began in April 2014. Chiba Prefecture also continued its upward trend, rising 2.8% month-over-month to 30.16 million yen.On the other hand, Kanagawa Prefecture saw a 1.6% month-over-month decline to 42.43 million yen, marking its third consecutive month of decline; the average age of properties also increased by nearly two years. Saitama Prefecture also fell 6.3% month-over-month to 27.66 million yen, falling below the level recorded in the same month of the previous year.By major city, the average price in Tokyo’s 23 wards rose 22.3% month-over-month to 137.52 million yen—the first increase in five months. Tokyo Kantei analyzed that “high-priced transactions were observed not only in the city center but also in multiple wards, including the Jonan and Josai areas.”

A similar trend can be confirmed in data from East Japan REINS, which compiles actual transaction prices. According to the Monthly Flash Report: Market Watch Summary Report for May 2026, the number of transactions for pre-owned single-family homes in the Greater Tokyo Area was 1,835, up 2.9% year-on-year, marking the second consecutive month of growth.The average transaction price was 42.15 million yen, up 8.7% year-over-year and 0.9% month-over-month, marking the fifth consecutive month of increases.The number of properties on the market stood at 23,087, down 1.7% year-over-year, marking the fourth consecutive month of decline; this suggests a situation where prices are likely to rise as the number of properties for sale gradually decreases.Looking at transaction prices by region (year-over-year), Kanagawa Prefecture saw a 16.4% increase to 44.33 million yen, the 23 wards of Tokyo saw a 14.5% increase to 79.00 million yen, Chiba Prefecture saw an 8.1% increase to 27.04 million yen,Saitama Prefecture at 27.7 million yen (+7.8%), indicating that prices are rising across the entire Greater Tokyo Area.

It is interesting to note that while Saitama and Kanagawa Prefectures showed month-over-month declines based on Tokyo Kantei’s asking prices, both prefectures recorded year-over-year increases based on East Japan REINS’ transaction prices. This illustrates a characteristic of the pre-owned housing market, where average prices are prone to fluctuate depending on the quality of properties sold each month (location, age of the building, and floor area).It is essential to look at multiple months and multiple indicators together, rather than getting too caught up in the ups and downs of a single month’s figures.

CHAPTER III

New Small-Scale Single-Family Homes: Tokyo Reaches the 80 Million Yen Range for the First Time

I would also like to touch on “small-scale single-family homes” (with land areas of 50 to less than 100 square meters), which have been increasing in the central Tokyo area in recent years. According to a survey by Tokyo Kantei, the average price of new small-scale single-family homes in the Greater Tokyo Area in May 2026 rose for the second consecutive month, up 5.9% month-over-month to 62.71 million yen.By prefecture, Tokyo saw a month-over-month increase of 7.9% to 83.14 million yen, reaching the 80 million yen range for the first time since records began in April 2014. Saitama Prefecture recorded the largest increase in the Greater Tokyo Area, rising 8.6% month-over-month to 49.08 million yen.Kanagawa Prefecture also saw a 4.0% month-over-month increase to 51.57 million yen, marking its first rise in three months. Although Chiba Prefecture saw a 0.9% month-over-month decline to 46.11 million yen, the price remains above the average for the past three months.

By major city, the Tokyo 23 Wards saw an 8.7% month-over-month increase to 97.54 million yen, setting a new record high.Tokyo Kantei analyzed that “this was likely driven by rising average prices and an increase in the number of units in the central Tokyo area.” Prices in the Tokyo suburbs also rose by 7.6% month-over-month to 53.78 million yen, reaching the 50-million-yen range for the first time in three months.In Saitama Prefecture, prices rose significantly not only in Saitama City but also in Asaka City and Shiki City, among others. This shows that even for compact new homes with limited land area, prices in areas close to the city center are rising to levels approaching 100 million yen.

CHAPTER IV

Used Condominiums: Transaction Prices Fall for the First Time in 73 Months, Mismatch with Listing Prices

While prices for both new and used single-family homes are generally on an upward trend, a different pattern is beginning to emerge for used condominiums. According to the monthly flash report from East Japan REINS, the number of transactions for used condominiums in the Tokyo metropolitan area in May 2026 was 3,709, a 3.4% year-on-year decrease, marking the second consecutive month of decline.The transaction price per square meter was 807,800 yen, down 3.9% year-on-year, marking the first year-on-year decline in 73 months since April 2020.It also fell sharply by 6.0% month-over-month; according to East Japan REINS, this level is nearly identical to that of November 1990 (801,400 yen per square meter).The average transaction price was 50.67 million yen, down 4.6% year-over-year, marking the first year-over-year decline in 19 months since October 2024.The figure also fell by 4.8% compared to the previous month. Meanwhile, the number of listings stood at 45,804, up 3.4% year-on-year, marking the third consecutive month of increase. This suggests a pattern where the average transaction price is falling amid a growing number of properties for sale.

When broken down by area, the situation is a bit more complex.The number of transactions in Tokyo’s 23 wards stood at 1,452, down 17.9% year-on-year, marking the fifth consecutive month of decline. In contrast, Chiba Prefecture saw 445 transactions, up 19.9%, and Kanagawa Prefecture and other areas (excluding Yokohama and Kawasaki) recorded 281 transactions, up 14.2%.Regarding the transaction price per square meter, the Tokyo metropolitan area (23 wards) stood at 1.3124 million yen per square meter, a 2.0% increase compared to the same month last year, marking 73 consecutive months of growth since May 2020.In other words, although the unit price per square meter in the city center itself continues to rise, the average unit price per square meter for the greater Tokyo metropolitan area as a whole is falling; this may be because the shift in the focus of transactions from the city center to the suburbs is pulling down the average.

Another point to note is the “discrepancy” with asking prices.According to “Price Trends for Pre-Owned Condominiums in the Greater Tokyo Area (May 2026),” published by AtHome Lab on June 24, 2026, the average asking price per unit for pre-owned condominiums in the Greater Tokyo Area was 57.64 million yen, marking the 22nd consecutive month of increases compared to both the previous month and the same month of the previous year.For 13 consecutive months, all eight regions have exceeded the levels of the same month the previous year, with Tokyo (23 Wards/Suburbs), Kanagawa Prefecture (Yokohama City, Kawasaki City/Other Areas), Saitama Prefecture (Saitama City/Other Areas), and western Chiba Prefecture all reaching their highest levels since January 2017.However, the month-over-month rate of increase in Tokyo’s 23 wards fell below 1%, indicating that the pace of growth itself is slowing.While asking prices for properties currently on the market continue to rise, the actual transaction price per square meter has begun to decline—the divergence between these two indicators is a particularly important point that those considering a sale cannot afford to overlook.

CHAPTER V

Three Perspectives for Home Buyers, Revealed by May’s Data

Let’s take the figures we’ve examined so far and organize them from the perspective of those actually considering a home purchase.

Regardless of your situation, one thing remains true for everyone: it’s important not to view the Greater Tokyo Area as a single, monolithic entity, but rather to check the latest data for the specific prefectures and areas you’re interested in. The reports from Tokyo Kantei, East Japan REINS, and AtHome Lab featured in this article are all published monthly.If there is an area that interests you, please refer to the primary sources listed in the references at the end of this article.

CHAPTER VI

Summary

Looking back at the Greater Tokyo Area real estate market in May 2026, prices for new single-family homes, pre-owned single-family homes, and new small-scale single-family homes all continued their upward trend, with record highs being set in multiple areas.On the other hand, the used condominium market finds itself in a seemingly contradictory situation: while the average transaction price per square meter turned negative year-over-year for the first time in 73 months, asking prices continued to rise for the 22nd consecutive month. This “discrepancy” is a key clue that cannot be overlooked when trying to understand the market conditions in May 2026.When prices are fluctuating, it’s important not to make decisions based on a single figure, but rather to compare data from multiple research organizations and make decisions tailored to your own circumstances. When in doubt, don’t keep your concerns to yourself—consulting with an expert is an important option to consider.

CHAPTER VII

Frequently Asked Questions