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To Accurately Understand “Current Prices”
“I was just about to start looking for a home, but prices have gone up again”—lately, I’ve been hearing sighs like this more and more often. In fact, in April 2026, the Greater Tokyo Area real estate market saw both pre-owned condos and new single-family homes hit record highs. Every time people see news of rising prices, they wonder, “Is this now out of my reach?”or “If I wait, won’t prices eventually come down?”—and as a result, many people are hesitating to take that first step in their home search. In this article, we’ll accurately analyze the Greater Tokyo Area real estate market as of April 2026 based on publicly available data from three sources—AtHome Lab, East Japan REINS, and Tokyo Kantei—and summarize the key points that prospective homebuyers need to know.
CHAPTER I
Let’s start with the numbers. According to a survey by AtHome Lab, the average price per unit (listing price) for pre-owned condominiums in the Greater Tokyo Area in April 2026 was 56.67 million yen.This marks the 21st consecutive month of increases compared to both the previous month and the same month last year. Furthermore, in four areas—Tokyo (the 23 wards and surrounding areas), Kanagawa Prefecture (Yokohama, Kawasaki, and others), Saitama Prefecture (Saitama City and others), and western Chiba Prefecture—prices have reached their highest levels since records began in January 2017.Furthermore, prices in all eight target areas have exceeded the levels of the same month the previous year for 12 consecutive months, indicating that price increases are spreading across the entire Greater Tokyo Area, not just in certain areas.
, used condominium prices over the past few years have been like riding an escalator that keeps going up. While there may be landings (temporary pauses), they are not moving in the opposite direction.Twenty-one months is roughly equivalent to one year and nine months. For those currently looking for a place to live, this means that the feasibility of the option to “wait until prices eventually fall” is diminishing with each passing year.
CHAPTER II
Trends in new single-family homes are also worth noting. According to a survey by AtHome Lab, the average price (listing price) of new single-family homes in the Greater Tokyo Area in April 2026 was 50.3 million yen.This represents a 1.8% increase from the previous month—marking the second consecutive month of growth—and a 5.4% increase year-over-year, marking the 20th consecutive month of growth. This is the first time prices have reached the 50 million yen range since records began.Prices rose in all eight surveyed areas compared to both the previous month and the same month last year—marking the second consecutive month of month-over-month increases and the 13th consecutive month of year-over-year increases.Tokyo (the 23 wards and the rest of the prefecture), Kanagawa Prefecture (Yokohama, Kawasaki, and others), Saitama Prefecture (Saitama City and others), and western Chiba Prefecture all set new record highs since January 2017, with the rest of Tokyo Prefecture setting a new record high for the 14th consecutive month.
A similar trend was confirmed in a survey by Tokyo Kantei. The average price in the Greater Tokyo Area for newly built small single-family homes with land areas of approximately 50–100 square meters rose for the first time in three months to 59.23 million yen as of April 2026, up 0.5% from the previous month.Prices for newly built single-family homes (in the Greater Tokyo Area) with land areas of 100–300 square meters edged down slightly by 0.2% month-over-month to 49.32 million yen, but both surveys show that prices remain at high levels.The figure of 50 million yen indicates that what was previously the market price for “certain central urban areas” is now becoming established as the average for the Greater Tokyo Area.
CHAPTER III
Why do prices continue to rise to such an extent? One factor that cannot be ignored is the rise in land prices themselves.According to the “Reiwa 8 Land Price Announcement” published by the Ministry of Land, Infrastructure, Transport and Tourism in March 2026, land prices nationwide rose for the fifth consecutive year across all categories—the average for all land uses, residential land, and commercial land—while in the Tokyo metropolitan area, the rate of increase expanded across all three categories.
When the cost of acquiring land rises, it not only directly affects the prices of new single-family homes but also ripples through the market sentiment of the entire pre-owned condominium market.It can be said that housing in the Tokyo metropolitan area is currently built upon the foundation of “rising land prices.” However, it is difficult to strictly distinguish the causal relationship between land price increases and individual property prices using numerical data; here, we will limit ourselves to pointing out—as a published fact—that both are moving in the same direction during the same period.
CHAPTER IV
The figures of 56.67 million yen and 50.30 million yen presented so far are both averages of the asking prices—the prices at which sellers indicate they “want to sell” at. So, what about the “transaction prices”—the prices at which actual buyers purchased the properties?According to the preliminary monthly report for April 2026 published by the East Japan Real Estate Information Network (East Japan REINS), the transaction price for pre-owned condominiums in the Greater Tokyo Area was 53.21 million yen, up 5.4% year-over-year, while the transaction price for pre-owned single-family homes was 41.77 million yen, up 9.8% year-over-year.Although the increase is not as significant as that seen in asking prices, prices are steadily rising even on a transaction basis.
However, there is one change that cannot be overlooked. The number of closed deals for pre-owned condominiums stood at 3,903, down 1.2% year-on-year, marking the first decline in 18 months.On the other hand, the number of properties on the market stood at 45,215, a 2.7% increase year-over-year, marking the second consecutive month of growth. In particular, in the 23 wards of Tokyo, the number of transactions fell by 9.0% year-over-year, marking the fourth consecutive month of decline, creating a situation where “prices are rising, but the number of units sold is not increasing.”Conversely, the number of closed deals for pre-owned single-family homes increased by 3.5% year-over-year—the first increase in two months—suggesting a divergence in market trends depending on the type of housing.
According to a survey by Tokyo Kantei, prices for pre-owned single-family homes in the Greater Tokyo Area rose 0.6% month-over-month to 41.39 million yen—the first increase in two months. When cross-referencing multiple sets of statistics, the trend toward “rising prices” is consistent.When looking at these figures, simply being aware of whether the statistics refer to “asking prices” or “sale prices” makes the actual state of the market much clearer.
CHAPTER V
Price differences also vary significantly by region. According to transaction data from East Japan REINS, the average transaction price for pre-owned condominiums in April 2026 was 70.18 million yen in Tokyo, compared to 41.35 million yen in Kanagawa Prefecture, 29.13 million yen in Saitama Prefecture, and 29.04 million yen in Chiba Prefecture—a gap of more than double between Tokyo and the other prefectures.In particular, prices in Tokyo’s 23 wards rose to 77.34 million yen, an 8.2% increase compared to the same month the previous year. The transaction price per square meter for the entire Greater Tokyo Area has continued to rise for 72 consecutive months since May 2020, and even when limited to Tokyo’s 23 wards, it has also risen for 72 consecutive months.
Closed Transaction Prices for Pre-Owned Condominiums by Prefecture (April 2026, East Japan REINS)
Source: Compiled independently based on the “Monthly Flash Report: Market Watch—Raw Data Edition (April 2026)” by the East Japan Real Estate Distribution Organization (a public interest incorporated foundation). Based on transaction prices.
The same pattern holds true for pre-owned single-family homes. The transaction price in Tokyo was 64.94 million yen, in Kanagawa Prefecture 39.85 million yen, in Chiba Prefecture 28.33 million yen, and in Saitama Prefecture 24.50 million yen.Looking solely at Tokyo’s 23 wards, the price stood at 82.07 million yen, a 20.1% increase year-over-year; the rise in prices for single-family homes in the city center was even greater than that for condominiums.
Closing Prices for Pre-Owned Single-Family Homes by Prefecture (April 2026, East Japan REINS)
Source: Compiled independently based on the “Monthly Flash Report: Market Watch—Raw Data Edition (April 2026)” by the East Japan Real Estate Distribution Organization (a public interest incorporated foundation). Based on actual transaction prices.
The reality of today’s Greater Tokyo real estate market is that the perceived price trends vary significantly depending on whether you’re looking at “the city center or the suburbs” and “condominiums or single-family homes.” When comparing areas, it’s important to check not only the average figures but also the specific data for the city, ward, town, or village you’re considering.
CHAPTER VI
Precisely because prices are on the rise, it’s important to prepare based on facts rather than acting blindly.
The average transaction price per square meter for pre-owned condos has been rising for 72 consecutive months, and based on past trends, there are currently no signs of a significant drop in the short term. Rather than gambling on “waiting for prices to fall,” it’s a more realistic approach to first set your total budget limit and then search for properties that meet your criteria within that range.
The prices listed on real estate portals are, after all, merely the sellers’ asking prices. By also reviewing data that publishes actual closing prices—such as the monthly flash reports from East Japan REINS—you can gain insight into the room for price negotiation and the prevailing market prices in that area.
As we’ve seen, there are significant differences in both price levels and the pace of appreciation between Tokyo’s 23 wards and its suburbs. There are also months when the trends in the number of closed deals for condos and single-family homes move in opposite directions. Rather than relying solely on the “Greater Tokyo Area average,” make it a habit to check the latest data for each specific area and property type you’re considering.
The steps involved in purchasing a pre-owned home are explained in detail in “ How to Buy a Pre-Owned Home: A Guide to the Process Before and After Signing the Contract.”
CHAPTER VII
In April 2026, the Greater Tokyo Area real estate market saw both used condominiums set a record for the 21st consecutive month of price increases and new single-family homes reach the 50 million yen range for the first time—marking new “record highs” for both.On the other hand, despite the strong price momentum, signs of a shift in market sentiment are beginning to emerge, such as sluggish growth in the number of closed deals and an increase in inventory. By taking into account the differences in asking prices and actual sale prices, as well as variations by area and property type, you should carefully assess the best timing for finding a home that suits your current situation.
CHAPTER VIII
Q. What is the difference between the “average price” and the “sale price” of a pre-owned condominium?
The “average price” is the average of the asking prices (sellers’ desired prices) listed on the market, as compiled by organizations such as AtHome Lab.The “sale price” is the average price at which actual sales contracts were concluded, and is compiled by the East Japan Real Estate Information Network (East Japan REINS), a public interest incorporated foundation. Generally, asking prices tend to be slightly higher than sale prices, so comparing the two provides a more accurate picture of market conditions.
Q. Why did the price of new single-family homes exceed 50 million yen?
According to a survey by AtHome Lab, the average price (asking price) of new single-family homes in the Greater Tokyo Area in April 2026 rose 1.8% month-over-month and 5.4% year-over-year, reaching the 50 million yen range for the first time.This trend is likely driven by the continuous rise in land prices indicated in the Ministry of Land, Infrastructure, Transport and Tourism’s “Reiwa 8 Land Price Announcement”; while rising land acquisition costs are thought to be affecting sales prices, it is not possible to strictly quantify the causal relationship between the two.
Q. Why is the number of closed deals for pre-owned condominiums declining?
According to the monthly flash report from East Japan REINS, the number of closed deals for pre-owned condominiums in the Tokyo metropolitan area in April 2026 fell by 1.2% year-on-year, marking the first decline in 18 months. At the same time, the number of units in inventory increased by 2.7% year-on-year.It is possible that rising prices are causing more buyers to postpone purchases or adopt a wait-and-see attitude, but there is no publicly available data to definitively identify the cause, so the reason remains unclear.
Q. Will real estate prices continue to rise in the future?
Judging from past trends, the price per square meter for pre-owned condominium sales has risen for 72 consecutive months, indicating a continuing long-term upward trend. However, it is impossible to accurately predict future price movements. We recommend that you make decisions based on your own circumstances while continuously monitoring the latest published data.
Q. How much of a price difference is there between Tokyo, Kanagawa, Saitama, and Chiba?
According to East Japan REINS transaction data from April 2026, the average price per square meter for pre-owned condominiums was 70.18 million yen in Tokyo, compared to 41.35 million yen in Kanagawa Prefecture, 29.13 million yen in Saitama Prefecture, and 29.04 million yen in Chiba Prefecture.For pre-owned single-family homes, the figures were 64.94 million yen in Tokyo, 39.85 million yen in Kanagawa, 28.33 million yen in Chiba, and 24.50 million yen in Saitama—a price difference of more than double depending on the prefecture.
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