In February, the average price of newly built detached houses in the Tokyo metropolitan area fell.

On the 7th, Tokyo Kantai Co., Ltd. announced the average price trends of newly built wooden single-family houses in major metropolitan areas for February 2024. Properties with land and buildings both under ownership, with a land area of ​​100 square meters to 300 square meters, and within a 30-minute walk or 20-minute bus ride from the nearest station were included.

The average price in the Tokyo metropolitan area fell to ¥44.2 million (down 3.1% from the previous month). By prefecture, Tokyo fell to ¥52.13 million (down 5.7%), reversing the previous trend and contributing to the overall decline in the Tokyo metropolitan area. Kanagawa Prefecture continued its decline at ¥46.95 million (down 2.6%). Chiba Prefecture saw a slight consecutive decline to ¥37.47 million (down 0.1%), but showed a year-on-year increase. Saitama Prefecture reversed its trend from consecutive increases to a decline at ¥38.19 million (down 2.7%). Prices fell in all prefectures in February.

The Kinki region saw a reversal in its trend, dropping to ¥36.26 million (down 1.4%). By prefecture, Osaka Prefecture increased to ¥38.35 million (up 0.6%). Hyogo Prefecture fell again to ¥37.19 million (down 0.6%), while Kyoto Prefecture continued its upward trend for the third consecutive month at ¥41.62 million (up 3.2%). The decline in major cities such as Sakai City (¥40.9 million, down 4.9%) and Kobe City (¥41.32 million, down 12.6%) affected the entire Kinki region.

The Chubu region continued its decline for the third consecutive month, dropping to ¥32.85 million (down 0.2%). Aichi Prefecture continued its consecutive increase at ¥35.54 million (up 0.7%).

Miyagi Prefecture rose to ¥34.85 million (up 1.6%), while Fukuoka Prefecture fell to ¥34.8 million (down 2.2%).

Reprinted from: Real Estate Distribution Research Institute Co., Ltd. “R.E.port”

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