Tokyo apartment discounts in November

The median discount on an existing apartment sold in Tokyo’s 23 wards was just 1.04% in November. This is a 0.7 point drop from November 2019. 43% of transactions sold at their full asking price, up from a 31% share in 2019.

Overall, 75% of transactions sold at a discount of under 3%, and that includes those that sold at full price. In 2019, that share was 68%.

The median discount was the lowest in the 50 ~ 100 million Yen price range with a median of 0.76%. Apartments in the 60 ~ 80 sqm (646 ~ 861 sq.ft) size range also had the lowest median discount of 0.87%, and represented 40% of transactions. Apartments over 80 sqm represented 15.6% of transactions in November, up from a 12.7% share in 2019.

The median days listed was 43, down from 50 days in 2019.

In November, existing apartment sales across greater Tokyo hit a 30-year record high for the month of November. Meanwhile, new listings for the month were down 17.2% from last year and the 15th month in a row to see a drop. Remaining inventory is down 19.2% from last year and down 3.3% from the previous month. With record-high sales and a shrinking inventory, it is difficult to see Tokyo’s residential real estate shifting to a discount-heavy buyer’s market for at least the time being.

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