Did buyers prefer newer or older homes in 2021?

Over the past decade, the average age of a second-hand apartment sold across greater Tokyo has been growing. In 2011, the average building age was 18.27 years. In 2021, it was 22.67 years.

29.7% of all apartment sales were in buildings over 30 years old, up from an 18.2% share in 2011. Of those, 15.0% were aged 31 ~ 40 years, and 14.7% were in buildings over 40 years old.

The biggest gap where demand outstripped and supply was in the 6 ~ 10 year range. This accounted for 14.2% of transactions in 2021 but only 8.6% of new listings. The only age ranges with over-supply conditions were for buildings aged 26 years and older.

For detached homes, the average age of a house sold in 2021 was 21.20 years, up from an average of 19.37 years in 2011. 39% of sales were for homes built within the past 15 years. 

Source: REINS, February 25, 2022.

 1,398 total views,  2 views today