HDB Resale Price Growth Slows in 2025: What It Means for Buyers

The HDB resale market in Singapore continues to show resilience despite a noticeable deceleration in price growth in early 2025. While prices are still climbing, the pace has moderated — signaling potential opportunities for buyers who have been waiting on the sidelines.

In this article, we break down what’s happening in the HDB resale market, what analysts expect for the rest of the year, and how buyers can position themselves wisely in 2025.

Q1 2025: A Slower But Steady Climb

According to the latest data, the HDB Resale Price Index rose by 1.5% quarter-on-quarter (QoQ) in Q1 2025. This marks the 20th consecutive quarter of price growth but is the slowest quarterly increase since Q1 2024.

Despite this slowdown, experts say the market remains fundamentally strong, driven by tight supply and sustained demand from first-time buyers, families upgrading, and Permanent Residents (PRs).

What Experts Are Saying

PropNex Realty projects that HDB resale prices will rise by 5% to 7% in 2025, a significant pullback from the 9.7% growth in 2024.

OrangeTee & Tie attributes the slower growth to a larger supply of Build-To-Order (BTO) and Sale of Balance Flats (SBF), which are pulling some demand away from the resale market.

Meanwhile, Huttons Asia highlights:

• A 7.7% year-on-year (YoY) drop in transaction volume to 6,392 units in Q1 2025,

• The lowest quarterly volume since Q2 2020,

• Fewer options available due to only ~8,000 flats fulfilling MOP (Minimum Occupation Period) over the past decade.

“Buyers have fewer options, thus resulting in a bigger drop in volume,” said Lee Sze Teck, Senior Director of Data Analytics at Huttons.

Demand Outlook: What to Expect in the Coming Months

OrangeTee analysts believe that price resistance is beginning to emerge, and buyers are becoming more selective. However, demand is expected to pick up in Q2 and Q3 2025, especially as more households consider resale flats due to their immediate availability and location flexibility.

PropNex also forecasts that total resale transactions will range between 28,000 to 29,000 units for the full year, supported by:

• First-time buyers using CPF grants

• Second-time movers seeking bigger homes

• PRs entering the resale market

Will Prices Continue to Rise in 2025?

Most experts agree that the HDB resale market will stay tight due to low flat supply. Although price growth has moderated, it is unlikely that prices will fall dramatically. Instead, we can expect stable to modest price gains.

Huttons forecasts price growth of 5% to 8% for the year, while OrangeTee predicts a rise in buyer interest as the year progresses.

Key Takeaways for Buyers:

• Opportunity Window: Slower growth could mean better deal opportunities for prepared buyers.

• Be Grant-Ready: Ensure your HFE letter and CPF financing are in place to act quickly.

• Watch Transaction Volumes: Lower supply = fewer options, so move fast if you find a suitable unit.

Final Thoughts

The HDB resale market in 2025 remains a resilient and attractive choice for many homebuyers. While the breakneck growth of previous years may be behind us, the combination of stable prices and strong fundamentals makes 2025 an excellent time to secure your next home.

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