The HDB resale market showed signs of moderation in June 2025 as the average transacted resale price posted a marginal month-on-month decline - the first price dip in five months. This follows a relatively flat month of sales, due in part to the June school holidays where transactions tend to slow as families may be traveling. During the month, a 5-room resale flat in Dawson Road achieved an all-time-high resale price based on recorded transactions when it fetched around $1.659 million.

In June 2025, there were 2,272 HDB flats resold - down by 0.3% MOM from the 2,278 flats transacted in the previous month (see Chart 1). On a year-on-year basis, the HDB resale transactions in June was up by 4.7% from the 2,171 units sold in the corresponding month in 2024. The towns that saw the highest number of resale transactions in June were Tampines, Yishun and Sengkang.

The muted sales could have put a drag on resale prices. Transaction data showed that the average HDB resale price came in at around $652,700 in June 2025, marking a 0.7% dip from about $657,400 the previous month (see Chart 1).

Chart 1: HDB resale volume and average resale price

Chart 2: HDB resale flat transactions by price range

Based on PropNex's analysis of the transaction data, about 23.4% of the resale flats sold were priced at below $500,000 in June 2025, compared with 21.9% in the previous month. Meanwhile, some 41.2% of the transactions fetched between $500,000 and $700,000 each in June - lower than 42.7% in May. The proportion of flats resold at higher price bands was relatively unchanged at 29.6% for those sold at $700,000 to just under $1 million and 5.8% for at least $1 million in June, versus 29.2% and 6.2%, respectively in the previous month (see Chart 2).

Table 1: Average HDB resale flat prices by flat type, by town classification

By estate classification and flat type, data showed that executive flats in mature town witnessed a 6.3% MOM decline in the average price, following a price growth in the previous month (see Table 1). Other flat types that posted price declines from May to June included the 4- and 5-room, and executive flats in non-mature estates. Meanwhile, the segments that achieved a higher MOM price growth in the month were 3-room flats in non-mature towns where the average resale price rose by 1.9% MOM, and 4-room flats in mature estates, with a 0.9% MOM resale price increase.

In June 2025, there were 132 HDB resale flats that fetched at least $1 million (see Chart 3), making up 5.8% of the monthly transactions. So far in 2025, the number of million-dollar resale flats sold has exceeded 100 units every month, taking the total to 763 units in the first half of 2025. PropNex expects there may be more than 1,300 million-dollar flats transacted in the entire 2025 - surpassing the record 1,035 such units that changed hands in 2024.

Chart 3: Number of HDB flats resold for at least $1 million by month

The 132 units of million-dollar flats resold in June comprised 58 units of 4-room flats, 40 units of 5-room flats, and 34 executive flats. The towns with the highest number of such sales in June were Toa Payoh with 28 units, Queenstown with 20 units, Bukit Merah with 17 units, and 11 units in Bishan. Among the 132 units, 13 of them are located in non-mature towns Hougang, Woodlands, Bukit Panjang, Yishun, and Bukit Batok.

Of note, Toa Payoh has the highest number of million-dollar resale flats transacted in 1H 2025, at 148 units. Of these, a majority of the flats are found in Bidadari Park Drive, Alkaff Crescent, Lorong 1A Toa Payoh, Lor 1 and 2 Toa Payoh, and Toa Payoh East. PropNex anticipates that the number of such transactions in Toa Payoh could remain elevated, in view of the projects that have recently exit the 5-year minimum occupation period (MOP) in Bidadari Park Drive and Alkaff Crescent.

The priciest flat resold in June - also an all-time record price based on transaction data - was a 5-room unit in Dawson Road in Queenstown. The 122-sq m premium apartment loft unit - located on floors between the 22nd and 24th storey - fetched nearly $1.659 million (see Table 2).

Typically, the HDB resale volume tend to rebound in July after the June school holidays. However, with the HDB launching its latest Build-to-Order (BTO) flats in July, it is possible that the HDB resale transactions could stay range-bound, as some prospective buyers who have less urgent housing needs may decide to apply for a BTO flat instead of buying a resale unit. Around 5,500 BTO flats in Bukit Merah, Bukit Panjang, Clementi, Sembawang, Tampines, Toa Payoh, and Woodlands are slated to be launched in July 2025. In addition, the HDB will also offer around 3,000 sale of balance flats (SBF) units in July.

Table 2: Top 10 HDB resale flats sold in June 2025 by Transacted Price

Contact a PropNex salesperson to find out more about resale HDB market trends.