Tokyo Metropolis¶
Made up of the 23 special wards and the Tama area. The highest price level in Japan for both new and resale homes, and the most exposed to domestic and overseas investment money.
Current phase¶
Overheating / still rising (adjustment pressure 17 / 100, confidence low, as of 2026-08)
Adjustment pressure is our own score built from inventory, transaction counts, closing prices and the gap between asking and closing prices (0-20 overheating, 20-40 plateau, 40-60 early correction, 60-80 correction under way, 80-100 declining).
What to watch: The gap between falling starts of new for-sale housing (thinning supply) and resale asking prices that remain high.
Resale condominium closing prices (MLIT)¶
Price per m² in units of ¥10,000 (万円). Quarters with fewer than 10 closings are not shown.
| Quarter | Median price per m² (¥10k) | Closings |
|---|---|---|
| 2024 Q2 | 88.0 | 5,212 |
| 2024 Q3 | 87.3 | 4,545 |
| 2024 Q4 | 88.0 | 5,081 |
| 2025 Q1 | 88.0 | 6,776 |
| 2025 Q2 | 89.1 | 6,670 |
| 2025 Q3 | 92.9 | 6,557 |
| 2025 Q4 | 95.7 | 6,596 |
| 2026 Q1 | 96.7 | 6,593 |
- Year-on-year change in median price per m²: +9.8% (2026 Q1)
By floor plan (resale condominiums, last 4 quarters)¶
2025 Q2 to 2026 Q1. Floor plans with fewer than 10 closings are not shown. "S" (service room) is not counted as a room.
| Floor plan | Closings | Median price (¥10k) | Median per m² (¥10k) | Median size (m²) | Per m², year on year |
|---|---|---|---|---|---|
| Studio / 1K / 1DK | 4,248 | 2,300 | 86.7 | 25.0 | +3.2% |
| 1LDK | 4,150 | 5,700 | 122.2 | 45.0 | +10.0% |
| 2 rooms (2K-2LDK) | 8,213 | 6,400 | 103.6 | 60.0 | +6.9% |
| 3 rooms (3K-3LDK) | 8,953 | 6,000 | 82.9 | 75.0 | +7.4% |
| 4 rooms or more | 851 | 5,900 | 63.2 | 90.0 | +7.4% |
Houses and land (MLIT)¶
Transaction prices from MLIT's survey of registered sales. Prices in ¥10,000. Quarters with fewer than 20 deals are not shown.
| Quarter | Median house price (¥10k) | House deals | Houses under ¥10m | Median land price per m² (¥10k) |
|---|---|---|---|---|
| 2025 Q2 | 6,200 | 2,533 | 2.8% | 51.2 |
| 2025 Q3 | 6,200 | 2,793 | 2.2% | 52.1 |
| 2025 Q4 | 6,100 | 2,405 | 2.9% | 52.0 |
| 2026 Q1 | 5,950 | 774 | 4.5% | 49.3 |
Official land prices (Chika Koji, MLIT)¶
Prices of standard sites as of 1 January each year (published in March). The change is the average for sites that continue from the previous year.
| Year | Use | Median (¥ per m²) | Change | Sites |
|---|---|---|---|---|
| 2024 | Commercial | 1,100,000 | +6.2% | 857 |
| 2025 | Commercial | 1,220,000 | +10.3% | 851 |
| 2026 | Commercial | 1,400,000 | +12.0% | 849 |
| 2024 | Residential | 363,000 | +4.0% | 1,697 |
| 2025 | Residential | 383,000 | +5.6% | 1,661 |
| 2026 | Residential | 407,000 | +6.4% | 1,663 |
This service uses the API of the MLIT Real Estate Information Library, but the timeliness, accuracy and completeness of the information provided are not guaranteed. (このサービスは、国土交通省不動産情報ライブラリのAPI機能を使用していますが、提供情報の最新性、正確性、完全性等が保証されたものではありません。)
Figures are medians of individual transactions and change with the mix of what sold. Regime labels are our own interpretation, not investment advice.