Tokyo 23 Wards¶
The central, bayside, south-west and north-east wards differ greatly in character. Resale condominium transaction counts are among the highest of any municipality in Japan.
Current phase¶
Declining (adjustment pressure 83 / 100, confidence high, 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: Whether a correction spreads from the three central wards to the outer wards; the share of deals above ¥100 million and of older buildings shows how the mix is changing.
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 | 96.9 | 4,344 |
| 2024 Q3 | 95.6 | 3,728 |
| 2024 Q4 | 97.3 | 4,163 |
| 2025 Q1 | 96.7 | 5,624 |
| 2025 Q2 | 100.0 | 5,559 |
| 2025 Q3 | 104.0 | 5,447 |
| 2025 Q4 | 106.7 | 5,418 |
| 2026 Q1 | 107.5 | 5,424 |
- Year-on-year change in median price per m²: +11.2% (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 | 3,935 | 2,400 | 90.0 | 25.0 | +5.0% |
| 1LDK | 3,894 | 5,900 | 125.7 | 45.0 | +10.0% |
| 2 rooms (2K-2LDK) | 7,074 | 7,100 | 115.0 | 60.0 | +7.3% |
| 3 rooms (3K-3LDK) | 6,470 | 7,300 | 98.5 | 75.0 | +10.3% |
| 4 rooms or more | 474 | 7,500 | 81.5 | 90.0 | +9.5% |
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 | 8,000 | 1,615 | 1.2% | 70.8 |
| 2025 Q3 | 8,000 | 1,742 | 1.2% | 73.0 |
| 2025 Q4 | 8,100 | 1,477 | 1.7% | 75.7 |
| 2026 Q1 | 8,000 | 465 | 1.7% | 70.0 |
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 | 1,360,000 | +6.8% | 682 |
| 2025 | Commercial | 1,588,500 | +11.7% | 676 |
| 2026 | Commercial | 1,810,000 | +13.6% | 674 |
| 2024 | Residential | 555,500 | +5.3% | 890 |
| 2025 | Residential | 600,000 | +7.8% | 869 |
| 2026 | Residential | 655,000 | +8.9% | 871 |
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.