HDB resale market activity picked up in March following relatively subdued sales in the previous month, partly due to the Chinese New Year festivities.

According to transaction data, there were 2,052 flats resold in March, up from the 1,666 units that changed hands in February. That the resale volume rose in March despite a week-long school holiday is encouraging. Meanwhile, sales were 8.1% higher on a year-on-year (YOY) basis from 1,899 flats resold in March 2025 (see Chart 1). In March, the resale transactions were led by Woodlands, Yishun, and Tampines.

Notably, three of the last six months had posted sales of less than 2,000 units per month, a trend not seen since early-2020. It may be that the sales velocity is gradually returning to the levels witnessed in the years prior to the Covid-19 pandemic. The injection of new supply of build-to-order (BTO) flats and sale of balance flats (SBF) in recent years, alongside various cooling measures have helped to quell the robust demand for public housing.

In tandem with the uptick in sales, the average HDB resale price inched up marginally by 0.8% in March from February to $661,660 (see Chart 1). When compared with March 2025, the average price was up by 2.5% YOY.

Chart 1: HDB resale volume and average resale price

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

By flat type and town classification, the average price of executive flats in mature towns posted the strongest increase in the month, rising by 4.2% month-on-month (MOM) to just over $1 million (see Table 1). Three-room flats and 5-room resale flats also saw healthy price growth in the month, rising by 3.2% and 2.6% MOM, respectively. Notably, a 178-sqm adjoined flat in Ang Mo Kio Avenue 5 achieved an all-time high transacted price for executive flats in Ang Mo Kio when it was resold for $1.35 million in March. Over in non-mature towns, 5-room resale flats saw higher MOM average price growth at 1.9% during the month.

Overall, the sales data showed that the proportion of flats resold that were priced at below $500,000 in March was 22.6%, slipping from 23.0% in the previous month. About 41.1% of the resale flats sold fetched between $500,000 and under $700,000, a tad lower than 42.3% in February. Meanwhile, the proportion of resale flat deals done at $700,000 to just under $1 million in March came in at 29.2%, higher than 27.4% in the previous month. Of note, 7.1% of the flats were resold for at least $1 million in March, easing from 7.3% a month before (see Chart 2).

Chart 2: HDB resale flat transactions by price range

Million-dollar resale HDB flats

In March, there were 145 flats that were resold for at least $1 million - marking a 19% increase from the 122 units transacted in the previous month (see Chart 3). They comprised 61 units of 4-room flats, 60 units of 5-room flats, and 24 executive flats.

Among the million-dollar resale flat deals in the month, nine units are in non-mature towns - four in Sengkang, two in Woodlands, and one each in Bukit Batok, Hougang, and Jurong East. The rest of the units are in mature towns, led by Toa Payoh with 34 deals, Bukit Merah with 23, and Ang Mo Kio with 18 such transactions in March.

Including March's figures, there were 412 units of HDB resale flats that had fetched at least $1 million in Q1 2026 - about 18% higher than the 350 units in Q4 2025. PropNex notes that about 15% of the million-dollar flats resold in Q1 2026 had a lease balance of 94 years or more, suggesting that these units had recently met their 5-year minimum occupation period (MOP). These included flats at Northshore StraitsView in Punggol, Ang Mo Kio Court, SkyParc @ Dawson, Clementi Crest, as well as Alkaff Courtview and Alkaff Lakeview in Bidadari.

In view of the higher number of flats reaching MOP this year - at 13,500 units versus 8,000 in 2025 - including in sought-after locations such as Queenstown, PropNex expects the million-dollar flats tally to stay elevated in 2026, potentially tracking close to 2025's figure. Last year, a record 1,593 such flats were resold.

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

The priciest HDB resale flat transacted in March 2026 was a 5-room flat at Tiong Bahru View in Boon Tiong Road. The 112-sqm unit is located on a floor between the 25th and 27th storey and it fetched around $1.649 million (see Table 2) - a new record high HDB resale price in Bukit Merah town to-date.

Table 2: Top 10 HDB resale flats sold in March 2026 by Transacted Price

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