Average price reaches ¥59.28 million
At Home’s August 31 market report showed that the average price of a used condominium listed in the Greater Tokyo area reached ¥59.28 million in July 2026. Both month-on-month and year-on-year prices increased for the 24th consecutive month, extending the current upward cycle to two full years. All eight geographic areas covered by the survey have now exceeded their year-earlier levels for 15 consecutive months. Tokyo’s 23 wards and suburban Tokyo, Yokohama and Kawasaki, other parts of Kanagawa, Saitama City and parts of Chiba were among the markets recording the highest levels since the survey series began in January 2017.
Tokyo’s 23 wards show slower monthly growth
The more nuanced signal came from Tokyo’s 23 wards, where the monthly increase narrowed to 0.2%. Prices remain historically high, but the reduced pace of growth is important because buyers are simultaneously facing higher purchase totals and a higher interest-rate environment. Strong new-build prices and limited supply have supported demand for existing condominiums, yet affordability is becoming a more visible constraint. One month of slower growth does not establish a market reversal, but the combination of record-level pricing and softer momentum is likely to receive greater attention from sellers and investors.
Affordability and total ownership cost become more important
For overseas buyers and non-residents, exchange rates alone are an increasingly incomplete measure of value. Management fees, reserve contributions, taxes, financing costs and the future liquidity of a unit all affect the investment calculation. The latest figures also underline the need to compare properties at the neighborhood and building level rather than relying on metropolitan averages. In the second half of 2026, transaction volumes, listing periods and price reductions will be important indicators of whether today’s high price levels can be sustained.