Average completed price reached ¥77.57 million
East Japan REINS reported 1,509 completed resale condominium transactions in Tokyo's 23 wards in July 2026, down 17.2% from a year earlier. At the same time, the average contracted price rose 3.4% to ¥77.57 million and the average price per square meter increased 2.7% to ¥1.3577 million. Average floor area was 56.18 square meters, up 0.3%, while average building age was 25.76 years. The combination of higher completed prices and substantially lower transaction volume makes the market more complex than a simple narrative of continued strength.
Strong average prices can coexist with weaker liquidity
A transaction-price average reflects properties that actually sold, not the value of every unit currently on the market. The average can rise when more high-quality or higher-priced properties make up the completed transaction mix even while overall sales volume falls. Tokyo's 23 wards also contain wide differences in value depending on district, station, age, floor level, view and building management. International buyers should therefore not use the ¥77.57 million headline as a generic benchmark for all central Tokyo condominiums.
Buyers and sellers need to evaluate probability of execution, not price alone
Lower transaction volume may create negotiation opportunities in some segments, but highly sought-after locations and scarce units can behave differently. Sellers may increasingly see a gap between assets capable of sustaining premium pricing and units requiring price adjustments to attract buyers. For a non-resident buying or selling a Tokyo condominium, recent transactions in the same building or immediate neighborhood, management fees, repair reserves, building condition and the future buyer pool are as important as broad averages. The coexistence of rising prices and falling volumes is itself one of the defining characteristics of Tokyo's summer 2026 market.