HDB Resale Prices Q3 2026: Third Straight Dip, but Volume Rebounds

Data snapshot: HDB flash estimate for Q3 2026 (released 1 October 2026) and HDB resale transaction records through October 2026. Last reviewed: 24 Oct 2026.

HDB's flash estimate for the third quarter of 2026 puts the Resale Price Index (RPI) at 202.4, down 0.2% from 202.8 in Q2. It is the third consecutive quarterly decline in 2026. At the same time, resale transactions rose sharply, with 7,528 deals recorded as of 29 September 2026, up 17.7% from Q2.

Prices edging down while more flats change hands looks contradictory. It is a common pattern when a market is repricing rather than freezing, and it matters for anyone planning to buy or sell a resale flat in the next few months.

This article covers what the official flash numbers say, a town-by-town look at 4-room flat prices per square metre, what the data cannot tell you, and how to use it in a real decision.

Q3 2026 HDB resale market: key numbers

Measure	Q3 2026 (flash)	Comparison
Resale Price Index	202.4	202.8 in Q2 2026 (-0.2% QoQ)
Quarterly price change	-0.2%	Q1 2026: -0.1%; Q2 2026: -0.3%
Cumulative change, first nine months	about -0.6%	Sum of the three quarterly moves
Resale transactions (to 29 Sep)	7,528	6,396 in Q2 2026 (+17.7%); 7,157 same period last year (+5.2%)
Five-room flats sold	1,822	+23.7% QoQ
Executive flats sold	535	+39% QoQ
Resale flats sold for at least $1 million	597	Reported as a quarterly record

Sources: HDB flash estimate of 3rd quarter 2026 resale price index and industry commentary on it, including ERA and EdgeProp.

Flash figures are provisional. The quarter had not closed when HDB counted, so the transaction totals will rise, and the index can be revised when HDB publishes the final Q3 figure. Some later industry reports already quote slightly different counts (for example, 596 rather than 597 million-dollar flats). Check HDB's resale price index dataset on data.gov.sg for the final print before quoting a number to a client, bank or buyer.

What the numbers say

1. Prices are drifting, not falling sharply

A 0.2% quarterly dip is small. Three small dips in a row add up to roughly 0.6% over nine months, which is a flat-to-slightly-softer market, not a correction. That follows strong gains in earlier years, so the change in direction is more notable than its size.

2. Volume is recovering

Q3 volume is up 17.7% on Q2 and 5.2% on the same point last year. Two changes are worth keeping in mind:

The 15-month wait-out for private property owners was removed on 27 July 2026 for buyers of non-subsidised resale flats without an HDB loan. See our guide to the 15-month wait-out removal and the practical steps for private owners buying HDB resale.
Buyers who had been waiting on price direction may be returning as prices stop rising.

The flash data cannot show how much of the volume rise came from the wait-out removal. Analysts quoted in industry coverage said it had not yet produced a significant price jump. Treat any stronger claim as opinion.

3. Larger flats led the rebound

Five-room flat transactions rose 23.7% and executive flats 39% from Q2. These are also the flat types where most million-dollar deals occur, so they feed the record count below.

4. Million-dollar flats keep setting records

About 597 resale flats sold for at least $1 million in the quarter on HDB's flash count. Our own count of registered transactions in the HDB dataset is 596, against 490 in Q2 2026 and 480 in Q3 2025, so it is the highest quarter on record in the data. That sits alongside a flat national index because the index is designed to track price changes for comparable flats, while the million-dollar count reflects which flats are selling. Industry coverage points to large flats in mature estates such as Queenstown, Bishan and Toa Payoh. The town table below shows the same split, with Queenstown, Toa Payoh and Bukit Merah far above outer-estate towns on price per square metre.

Q3 2026 4-room HDB prices by town

The national index hides a lot of variation. To see it, we calculated the median price per square metre for 4-room resale flats in each of the 26 towns in HDB's transaction dataset, using the same method as our Q2 2026 town report.

Across all 4-room flats, the median resale price was $628,000 in Q3 2026, versus $630,000 in Q2 2026 and $630,000 in Q3 2025. That is flat to marginally lower, in line with the index.

Key findings

Highest median price per sqm: Queenstown at $11,833 (95 transactions), followed by Toa Payoh at $11,234 and Bukit Merah at $10,182.
Lowest median price per sqm: Choa Chu Kang at $5,437 (151 transactions), followed by Jurong West at $5,456 and Jurong East at $5,599.
Busiest towns for 4-room deals: Tampines (294), Punggol (267) and Sengkang (259).
Breadth: compared with Q3 2025, 8 towns had a higher median and 18 were lower. That is a count of town directions, not a weighted national measure.
Strongest mature-town gains: Queenstown up 10.9% year on year, Geylang up 7.6% and Toa Payoh up 4.2%.
Weakest larger-sample towns: Bukit Batok down 6.0% year on year (and down 8.4% from Q2), Jurong West down 4.8% and Yishun down 4.2%.

Be careful with the extremes

Central Area fell to $8,947 per sqm from $12,660 in Q2 (-29.3% QoQ, -38.2% YoY), on only 23 transactions. A handful of premium deals in Q2 and a different mix in Q3 explain a swing of this size far better than a collapse in value. Do not read it as a market crash.
Bukit Timah (4 transactions, +23.6% YoY) and Marine Parade (7 transactions, -10.6% YoY) are too thin to rank.

Full Q3 2026 4-room HDB resale price table by town

QoQ compares Q3 2026 with Q2 2026. YoY compares Q3 2026 with Q3 2025.

Town	Q3 2026 median $/sqm	Transactions	QoQ	YoY
ANG MO KIO	$6,463	64	-2.8%	+0.2%
BEDOK	$6,593	175	+3.3%	+4.1%
BISHAN	$7,820	60	+1.1%	-1.6%
BUKIT BATOK	$6,324	188	-8.4%	-6.0%
BUKIT MERAH	$10,182	116	-0.2%	-0.0%
BUKIT PANJANG	$6,183	103	+6.0%	+0.9%
BUKIT TIMAH	$9,101	4	+2.6%	+23.6%
CENTRAL AREA	$8,947	23	-29.3%	-38.2%
CHOA CHU KANG	$5,437	151	-2.0%	-2.3%
CLEMENTI	$9,383	50	-1.0%	-3.5%
GEYLANG	$7,559	59	+7.4%	+7.6%
HOUGANG	$6,286	173	-2.5%	-2.6%
JURONG EAST	$5,599	42	-3.0%	-2.1%
JURONG WEST	$5,456	173	-0.1%	-4.8%
KALLANG/WHAMPOA	$9,500	97	-6.3%	-1.7%
MARINE PARADE	$7,500	7	-2.1%	-10.6%
PASIR RIS	$5,977	100	-0.7%	-0.1%
PUNGGOL	$7,312	267	-0.1%	-1.3%
QUEENSTOWN	$11,833	95	+3.0%	+10.9%
SEMBAWANG	$6,505	119	+2.3%	-0.8%
SENGKANG	$6,848	259	-0.3%	-2.8%
SERANGOON	$6,978	57	-2.8%	-3.6%
TAMPINES	$6,667	294	+0.9%	+2.5%
TOA PAYOH	$11,234	114	+2.0%	+4.2%
WOODLANDS	$5,602	246	+0.3%	-3.6%
YISHUN	$5,824	231	+0.5%	-4.2%

Download the Q3 2026 4-room town data as CSV.

How the town table was calculated

The source is HDB's resale flat prices based on registration date from January 2017 onwards, published through data.gov.sg and downloaded on 24 October 2026.

Each registered transaction's price per square metre is resale price ÷ floor area sqm.
Transactions are grouped by town, flat type and calendar quarter (Q3 is July to September).
The median is taken for each group and rounded to the nearest dollar.
Only 4-room transactions are used, and October 2026 is excluded because the quarter is still in progress.
The same method reproduces the published Q2 2026 medians exactly, for example Clementi at $9,480 and Jurong West at $5,459.

Attribution: Source data © Housing & Development Board via data.gov.sg, used under the Singapore Open Data Licence.

The dataset counts 7,409 registered resale transactions across all flat types for July to September, against HDB's flash count of 7,528. The two use different cut-off and counting bases, so use HDB's figure for the headline and the dataset only for the breakdowns here. The town medians are indicative because the same flats are not tracked over time and the mix of blocks, storeys and leases changes every quarter.

How Q3 compares with the private market

URA's Q3 flash estimate shows the opposite direction: the private residential price index rose 1.4%, with landed homes up 2.8% and non-landed up 0.9%, the strongest quarterly gain since Q4 2024. HDB resale prices dipped over the same period. See our Q2 2026 private home prices guide for the prior quarter.

For HDB upgraders, that widening gap is the practical point: the flat you sell may be flat or slightly softer, while the condo you want to buy is getting more expensive on the index.

What this means for you

If you are selling an HDB flat

Do not price off last year's neighbour sale, and do not apply your town's YoY % to your own flat. Use deals from the last few months, same block or street, same flat type, similar storey and lease.
With volume up, well-priced flats are moving. Overpriced listings tend to sit while comparable units sell around them.
Know your valuation position before you list. See how HDB valuation, COV and loan limits interact.

If you are buying an HDB resale flat

A flat national index gives you room to negotiate, but it is not a discount signal for any one flat. Prime-location and large flats are still reaching record prices.
Build your budget around the actual transaction evidence. Our asking price versus recent transactions framework shows how, and the COV budgeting framework covers the cash you may need above valuation.
For a specific unit, use the HDB resale price sense-check tool to compare against current comparable transactions.

If you are an HDB upgrader

Run the sale and purchase numbers separately. A flat or softer HDB sale price combined with a rising private index can narrow your budget. Our sell first or buy first cashflow playbook walks through the sequencing.

Will prices keep falling?

Nobody can say. Views differ:

Some commentary on the flash data suggests the market could bottom around Q4 2026, pointing to rising enquiries and volume.
Huttons has projected resale price movement for 2026 in a range of -1% to +1%, with 22,000 to 26,000 resale transactions for the year.

These are forecasts from market participants, not HDB statements. Upcoming flat supply, including new BTO launches and flats reaching their minimum occupation period, will also affect resale demand. Our guide to estates reaching MOP in 2026 explains the supply side.

Limitations of this data

The RPI is a price index, not an average price. It does not tell you what a 4-room flat in your town costs.
Flash estimates are incomplete. Transactions and the index can change in the final release.
National figures hide town and flat-type differences. The town table above breaks out 4-room flats, but other flat types are not covered.
Small samples swing. Towns with fewer than about 30 transactions, such as Central Area, Bukit Timah and Marine Parade, can move dramatically on a few deals.
Nothing here is a valuation. Banks and HDB value individual flats on their own methods.

Frequently asked questions

What was the HDB resale price index in Q3 2026?

HDB's flash estimate is 202.4, down 0.2% from 202.8 in Q2 2026. The final figure may differ.

Did HDB resale prices fall in Q3 2026?

Slightly. The index fell 0.2% quarter on quarter, the third straight quarterly decline after -0.1% in Q1 and -0.3% in Q2.

How many HDB resale flats were sold in Q3 2026?

HDB recorded 7,528 resale transactions as of 29 September 2026, up 17.7% from Q2 and 5.2% from the same point in 2025. The final quarterly total will be higher.

How many million-dollar HDB flats were sold in Q3 2026?

The flash data reported 597 resale flats sold for at least $1 million, a quarterly record. Some later industry reports show slightly different counts.

Which town had the highest 4-room HDB price per sqm in Q3 2026?

Queenstown, with a median of $11,833 per sqm across 95 transactions, ahead of Toa Payoh ($11,234) and Bukit Merah ($10,182).

Which town had the lowest?

Choa Chu Kang, at $5,437 per sqm across 151 transactions, then Jurong West ($5,456) and Jurong East ($5,599).

Did 4-room prices fall in every town?

No. Against Q3 2025, 8 towns were higher and 18 were lower. Queenstown, Geylang and Toa Payoh showed the strongest gains among towns with healthy sample sizes.

Why did Central Area drop 38% year on year?

It had only 23 4-room transactions in Q3, and the mix of flats sold changed from a year ago. Medians from small samples are volatile, so this does not show that Central Area flats lost that much value.

Is now a good time to buy an HDB resale flat?

It depends on your flat, budget and timeline. A flat index and higher volume mean the market is active but not rising quickly. Compare your target flat against recent same-block transactions rather than relying on the national index.

Did the removal of the wait-out period push prices up?

Not visibly in the Q3 index. The rule was removed on 27 July 2026, and analysts quoted in industry coverage said the price effect had not yet shown up. It may show in later quarters or not at all.