Quick answers
- Are Tokyo condo prices falling?
- In September 2026 the average used condominium in Tokyo, Kanagawa, Saitama and Chiba sold for ¥51.1M, 4.5% below a year ago. Price per sqm was ¥811K (−4.8%).
- Is condo inventory rising in Greater Tokyo?
- In September 2026 there were 50,450 used condominiums on the market, +15.1% year on year, while sales were 3,457 (−22.7%).
We gather data objectively from the latest available sources and share what we find useful.
We hope it helps anyone looking for a home in Japan, or considering a business built around property.
- Prices. The average used condominium sold for ¥51.1M, 4.5% below a year ago. Over the long run since 2015, the price per m² is still about 1.8 times higher.
- Supply and sales. Inventory has risen for seven straight months, while sales have fallen for six straight months (year on year).
- Central Tokyo. In the three central wards, sales are down 39% and inventory up 65% on a year ago.
Market at a glance
−4.5% year on year
−4.8%, fifth monthly decline
−22.7%, sixth monthly decline
+15.1%, seventh monthly increase
Used condominiums, Tokyo, Kanagawa, Saitama and Chiba, September 2026, year-on-year change. Source: REINS.
Since 2015
Over the 135 months from July 2015 to September 2026, the average sold price per m² has risen about 1.8 times, and this month is still the 18th highest of those 135 months. Inventory, at 50,450, is the highest in the period. Sales are well down on a year ago, but compared with September in 2016–2024 they are at a normal level.
From ¥452K/m² in July 2015 to ¥811K/m² in September 2026. The peak was ¥870K/m² in January 2026.
The low was 33,641 in June 2021. September 2026, at 50,450, is the highest in the period.
2025 was a busy year. September 2026, at 3,457, is within the range of September in 2016–2024 (2,990–3,589).
Source: REINS (East Japan Real Estate Information Network), long-term trend charts for Greater Tokyo used condominiums (July 2015 to June 2026) and the monthly Market Watch (July to September 2026). REINS notes that a system change from January 2025, made to enforce the reporting of completed sales, may have affected the sales count.
Where prices and sales are moving
| Area | Price/sqm, Sep | Year on year | Sales, year on year |
|---|---|---|---|
| Tokyo | ¥1,165,100 | −1.6% | −30.1% |
| Kanagawa | ¥608,500 | +3.5% | −15.1% |
| Saitama | ¥431,600 | −3.6% | −18.6% |
| Chiba | ¥431,900 | +7.2% | −6.7% |
No prefecture saw both price per sqm and sales rise on a year ago.
Source: REINS Monthly Market Watch, September 2026. Zone and area figures are under “Detailed data” below.
What this month's figures suggest
Price level
The average sold price per m² in Greater Tokyo was ¥811K/m², −4.8% year on year. It is still about 1.8 times the July 2015 level (¥452K/m²) and the 18th highest of the 135 months since then. In Tokyo's 23 wards, the decline was limited to −0.9%. On current figures, it is too early to say that the long-term upward trend has turned.
Supply and demand
Inventory reached 50,450 (+15.1% year on year), its seventh consecutive monthly increase and the highest level since July 2015. Sales were 3,457 (−22.7%), a sixth consecutive decline, but within the range of September in 2016–2024 (2,990–3,589). Part of the year-on-year fall reflects comparison with an unusually busy 2025.
Asking versus sold prices
The asking price per m² of homes in inventory was ¥1.20M/m² (+26.7% year on year), 1.48 times the sold price per m². A year earlier the ratio was 1.11, and the current ratio is the highest since July 2015. Inventory and sales cover different homes, so this is not a discount rate, but it points to a widening gap between what sellers ask and what homes actually sell for.
Summary
Prices remain high, but inventory is building up and sold prices are adjusting. Meanwhile, sold prices per sq m are still up year on year in Kanagawa outside Yokohama and Kawasaki (+11.7%) and in Chiba (+7.2%). In our view, the question is whether this adjustment spreads across Greater Tokyo, or proves temporary, with prices turning up again once inventory starts to fall, and when that would happen.
Detailed data: Tokyo zones, each area, asking vs sold, condos vs houses, change since last month
Tokyo zones, September 2026
| Zone | Avg sale price | Sales | YoY | Inventory | YoY |
|---|---|---|---|---|---|
| Central 3 Wards | ¥131.3M | 176 | −39.3% | 5,537 | +64.8% |
| South (Jonan) | ¥73.3M | 316 | −24.0% | 5,028 | +28.9% |
| West (Josai) | ¥75.8M | 238 | −27.7% | 5,225 | +32.9% |
| East (Joto) | ¥59.9M | 391 | −36.4% | 5,835 | +27.0% |
| North (Johoku) | ¥56.2M | 264 | −23.5% | 4,582 | +31.9% |
| Tama | ¥37.4M | 314 | −28.0% | 3,578 | +1.2% |
Central 3 Wards = Chiyoda, Chuo and Minato. Source: REINS Monthly Market Watch, data edition.
Each area, September 2026
| Area | Price/sqm | YoY | Sales | YoY |
|---|---|---|---|---|
| Tokyo 23 wards | ¥1,304K | −0.9% | 1,385 | −30.6% |
| Tama | ¥553K | −5.7% | 314 | −28.0% |
| Yokohama & Kawasaki | ¥664K | +1.2% | 658 | −14.5% |
| Outer Kanagawa | ¥466K | +11.7% | 255 | −16.7% |
| Saitama | ¥432K | −3.6% | 398 | −18.6% |
| Chiba | ¥432K | +7.2% | 447 | −6.7% |
Asking vs sold, per sqm
Homes on the market were asking ¥1.20M/sqm (+26.7%); closed transactions averaged ¥0.81M/sqm (−4.8%). They are different homes, so the gap is not an average discount.
Condominiums vs detached houses
Year on year: sales, condos −22.7% and houses −16.5%; price, condos (per sqm) −4.8% and houses (whole property) +5.4%; inventory, condos +15.1% and houses +0.2%. House prices are whole-property prices, so we compare direction only.
Change since last month (year on year)
- Average sale price: −2.8% (August 2026) → −4.5% (September 2026)
- Price per sqm: −3.8% (August 2026) → −4.8% (September 2026)
- Sales: −10.5% (August 2026) → −22.7% (September 2026)
- Inventory: +8.2% (August 2026) → +15.1% (September 2026)
- Central 3 Wards sales: −39% (August 2026) → −39% (September 2026)
- Central 3 Wards inventory: +58% (August 2026) → +65% (September 2026)
Frequently Asked Questions
Are Tokyo condo prices falling?
In September 2026 the average used condominium in Tokyo, Kanagawa, Saitama and Chiba sold for ¥51.1M, 4.5% below a year ago. Price per sqm was ¥811K (−4.8%).
Is condo inventory rising in Greater Tokyo?
In September 2026 there were 50,450 used condominiums on the market, +15.1% year on year, while sales were 3,457 (−22.7%).
Sources
Monthly Market Watch, September 2026 edition (published 2026-10-13), summary and data edition. Used condominiums and detached houses: closings, new listings and inventory.
Closing-price data and asking-price data cover different homes and are never presented as equivalent. Figures may be revised by REINS. We will follow with the full monthly report.
General information only, not legal, tax or investment advice.