In November, many areas in the Yangtze River Delta experienced a rapid increase in second-hand housing transaction volumes, with prices rising in some cities.

Under the continuous release of favorable policies in the real estate market, the transaction volume of second-hand homes in many areas of the Yangtze River Delta reached new highs in November.

In Shanghai, the transaction volume of second-hand homes hit the highest level in nearly 44 months. According to monitoring data from Anjuke Shanghai, in November, a total of 27,050 second-hand homes (including commercial properties) were sold in Shanghai, surpassing June to become the month with the highest transaction volume for the year, and marking the first time since March 2021 that the volume exceeded 27,000 units.

Hangzhou’s real estate market also saw a new high in transaction volume over the past 20 months. Data from the Beike Research Institute in Hangzhou indicated that in November, the city (including Fuyang and Lin’an) recorded 10,429 second-hand home transactions, a 14.4% increase from 9,120 units in October and an 18.5% rise compared to 8,801 units in November last year. Overall, as of now, the transaction volume of second-hand homes in Hangzhou has reached nearly 79,000 units in 2024, surpassing last year’s total of 68,800 units.

According to market analysts in Hangzhou, the change in the transaction structure of second-hand homes is primarily driven by the new deed tax policy, which has significantly stimulated demand for improved housing. With the notable changes in transaction volume and structure, the average price of second-hand homes in Hangzhou has risen significantly. On November 15, the National Bureau of Statistics released the October housing prices for 70 cities, showing that the price of second-hand residential properties in Hangzhou increased by 0.8% month-on-month, ranking second only to Beijing.

The significant change in the transaction structure of second-hand homes has supported the Hangzhou market in November. According to data from Wo Ai Wo Jia in Hangzhou, the trend of property size has shifted upwards. Following the adjustment of the deed tax policy, the demand for properties over 90 square meters has surged, with transactions in this category rising by 1.93% month-on-month, and the demand for properties in the 90-140 square meter range increasing by 1.22%.

On December 4, the Ningbo Real Estate Market Management Center released the residential transaction data for November, indicating that 4,074 second-hand homes were sold in the six districts of the city, representing a year-on-year increase of approximately 33%.

In November, the real estate markets in Nanjing, Suzhou, and Wuxi steadily rose. Nanjing recorded 7,328 second-hand home transactions (including Gaochun and Lishui) in November, a month-on-month increase of 13.2%. Analysts pointed out that the relaxation of sales restrictions directly facilitated the entry of many properties into the market, which also contributed to some transaction volume, thereby boosting the overall trading level in November. Additionally, due to the timing of the new deed tax policy implementation, many clients who originally planned to transfer ownership in November have postponed to December, and it is expected that the transaction volume in the last month of the year will continue to rise.

In terms of prices, the average price of second-hand homes in Nanjing is also steadily increasing. Data from the Wo Ai Wo Jia Nanjing Research Institute indicated that the average transaction price for second-hand homes in the city in November was 23,290 yuan per square meter, a month-on-month increase of 2.7%. This is partly due to the stabilization of negotiation space, while the overall price range in the second-hand home market has shifted upwards due to changes in transaction structure. In Wuxi, the transaction area of new homes in November was 178,400 square meters, a month-on-month increase of 6%, with the average transaction price rising by 3.2%.

In November, Suzhou saw 10,277 new home transactions (1.31 million square meters), a year-on-year increase of 17.5% and a month-on-month increase of 27.6%. The number of second-hand homes signed online reached 10,099 units (1.08 million square meters), reflecting a month-on-month increase of 15.6%.