- Total of 8,417 transactions recorded in May 2024 (-10.0% MoM).
- Median sale price per square foot: $1,669, down 4.0% from last month.
- Median monthly rent: $4,300 (-2.3% MoM).
- Most active district: District 19 (Serangoon Garden, Hougang, Punggol) with 288 sales.
- Highest gross yield: 3.02% in the OCR segment.
Based on URA REALIS data, the Singapore private residential market recorded 8,417 total transactions in May 2024, down 10.0% from the previous month. Sales volume stood at 2,018 units with a median price of $1,669 per square foot, while the rental market saw 6,399 leases at a median rent of $4,300/month. For an overview of the buying process, see our Smart Home Condos — Technology Features in Singapore's Newest Developments.
Highest-Value Transactions
The top 5 transactions by total price in May 2024:
| Project | District | Price | PSF | Size (sqft) | Type |
|---|---|---|---|---|---|
| SKYWATERS RESIDENCES | D1 | $47,342,000 | $6,100 | 7,761 | New Sale |
| KIM LIN PARK | D10 | $32,500,888 | $3,093 | 10,507 | Resale |
| MING TECK PARK | D10 | $27,500,000 | $2,985 | 9,214 | Resale |
| DUNEARN ESTATE | D11 | $24,880,000 | $2,500 | 9,953 | Resale |
| LANDED HOUSING DEVELOPMENT | D10 | $22,250,000 | $2,696 | 8,252 | Resale |
Key Figures at a Glance
Sales Market Deep Dive
The private residential sales market recorded 2,018 transactions in May 2024, representing a decrease of 5.8% month-on-month and down 19.7% year-on-year. The median price per square foot was $1,669 (down 4.0% MoM), while the median transaction price stood at $1,698,444.
Transaction Mix: Resale: 1,650 (81.8%) · Sub Sale: 123 (6.1%) · New Sale: 245 (12.1%)
Segment Performance: CCR, RCR & OCR
Performance across Singapore's three market segments shows differentiated pricing and demand patterns. See our CCR, RCR, OCR: Singapore's Market Segments for segment definitions.
| Segment | Sales Vol. | Median PSF | Rentals | Median Rent | Gross Yield |
|---|---|---|---|---|---|
| CCR (Core Central Region) | 261 | $2,111 | 1,884 | $5,500 | 2.4% |
| RCR (Rest of Central Region) | 580 | $1,890 | 2,154 | $4,300 | 2.58% |
| OCR (Outside Central Region) | 1,177 | $1,460 | 2,361 | $3,800 | 3.02% |
For a deeper comparison, see Singapore vs Hong Kong Property — Price, Yield, Regulation & Tax.
Top Districts by Activity
The most active districts by sales volume in May 2024:
| District | Area | Segment | Transactions | Median PSF |
|---|---|---|---|---|
| District 19 (Serangoon Garden, Hougang, Punggol) | Serangoon Garden, Hougang, Punggol | OCR | 288 | $1,510 |
| District 23 (Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang) | Hillview, Dairy Farm, Bukit Panjang, Choa Chu Kang | OCR | 204 | $1,516 |
| District 15 (Katong, Joo Chiat, Amber Road) | Katong, Joo Chiat, Amber Road | RCR | 165 | $1,880 |
| District 18 (Tampines, Pasir Ris) | Tampines, Pasir Ris | OCR | 135 | $1,416 |
| District 5 (Pasir Panjang, Hong Leong Garden, Clementi New Town) | Pasir Panjang, Hong Leong Garden, Clementi New Town | RCR | 109 | $1,844 |
Notable Transactions
The highest-value transactions by price per square foot in May 2024:
| Project | District | PSF | Price | Size (sqft) | Type |
|---|---|---|---|---|---|
| SKYWATERS RESIDENCES | D1 | $6,100 | $47,342,000 | 7,761 | New Sale |
| ARDMORE PARK | D10 | $4,108 | $11,850,000 | 2,885 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $4,071 | $2,800,000 | 688 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $4,071 | $2,800,000 | 688 | Resale |
| LANDED HOUSING DEVELOPMENT | D15 | $4,071 | $2,800,000 | 688 | Resale |
| BOULEVARD 88 | D10 | $3,962 | $5,202,600 | 1,313 | New Sale |
| 3 ORCHARD BY-THE-PARK | D10 | $3,889 | $12,643,000 | 3,251 | Resale |
| THOMSON GARDEN ESTATE | D20 | $3,716 | $3,588,000 | 966 | Resale |
| MIDTOWN BAY | D7 | $3,689 | $2,700,000 | 732 | New Sale |
| LANDED HOUSING DEVELOPMENT | D10 | $3,684 | $8,800,000 | 2,389 | Resale |
Rental Market Snapshot
The rental market recorded 6,399 leases in May 2024, down 11.2% month-on-month. The median monthly rent was $4,300 (down 2.3% MoM).
Median Rent by Bedroom Type:
| Type | Median Rent |
|---|---|
| 1BR | $3,200 |
| 2BR | $4,000 |
| 3BR | $5,000 |
| 4BR | $8,075 |
| 5BR | $10,150 |
| NA | $4,800 |
Most Active Rental Projects:
| Project | Leases |
|---|---|
| LANDED HOUSING DEVELOPMENT | 121 |
| NON-LANDED HOUSING DEVELOPMENT | 121 |
| NORMANTON PARK | 51 |
| TREASURE AT TAMPINES | 49 |
| LEEDON GREEN | 46 |
Planning to rent? Check out our How to Visualize Lease Decay in Singapore.
6-Month Price Trends
Tracking median PSF and rent over the past six months reveals the underlying trend beyond monthly noise.
| Month | Median PSF | Median Rent |
|---|---|---|
| 2023-12 | $1,647 | $4,500 |
| 2024-01 | $1,585 | $4,450 |
| 2024-02 | $1,715 | $4,400 |
| 2024-03 | $1,916 | $4,300 |
| 2024-04 | $1,738 | $4,400 |
| 2024-05 | $1,669 | $4,300 |
Market volatility assessment: Volatile (based on 6-month coefficient of variation of median PSF).
Supply & Demand Signals
Primary vs Secondary Market: New launches accounted for 245 units (12.1% of total), while resales made up 1,650 transactions and 123 sub-sales were recorded.
Unit Size Demand: 5BR+: 250 (12.4%) · 4BR: 299 (14.8%) · 1BR: 274 (13.6%) · 3BR: 723 (35.8%) · Studio: 103 (5.1%) · 2BR: 369 (18.3%)
Price Distribution: $500K-1M: 216 · $1M-1.5M: 546 · $1.5M-2M: 470 · $2M-3M: 445 · $3M+: 341
Explore our latest Condos with Best Views in District 8 (Little India) for featured developments.
Outlook & What to Watch
Throughout 2024, Singapore's private residential market showed remarkable resilience with stable pricing and healthy transaction volumes despite elevated interest rates.
Key takeaways for May 2024:
- Prices have softened with median PSF falling 4.0% month-on-month.
- Rental rates have eased with median rent down 2.3% MoM.
- The resale market remained the primary source of transactions, indicating steady demand for existing stock.
- The CCR-to-OCR price premium stands at approximately 45%, near historical averages.
Useful resources: How to Use the Mortgage Calculator · Capital Gains and Appreciation: How Values Grow
Bedroom Type Analysis
Prices and rents broken down by unit type help buyers identify value across different bedroom configurations.
| Bedroom | Median Sale Price | Median Rent | Est. Gross Yield |
|---|---|---|---|
| 0 | $830,000 | -- | -- |
| 1 | $1,128,000 | -- | -- |
| 1BR | -- | $3,200/mo | -- |
| 2 | $1,450,000 | -- | -- |
| 2BR | -- | $4,000/mo | -- |
| 3 | $1,730,000 | -- | -- |
| 3BR | -- | $5,000/mo | -- |
| 4 | $2,750,000 | -- | -- |
| 4BR | -- | $8,075/mo | -- |
| 5 | $4,680,000 | -- | -- |
| 5BR | -- | $10,150/mo | -- |
| NA | -- | $4,800/mo | -- |
Yields are gross estimates: (monthly rent × 12) / median sale price. Actual net yields vary with maintenance, taxes, and vacancy.
Useful Resources
- How to Use the Mortgage Calculator
- How to Evaluate Mortgage Refinancing
- Smart Home Condos — Technology Features in Singapore's Newest Developments
- Digital Nomad Housing in Singapore — Short vs Long Lease Options
- Thomson-East Coast Line Property Guide — Station-by-Station Analysis
- Jurong Lake District Guide — Investing Before Singapore's Second CBD
- Capital Gains and Appreciation: How Values Grow
- TDSR and MSR: Singapore's Borrowing Limits
- Property Expense Ratio: Rental Costs and Deductions
Official Sources: URA · URA REALIS · MAS · SORA Rates · BSD Rates · ABSD Rates · CPF Housing
Methodology & Sources
This report is compiled from transaction data published by the Urban Redevelopment Authority (URA) via the REALIS system. Median values are used throughout to minimise the impact of outliers from exceptionally high or low transactions. Month-on-month (MoM) and year-on-year (YoY) changes compare like-for-like periods.
Gross rental yield is calculated as (median monthly rent × 12) / median transaction price. Market segment classifications follow URA definitions: CCR (Core Central Region), RCR (Rest of Central Region), and OCR (Outside Central Region). Interest rate references use the Singapore Overnight Rate Average (SORA) published by MAS. Stamp duty rates reference IRAS BSD and ABSD schedules.
Data coverage: 813 condos with sales data and 1598 with rental data out of 3429 tracked properties for May 2024.