HDB Resale Price Trend by Flat Type (2021–2026)

HDB resale prices rose steeply from 2021, then levelled off. This page traces that path by flat type, using medians computed from the official data.gov.sg transactions dataset, set against the government’s own HDB Resale Price Index, and it marks the cooling measures that arrived as prices peaked. It is the market-wide trend; to price a single flat, use our guide to pricing your HDB resale flat.

Annual resale median by flat type, 2021-2026

Every flat type moved broadly together — up hard through 2024, then flat. These are median transacted prices for each calendar year (2026 is January to October):

Median 4-room resale price by year; 2026 is January to October.

The 4-room median rose from $470,000 in 2021 to $630,000 in 2025 — about a third higher in four years — before flattening in 2026. Across all flat types, the overall resale median went from $483,000 in 2021 to $628,000 in 2025, and sits at $633,888 so far in 2026.

Which flat type moved most

In dollar terms, the biggest flats gained the most: the executive median climbed from $690,000 to over $915,000. In percentage terms the types are closer together, because the whole market moved as one. The 4-room — the market’s workhorse — posted year-on-year median gains of roughly +9.6% (2022), +6.8% (2023), +7.3% (2024) and +6.8% (2025), then essentially nil in 2026.

The official benchmark: the Resale Price Index

The cleanest measure of the trend is the HDB Resale Price Index (RPI), base 1Q2009 = 100, published quarterly. It rose relentlessly, then turned:

The index climbed to a Q3 2025 peak of 203.7, then eased to 202.5 by Q3 2026.

• End-2022: 171.9
• End-2023: 180.4
• End-2024: 197.9
• End-2025: 203.6
• Q3 2026: 202.5

The RPI gained about 9.7% over 2024 and about 2.9% over 2025, peaked at 203.7 in Q3 2025, and has since eased for three straight quarters to 202.5. A small decline off a high base is not a crash; it is a market that has stopped rising.

What moved the market: cooling measures

Policy arrived in step with the price surge. Three rounds matter for resale buyers:

Three rounds of cooling measures tightened borrowing as prices peaked.

1. 16 December 2021. The Total Debt Servicing Ratio threshold was tightened from 60% to 55% and Additional Buyer’s Stamp Duty rates were raised; the HDB loan limit (LTV) was lowered from 90% to 85%.
2. 30 September 2022. The HDB loan LTV limit was lowered again, from 85% to 80%, a 3% interest-rate floor was introduced for computing HDB loan amounts, and a 15-month wait-out period was imposed on private-property owners buying a resale flat.
3. 20 August 2024. The HDB loan LTV limit was lowered from 80% to 75%, bringing it in line with bank loans, while the Enhanced CPF Housing Grant for first-timer families was raised to up to $120,000.

MND noted resale prices still rose more than 4% in the first half of 2024, which is what prompted the August round. After it, annual growth cooled toward zero through 2025 and 2026. For the full chronology including private-market measures, see our property cooling measures timeline, and for how the borrowing limits work, our guide to TDSR and MSR limits.

Index vs median: why they differ

If you only remember one thing: the median tells you a price, the index tells you a trend. A median can rise in a quarter when central, long-lease flats dominate sales, even if identical flats did not get dearer. The index removes that mix effect. Both are official and both are useful — for different questions.

How the flat types moved year by year

The climb was steady, not spiky. The 4-room median stepped up from $470,000 (2021) to $515,000 (2022), $550,000 (2023), $590,000 (2024) and $630,000 (2025) before flattening. The smaller 3-room followed the same shape, from $335,000 (2021) to $445,000 (2025), dipping slightly to $440,000 in 2026. At the top end, the 5-room rose from $570,000 to $736,000 over the same years and has edged up to $745,000 in 2026 — the only type still nudging higher year-to-date. Executive flats, the largest, climbed from $690,000 (2021) to $900,888 (2025) and $915,000 so far in 2026.

The takeaway is that no flat type bucked the trend: they rose together into 2024-2025 and have levelled together since. If one type looks like it is still rising while another dips in 2026, that is usually the mix of what sold that year, not a real divergence in like-for-like value.

How to use this trend

A trend like this is context, not a price tag. Three practical reads:

• Buying? A flat market means less pressure to overbid, but also little prospect of a quick bargain. Anchor your offer on the latest months of transactions, not a year-old median.
• Selling? Prices near a plateau punish over-pricing: a number set from the 2025 peak can sit above what a valuer will now support. Watch the most recent same-block sales.
• Upgrading? The dollar gap between flat types has widened as prices rose, so moving from a 4-room to a 5-room or executive costs more in absolute terms than it did in 2021.

For the location dimension — which towns are dear and which are affordable right now — see our HDB resale prices by town snapshot.

The turn in 2025-2026

The pattern is consistent across every source: strong gains into 2024, a peak around mid-2025, and a soft drift since. The median 4-room has been flat year-on-year in 2026, the overall median has edged up only slightly, and the RPI has slipped three quarters running. Monthly medians underline it — the islandwide median was $650,000 in both September and October 2026, up modestly from $618,000 a year earlier. A high plateau, not a boom and not a bust.

Where the numbers come from

• data.gov.sg — Resale Flat Prices (Jan 2017 onwards): the transactions behind every median here.
• data.gov.sg — HDB Resale Price Index (quarterly): the official, quality-adjusted benchmark.

For the current snapshot by location rather than by year, see our HDB resale prices by town.

Frequently asked questions

Are HDB resale prices falling in 2026? They are flat to very slightly lower. The index has eased about 0.6% from its Q3 2025 peak — a plateau near the top, not a sharp drop.

Why did prices rise so fast after 2021? Strong, broad-based demand met tight supply as fewer flats reached their Minimum Occupation Period, pushing the index up through 2024 before cooling measures and more supply slowed it.

Did cooling measures actually lower prices? They slowed the rate of increase rather than cutting prices. Annual resale growth fell from high single digits toward zero, which is the stated aim of moderating demand.

Which flat type is the best value trend? There is no single answer — percentage growth has been similar across types. The dollar gap widens with size, so a 3- or 4-room has risen by a smaller absolute amount than an executive flat.

Related

• HDB resale prices by town
• Property cooling measures timeline
• How to price your HDB resale flat
• TDSR and MSR limits explained

General information using official data, not financial or property advice. Figures change — check data.gov.sg for current numbers. We do not represent buyers or sellers.