The CheckHowMuch HDB Resale Index

HDB Resale Index, January 2025

Archived monthly report · January 2025 data · 2,313 sales · Source: data.gov.sg

HDB resale prices held broadly flat in January 2025, easing 0.5% to a $612,888 median. That makes January the fourth straight month of sub-1.5% movement. On a three-month basis the national median is up 8.8% on a year ago, and it has held between $568,000 and $615,888 over the past 13 months. 2,313 flats changed hands (up on December, 12% below January 2024), and 22 blocks crossed $1 million for the first time.

What Moved This Month

Median, January

$612,888

−0.5% vs December

Year on year

+8.8%

3-month basis

Resale volume

2,313

−11.8% vs January 2024

New $1M blocks

First-ever $1M sale

Biggest single sale $1,600,000 · 5 Room at Blk 138A Lorong 1a Toa Payoh, Toa Payoh

New to the $1M club Blk 115C Alkaff Crescent, Blk 78 Dawson Road, Blk 131 Clarence Lane, Blk 51 Strathmore Avenue, Blk 79 Dawson Road, Blk 331 Woodlands Avenue 1 and 16 more

The Median, Month by Month

National median resale price across the 13 complete months to January 2025. The band has stayed narrow: $568,000 to $615,888, a spread of just 8%.

Median resale price per month, all HDB flat types. Latest complete month shown: January 2025. Source: data.gov.sg, processed by CheckHowMuch.

Where Towns Are Pulling Apart

Biggest movers by median, latest three months versus the prior three (a smoother read than a single month). Town medians shift with the MIX of flats sold each month, so treat these as directional, not a per-flat price change.

Firming

Toa Payoh +26.0% $603K → $760K · 212 sales Serangoon +11.5% $610K → $680K · 94 sales Tampines +10.8% $650K → $720K · 491 sales

Softening

Kallang/Whampoa −11.7% $708K → $625K · 182 sales Geylang −7.3% $685K → $635K · 165 sales Hougang −3.9% $635K → $610K · 295 sales

Methodology & How to Cite This

The CheckHowMuch HDB Resale Index reports movement for a complete month only. The current in-progress month is excluded because HDB registers resale transactions with a lag, so its volume is still filling in. A month is treated as complete when its transaction count is within normal range of the preceding six months.

Median, month on month, year on year: the median of all resale prices recorded in a month, compared to the prior month and, on a three-month trailing basis, to a year earlier. The three-month basis is used for the year-on-year figure because it is far less sensitive to the mix of flats sold in any single month.
Flat streak: a month is called flat when the median moves less than 1.5% from the prior month. January is the fourth straight month of sub-1.5% movement.
Town movers: each town's median over the latest three months versus the prior three months, shown only where at least 60 sales occurred in each window. Town medians move with the mix of flats sold, so these are directional.
New $1M blocks: blocks recording their first-ever resale above $1 million during the month.

Cite this index

The CheckHowMuch HDB Resale Index (January 2025): median HDB resale price $612,888, −0.5% month on month, +8.8% year on year (three-month basis). 2,313 transactions; 22 new $1M blocks. Source: CheckHowMuch, from data.gov.sg. checkhowmuch.sg/market/2025-01/

All transaction data is sourced from data.gov.sg, published by the Housing and Development Board (HDB), and refreshed on the 1st and 15th of each month. Computed from 234,672 transactions since 2017. Licensed under the Singapore Open Data Licence. Informational, not financial advice. Read the full valuation methodology.

Check Your Own Block

National medians are the headline. The number that affects your decision is the price history of your specific block.