Singapore Resale HDB Price Guide: How Much Should You Pay, Based on Q1 2024 Resale Flat Data

PropertyGuru Editorial Team
Singapore Resale HDB Price Guide: How Much Should You Pay, Based on Q1 2024 Resale Flat Data
Looking at HDB resale prices is important if you’re looking to buy an HDB resale flat. By doing so, you get a better sense of what HDB resale transaction prices you can expect to pay.
According to the latest Q1 2024 HDB Resale Price Index data, HDB resale prices increased 1.8% in the past quarter, marking the sixteenth consecutive quarter of growth. Compared to the same period last year, the number of HDB flat transactions increased by 8% quarter-on-quarter, the greatest quarterly rise in more than a year.
Still, HDB resale transaction price growth has slowed and all signs point towards a moderating market. Compared to the 10.4% increase for HDB resale transaction prices in 2022 and the 12.7% increase in 2021, HDB resale transaction prices increased 4.9% for the whole of 2023. So, if you want to buy a flat in Q1 2024, here’s how much you can expect to pay for a 4-room flat (the most popular flat type to buy), using the latest figures as an estimate.

How to Finance Your HDB Resale Flat (Video)

Not sure how to budget and pay for your HDB resale flat? Here’s a short video on what you need to know.

Why Buy an HDB Resale Flat?

HDB resale flats are a good option for those who don’t want to ballot or wait for a BTO flat. Firstly, no guarantee balloting for an HDB BTO flat will guarantee you a unit in the estate.
Take it from these first-time homebuyers: sometimes the available BTO projects aren’t in the buyer’s ideal location, close to their parent’s home, or near to a choice primary school or workplace. Thus, HDB resale flats are a good option if you don’t want to waste time waiting or renting. However, with prices at a record high, do consider if the price you’re paying is worth it based on the remaining years left on the lease.
With HDB resale flats, you can collect the keys as soon as the transaction is completed (assuming it is not tenanted and the owner did not ask for any extension of stay). This means you can start renovating in a jiffy and quickly move in.
If you’re not fussy about the interior design of your home, you may even save money on renovation costs since the first owner would already have done up the place. If you have a specific theme, however, a BTO flat (i.e. a ‘blank canvas’) may be better because hacking walls and removing existing structures from a resale unit can be expensive.

HDB Resale Prices in Q1 2024

TownsResale HDB prices (4-room flat)
Ang Mo Kio$531,500
Bukit Batok$591,500
Bukit Merah$895,000
Bukit Panjang$528,000
Bukit Timah*
Choa Chu Kang$510,000
Jurong East$483,400
Jurong West$495,000
Marine Parade*
Pasir Ris$570,000
Toa Payoh$834,000
Source: HDB
*Bukit Timah, Central Area, and Marine Parade were excluded due to insufficient resale transaction data (i.e. no resale transactions or less than 20 resale transactions in Q1 2024).

HDB Resale Prices vs BTO Prices in Singapore (Q1 2024)

Feb 2024
Bedok South Bloom
From $491,000
Feb 2024
Bedok North Springs
From $451,000
Feb 2024
Choa Chu Kang
Rail Garden @ CCK
From $300,000
Feb 2024
Tanjong Tree Residences @ Hougang
From $371,000
Feb 2024
Matilda Riverside
From $318,000
Feb 2024
Tanglin Halt Courtyard
From $565,000
Feb 2024
Woodgrove Edge
From $303,000
Based on the latest resale HDB price and BTO prices, the former is typically pricier. This is expected as BTO flats prices are built and sold at prices below market value by HDB as the prices are pegged to affordability, whereas you buy resale flats on the open market.
Looking at the Feb 2024 BTO project launches, it is clear that BTO prices are quite affordable as compared to resale HDB prices. Let’s take the recent the recent Queenstown Feb BTO 2024 project. Prices for a 4-room Tanglin Halt Courtyard BTO flat started at $565,000. In comparison, the median resale HDB price for a 4-room flat in the neighbourhood was $897,500.
Likewise, it’s the same for homes further away from the city centre. Prices for a 4-room Tanjong Tree Residences @ Hougang BTO flat during the February BTO 2024 launch started at $371,000. The Q1 2024 median resale HDB price for a 4-room flat in Hougang was $563,500.

CPF Housing Grants

CPF Housing GrantAmount
Enhanced CPF Housing Grant (Families)Up to $80,000
Step-Up CPF Housing Grant (Families)Up to $15,000
CPF Housing Grant for resale flats (Families)4-room or smaller: up to $80,000
5-room or larger: up to $50,000
Proximity Housing Grant (Families)$30,000 to live with your parents
$20,000 to live within 4km of your parents
Enhanced CPF Housing Grant (Singles)Up to $40,000
CPF Housing Grant for resale flats (Singles)4-room or smaller: up to $40,000
5-room or larger: up to $25,000
Proximity Housing Grant (Singles)$15,000 to live with your parents
$10,000 to live within 4km of your parents
Source: HDB

How to Buy an HDB Resale Flat Via the HDB Flat Portal

After browsing HDB resale flat listings on PropertyGuru, your first step to buying an HDB resale flat is to log onto the HDB Flat Portal and apply for the HDB Flat Eligibility (HFE) letter. The HFE letter accesses your HDB flat, CPF Housing Grants, and HDB loan eligibility checks in one step.
Refer to our quick guide on using the HDB Flat Portal to buy an HDB resale flat:
And if you’re curious whether you should take up a bank loan to finance your HDB resale flat, reach out to our team of PropertyGuru Finance Mortgage Experts. They’ll cross-compare the latest mortgage packages and rates across all major banks in Singapore and match you with the most money-saving home loan – and best of all, working with them is free!
For more property news, content and resources, check out PropertyGuru’s guides section.
Need help to finance your latest property purchase? Let the mortgage experts at PropertyGuru Finance help you find the best deals.
Disclaimer: The information is provided for general information only. PropertyGuru Pte Ltd makes no representations or warranties in relation to the information, including but not limited to any representation or warranty as to the fitness for any particular purpose of the information to the fullest extent permitted by law. While every effort has been made to ensure that the information provided in this article is accurate, reliable, and complete as of the time of writing, the information provided in this article should not be relied upon to make any financial, investment, real estate or legal decisions. Additionally, the information should not substitute advice from a trained professional who can take into account your personal facts and circumstances, and we accept no liability if you use the information to form decisions.

More FAQs About HDB Resale Price

All signs point to HDB resale flat price growth plateauing. In Q1 2024, HDB resale flat prices increased 1.8%. For the whole of 2023, prices have risen at a much slower rate than in the previous two years.

You can only check HDB's valuation of your HDB flat after you sell it by submitting a Request for Value via the HDB Flat Portal, together with your Option to Purchase (OTP).

HDB resale price growth has shown signs of deceleration. In Q1 2024, prices increased for the sixteen consecutive quarter but at a much slower rate of increase than during the COVID-19 pandemic.