In the spring of 2026, the market for second-hand houses in beijing showed a picture of “honorful melting”。
From the data published by the national statistical office on house prices, to the turnover of front-line intermediaries and to official internet access, multiple signals seem to point to the same phenomenon: beijing house, which has been warm for a long time, is ushering in a long-defeated “young spring”。
Data show that in the first two months of 2026, secondary residential netting in beijing exceeded 23,000 units, more than 2,000 units on average (21,000 units) in january to february of the last decade. As of 22 march, 1,2182 second-hand residential net signatures had been issued in beijing, up from 8130 for the entire month of february。
Is this wave of recovery the starting point for overall warming or is it the seasonal rebound of policy and price effects? Under the appearance of “comprehensive price rises”, the heat of the beijing house “ying chun” still requires a time test。
“recently concluded transactions are particularly active”
“the region has recently had a relatively high turnover and a slightly higher price than before.”
Zhao yang (alias) deals mainly in school buildings in the western district of beijing city, and early in january this year he observed signs of a return to the second-hand house market in beijing. In the case of a small district in the western city, where the main owner is a small, low-cost housing unit, there was a slight increase in the volume of trade and in the prices of small households。
At that time, he stated that the response of the “school ward” to the city's policy was more evident, with the above-mentioned sub-districts being traded more frequently and prices more sensitive. By march of this year, the temperature of the district remained the same, and according to the table of supply presented, 23 housing units had been sold, at prices ranging from $2. 05 million to $3. 83 million。
The start-up rate of home buyers has increased, and out of the 23 second-hand units that have been closed, there is only a two-day time period. Price levels have also continued to stabilize, with zhao yang indicating that part of the opening of a small area has been raised by about 100,000 more than before。
For more than 10 years, the second-hand houses, especially in the school district, have recently returned to the world, thanks to a series of municipal policies in beijing, and the time for home purchasers to “go for work” has come to light。
This is not an isolated case in the beijing used house market. This spring, the temperature of the building seems to have really risen。
Official web-marking data are also validated. In the first two months of 2026, secondary residential netting in beijing exceeded 23,000, more than 2,000 units on average over the same period in the last 10 years. The market heat increased further in march, when access to traditional buildings increased, with 1,2182 second-hand residential network signatures in beijing as of 22 march。
In addition to the upturn in exchange, one of the more important signals is that the price of second-hand houses in beijing is starting to stabilize。
In february, the national institute of statistics published data on the prices of 70 large and medium-sized cities, showing that the number of cities with second-hand house prices had been reduced to four. Of these, the beijing ring increased by 0. 2 per cent, second-hand homes by 0. 3 per cent, the only cities in 70 large and medium-sized cities were those with second-tier and second-hand homes, and one was shanghai。
According to previous data from beijing chainers, the average price of second-hand housing stock has increased by nearly $100,000 since this year, and by nearly 2. 4 per cent between january and february. After removing the effects of the transaction structure, the second-hand house price index was close to 2 per cent。
According to dinzu, the beijing sales price classification index shows that the price increases for second-hand houses in beijing are different in structure, with new houses concentrated in improved housing sources of 144 square metres, with second-hand houses below 90 square metres, 90-144 square metres and above 144 square metres increasing by 0. 3 per cent, 0. 2 per cent and 0. 4 per cent, respectively, indicating a “line rise”。
Kwok yi, the chief analyst of the joint venture, told me that in recent years the second-hand house market has usually seen a wave of “young spring” in march after the spring festival. On the one hand, the cumulative effects of policies have boosted demand; on the other hand, the availability of price adjustments for second-hand houses has also led to the need for gradual entry. Together with these factors, the second-hand market has experienced a marked increase each year。
But the difference between this year's “light spring” and the past is that there are signs of a “stable fall” at the price level. Guo yi believes that this is mainly due to changes in the stock of registered houses. In march last year, the supply of used rooms in beijing remained historically high, at around 170,000 to 180,000 units, and has now fallen back to over 140,000。
The listing of new housing sources, driven by market dynamism and expected higher pricing by owners, may further contribute to the stabilization of second-hand house prices。
We've got a lot of people in need
Who buys the second-hand rooms in beijing
According to dinzu, the second-hand room below the 3 million gross price is the backbone of the second-hand room in beijing, with an overall share of about 70 per cent. The ratio of second-hand houses in beijing below the 2 million gross price increased steadily, from 48. 67 per cent in january 2025 to 59. 49 per cent in february 2026, an increase of more than 10 percentage points。
This means that the market for second-hand houses in beijing remains the bargaining force of the group with lower aggregate prices。
According to fong zhengxian securities institute, between the end of 2025 and the beginning of 2026, beijing introduced a policy of precision and laxity: beijing implemented a policy of internal and external subdivisions that significantly eased the non-king social security coverage, while optimizing the general housing standard and directly reducing the primary-payment rate of the primary demand for housing and transaction taxes. The policy was transmitted over a period of one to two months, resulting in a centralized release of backlog needs。
The supply of second-hand homes is also better suited to the needs of the population than the new ones. Positive securities indicate that currently the main demand group for entry to the market is the core home purchase claim, which is “traffic facilitation, matching maturity, immediate income, total price control”, while the total price of new housing is high. In addition, the second-hand room trade cycle is shorter and allows for rapid satisfaction of the rigid needs of settled households and children attending school。
The institute also stated that the real estate market had been very emotional before the new deal in beijing. During the week of the launch of the new deal (21-27 december 2025), the hotness of the new and second-hand rooms in beijing rose immediately. Following the spring festival, the search for a house rebounded rapidly, with the second-hand room rebounding significantly more than the new one。
According to the institute, the new deal's liberal credit policy for home purchase, which is more suitable for the second-hand house market, and the flexible trading process, which allows for faster absorption of immediate demand and improved demand, are relatively flat for the new house due to the pace of the drive, the supply of the home, thermal increase, and its heat transformation, which is more dependent on sub-marketing actions。
The newly needed purchasing power was released by the new deal, and the price adjustment was an important reason for the recovery of second-hand house heat。
According to dinzu, although the average value of the second-hand room in beijing was higher in february 2026 than in january, the overall decline from january 2025 to the present was about 8 per cent, which may lead to a “price-for-money” situation. Second-hand house prices increased in beijing in february 2026, more so in the “sliding back” rebound。
How long will this round of “young spring” last in beijing under the fundamentals of entry and price stability
Guo yi told me that the sustainability of this round of "ying chun" depends critically on the trend in the number of registered houses. In the beijing market cycle, the supply of second-hand houses usually ranges from 80,000 to 100,000 units. If the roll falls within 120,000 sets, the market heat is expected to be maintained and prices will be gradually stabilized from a local upturn. If further down to less than 100,000 units, the signal of a fall in house prices would be clearer。
“in the present situation, the used house market is still playing games.” guo yi believes. In terms of supply-demand relations, while the bargaining space of the seller has been narrow, some price concessions are still needed to achieve a faster deal. The continuity of the “young spring” is yet to be observed in the absence of an end to the game and a complete shift to the seller-dominated market。
According to beijing chainers, in the first quarter of the year, the price of second-hand houses in the multi-point and sub-centre markets of the beijing plains, such as hashiyama, changping and dae-heung, has been more dynamic, with housing in the above-mentioned areas being more affordable than housing and more compatible with the dynamic market characteristics of the current group of people in need. Based on past patterns, it is expected that after the second quarter, the trade heat will gradually flow to the main urban area。
The view was also expressed that beijing house would return to the warmth as a signal of the country's “young spring”. According to dinzu, the whole real estate market has been restructured for four years now, with “sliding” in a number of cities and blocks, and with the restoration of markets in beijing, shanghai and other cities in the future, a wave of rehabilitation will take place and the country's “young spring” will be ready。
