In 2023, the city of nanjing seemed to have had a cold winter, and the market prices for new houses had fallen and the turnover had fallen sharply by 19. 7 per cent in comparison to each other, at a new low since 2013. A total of 44404 new units were traded throughout the year, with a total of 5. 361,000 m2 of the total, all of which decreased in comparison. The total amount of the deal went down by 28. 7 per cent and the average price by 32049 yuan/m2 and by 7. 1 per cent。
By contrast, the second-hand house market, although traded up, experienced a decline in prices. During the year, there were 99353 second-hand units, of which 93,300 were in the main city, an increase of 30. 3 per cent. However, the average price fell to $29,978/m2, a 5. 6 per cent decline over the same period, returning to the level of 30,000。
The situation in nanjing city did not improve in 2024. According to the data disclosed by my love for my nanjing institute, the number of new homes is only 3961 in the first quarter, a decline of as much as 60 per cent in the ring ratio; the total area and total value of the deal has also been significantly reduced, each falling by more than 59 per cent. The average of $29512/m2 in the new home was a small 0. 6 per cent decline in the ring, a 9. 5 per cent decline in the same year, and a formal drop of 30,000。
Compared to the market for new houses, the second-hand house market, while performing slightly better, has also fallen since the previous year. The number of second-hand rooms was 21156 in the first quarter, a decline of 23 per cent over the same period. The average value of second-hand houses was $26245/m2, and the ring ratio fell by 4. 9 per cent, falling back to the level of 27,000 and falling monthly, increasing the market in exchange for prices. After a cold winter in 2023, the city of nanjing did not appear to have seen spring in the first quarter of 2024. The market for new houses is poor, and the second-hand house market, while relatively good, is difficult to hide. The winter of the market appears to be continuing, and the prospects for the market are worrying。
In this crazy new house and the storm of second-hand house prices, nanking's real estate stock is swollen. With regard to the new housing market, the major developers had launched a fierce price war, displaying attractive discounts. From the cloud seasons in the new city of the south to the buildings of jiang ningdong hill, the discounts of 77%, 73% or 60% seem to be announcing to the market that we are willing to do our best to win your favor。
During this price battle, a building in the nanjing hyatt district was launched with an unprecedented “one hundred thousand house runs”. As long as the contract is followed by a bank loan, the purchaser not only receives the original discount of 9. 50 per cent but also the company's return allowance. After discounts and subsidies, a housing supply of $2. 538 million, totalling less than $2 million, and a substantial drop in average prices per square metre, undoubtedly dropped a heavy bomb on the market。
At the same time, the market for second-hand houses has a strong internal gas flow. In order to sell the housing stock as soon as possible, the owners have adopted a price reduction strategy. According to zhuge's data research centre, about 95 per cent of the second-hand home adjustment sources currently listed in nanjing are in decline. This downward trend is visualized in nanjing's second-hand chamber trade map: at the end of last year, nanjing housing prices fell by $30,000, and now by $27,000。
Both developers and owners are doing their best to gain market share in the price of this new house and second-hand house. However, this is also a reflection of market patterns: prices are naturally affected when supply and demand are unbalanced. This is certainly a rare opportunity for home buyers。
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