Four in ten Tokyo resale condos have cut their price, and price cuts are up 57% in a year

At the end of September 2026, 41.0% of the resale condominiums on the market in Tokyo's 23 wards had cut their asking price at least once in the previous three months. That is almost 6 points above the 35.1% of a year earlier, and the highest reading in the 13 months we tracked.

The "price-cut share" here is the share of resale condos with a listing record in the last three months whose asking price fell below its previous record. It counts how many listings were cut. It is not a measure of how far market prices have fallen.

The price-cut share hit 41%, the highest in a year

From autumn 2025 to April 2026 the share climbed steadily from about 35% to 39%. It dipped to 31% in June and July because a wave of new listings arrived that had not yet reached the point of cutting. In August and September those listings started to cut, and the share rose back to 41%.

More listings and more cuts: buyers are gaining room to negotiate

Putting listings and price cuts side by side makes the shift clear. Over the year, resale condos for sale rose from 24,455 to 32,786, up 34%. Listings with a price cut rose from 8,588 to 13,455, up 57%.

More listings mean more owners want to sell. Cuts growing faster than listings mean more of those units are not selling at their first price. When both rise together, deals are slowing and buyers gain room to negotiate.

The cuts themselves are still small. The median cut has stayed at 4.4% to 4.6%, about 4.5 million yen on a 100-million-yen unit; sellers are testing the market, not dumping. Prices also remain high: according to Tokyo Kantei, the average asking price for a resale condo in the 23 wards (70 square meters) was 127.41 million yen in June 2026, down 0.8% month on month for the first time in 26 months, but still 23.3% above a year earlier.

Cuts concentrate in central Tokyo: half of listings in Chuo and Minato

By ward (three months to October 7), 42.7% of listings across the 23 wards had cut their price. Chuo (50.4%), Minato (49.6%) and Shibuya (49.4%) lead, and the three central wards of Chiyoda, Chuo and Minato together stand at 49.2%, nearly one listing in two. Adachi is lowest at 34.7%. Cuts are also deeper in the center, 5.3% in Chuo and 5.2% in Minato, against 4.2% to 4.6% in most outer wards. The more expensive the ward, the earlier the adjustment.

What this means for buyers, sellers and investors

Buyers: In central Tokyo, half of listings cut their price within three months, by about 5% at a time. The longer a unit has been on the market, the more room there is to negotiate.

Sellers: Listing at peak-period prices in central Tokyo carries close to a one-in-two chance of cutting within three months. Recent listings and cuts in the same building or around the same station are a more realistic guide than last year's sale prices.

Investors: How much rental yields improve once asking prices come down is covered in a later article in this series.

Log in to Urbalytics to see more condo price history and transaction records

Methodology

Resale condominiums in Tokyo's 23 wards. Listings = units with a listing record in the 90 days to each date. Price cut = any asking price in those 90 days below the previous record. Cut size = the median of each listing's largest cut within the 90 days. All figures are asking prices, not transaction prices. Data: Urbalytics asking-price data, compiled October 2026.

Tags: Tokyo property prices, Tokyo resale condos, price cuts, Tokyo 23 wards, Minato condos, Chuo condos, central Tokyo, buying property in Japan, Japan real estate investment, asking prices, Tokyo Kantei, Urbalytics

References

1. TV Tokyo BIZ, "Tokyo 23-ward resale condo prices fall as buyers can't keep up" (July 23, 2026). https://txbiz.tv-tokyo.co.jp/wbs/news/post_345328

2. Bloomberg via Yahoo! News Japan, "Tokyo 23-ward resale condo prices fall for first time in 26 months" (July 23, 2026). https://news.yahoo.co.jp/articles/15984b952eaac4f80cceae31089aa7397ed95d40

Cover image: AI-generated illustration (Higgsfield)