Price Watch
Price cuts in August 2026
26,628 listings across Tokyo, Kanagawa, Saitama and Chiba cut their asking price in August 2026; 4,072 raised it. The number of cuts tracks how much stock is listed. The median cut does not, and tells you how far a seller actually moved.
Median cut by property type
#The median cut on income buildings, condo units, houses and land, how it has moved, and the August 2026 breakdown. Counts track how much stock is listed; the median cut does not, and tells you how far a seller actually moved.
Income building
5.3%
vs prior month ±0.0pt
1,485 obs.
Condominium
4.2%
vs prior month +0.2pt
10,989 obs.
House
3.9%
vs prior month ±0.0pt
10,137 obs.
Land
7.5%
vs prior month +0.1pt
4,017 obs.
| Type | Price cuts | Median cut | Deepest fifth | vs prior month | Price rises |
|---|---|---|---|---|---|
| Income building | 1,485 | 5.3% | 10.0% | 0.0pt | 328 |
| 東京都 | 767 | 5.0% | 9.3% | 0.0pt | 167 |
| 神奈川県 | 287 | 5.2% | 10.0% | +0.1pt | 62 |
| 埼玉県 | 198 | 5.8% | 11.8% | -0.5pt | 40 |
| 千葉県 | 202 | 5.7% | 11.7% | +0.1pt | 54 |
| Condominium | 10,989 | 4.2% | 7.7% | +0.2pt | 2,027 |
| 東京都 | 6,778 | 3.9% | 7.1% | +0.1pt | 1,170 |
| 神奈川県 | 2,272 | 4.6% | 8.5% | +0.2pt | 457 |
| 埼玉県 | 1,134 | 5.0% | 9.1% | +0.5pt | 216 |
| 千葉県 | 805 | 4.8% | 9.9% | -0.2pt | 183 |
| House | 10,137 | 3.9% | 7.2% | 0.0pt | 945 |
| 東京都 | 2,399 | 3.7% | 7.4% | -0.2pt | 279 |
| 神奈川県 | 2,779 | 3.7% | 6.6% | -0.1pt | 221 |
| 埼玉県 | 2,858 | 3.9% | 6.9% | +0.2pt | 214 |
| 千葉県 | 1,983 | 4.3% | 8.8% | +0.1pt | 191 |
| Land | 4,017 | 7.5% | 15.8% | +0.1pt | 772 |
| 東京都 | 1,243 | 6.3% | 12.9% | +0.3pt | 274 |
| 神奈川県 | 965 | 7.0% | 13.9% | +0.3pt | 99 |
| 埼玉県 | 954 | 8.1% | 17.1% | -0.3pt | 168 |
| 千葉県 | 821 | 9.3% | 23.1% | -0.7pt | 227 |
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Search returns listings whose price is cut right now, which is not the same set as the August 2026 cuts this issue counts.
Conditions
- A cut is one revision that put a listing's asking price below that same listing's previous asking price. Increases and unchanged prices are not counted.
- The rate is (previous price − revised price) ÷ previous price. What is shown is the month's median, not its mean.
- Figures are counted on the date the price was revised.
- Coverage is sale listings across Tokyo, Kanagawa, Saitama and Chiba, whatever status they now carry.
- "Deepest fifth" is the level one cut in five goes beyond.
- In the prefecture rows, a highlighted figure is the largest in that column for that property type. The columns point in different directions — counts, cut depth, month-on-month, raises — so the colour marks size only, not whether it is good or bad.
What the data says
- 26,628 listings across Greater Tokyo cut their asking price in August 2026 and 4,072 listings raised it, so cuts outnumbered rises 6.5 to one.
- The median cut in August 2026 was deepest on Land at 7.5% and shallowest on House at 3.9% — a 3.6pt gap, so a Land seller concedes about 1.9 times what a House seller does.
- Land does not only have the deepest median at 7.5%, it has the longest tail: one cut in five goes beyond 15.8%. It is the type where the outcome varies most.
- Income building saw 1,485 cuts in August 2026 at a median of 5.3%, and one in five went beyond 10.0%.
- Land saw 4,017 cuts in August 2026 at a median of 7.5%, and one in five went beyond 15.8%.
- No type moved more than 0.2pt from the prior month. Sellers conceded in August 2026 about as much as they did in July 2026.
Median cut over time
| Month | Income building | Condominium | House | Land |
|---|---|---|---|---|
| 2025-07 | 4.8% | 4.4% | 3.9% | 7.4% |
| 2025-08 | 5.0% | 4.4% | 4.0% | 7.2% |
| 2025-09 | 4.9% | 4.4% | 4.0% | 7.2% |
| 2025-10 | 5.3% | 4.3% | 3.9% | 7.4% |
| 2025-11 | 5.2% | 4.4% | 3.9% | 7.2% |
| 2025-12 | 5.6% | 4.3% | 4.0% | 7.4% |
| 2026-01 | 5.3% | 4.3% | 4.2% | 7.1% |
| 2026-02 | 5.5% | 4.4% | 4.2% | 7.3% |
| 2026-03 | 5.4% | 4.4% | 4.2% | 7.4% |
| 2026-04 | 5.4% | 4.4% | 4.2% | 7.2% |
| 2026-05 | 5.6% | 4.5% | 4.3% | 7.7% |
| 2026-06 | 5.3% | 4.2% | 4.0% | 7.3% |
| 2026-07 | 5.3% | 4.0% | 3.9% | 7.4% |
| 2026-08 | 5.3% | 4.2% | 3.9% | 7.5% |
Conditions
- The median cut by property type. The rate is plotted rather than the counts: deduplication of price revisions was corrected in June 2026, so earlier counts are not comparable.
What the data says
- The median cut on Income building has deepened 0.4pt, from 4.9% averaged over the first 3 months to 5.3% over the most recent 3.
- Across the 14 months shown, the deepest median cut on Income building was 5.6% in December 2025.
Municipalities ranked by median cut
#Tokyo municipalities, deepest median cut first. Only areas with 10 or more observations; samples are small, so the ranking moves month to month.
Income building
| Municipality | Median cut | Records | |
|---|---|---|---|
| Shibuya (渋谷区) | 7.9% | 19 | |
| Minato (港区) | 7.5% | 19 | |
| Bunkyo (文京区) | 6.3% | 14 | |
| Arakawa (荒川区) | 6.3% | 19 | |
| Toshima (豊島区) | 5.8% | 31 | |
| Shinjuku (新宿区) | 5.7% | 29 | |
| Hachioji (八王子市) | 5.6% | 14 | |
| Sumida (墨田区) | 5.6% | 27 | |
What the data says
- The deepest median cut on Income building among Tokyo municipalities in August 2026 was Shibuya (渋谷区) at 7.9%, on 19 cuts. Only the 22 areas with 10 cuts or more are listed.
- 7 of the top 8 municipalities are inside the 23 wards. On Income building, the deepest cuts sit in the centre rather than the outer suburbs.
- Across the 22 municipalities listed, the median cut runs from 7.9% in Shibuya (渋谷区) down to 2.7% in Nerima (練馬区).
Condominium
| Municipality | Median cut | Records | |
|---|---|---|---|
| Higashiyamato (東大和市) | 7.5% | 12 | |
| Fussa (福生市) | 7.0% | 14 | |
| Ome (青梅市) | 7.0% | 34 | |
| Inagi (稲城市) | 6.4% | 20 | |
| Higashimurayama (東村山市) | 6.4% | 14 | |
| Tama (多摩市) | 5.7% | 41 | |
| Hamura (羽村市) | 5.6% | 11 | |
| Akishima (昭島市) | 5.1% | 14 | |
What the data says
- The deepest median cut on Condominium among Tokyo municipalities in August 2026 was Higashiyamato (東大和市) at 7.5%, on 12 cuts. Only the 44 areas with 10 cuts or more are listed.
- 8 of the top 8 municipalities are in Tama. On Condominium, the deepest cuts sit in the outer suburbs rather than the centre.
- Across the 44 municipalities listed, the median cut runs from 7.5% in Higashiyamato (東大和市) down to 3.0% in Nishitokyo (西東京市).
House
| Municipality | Median cut | Records | |
|---|---|---|---|
| Taito (台東区) | 7.2% | 13 | |
| Minato (港区) | 7.2% | 11 | |
| Hamura (羽村市) | 6.5% | 10 | |
| Ome (青梅市) | 6.1% | 45 | |
| Bunkyo (文京区) | 5.8% | 10 | |
| Mizuho (西多摩郡瑞穂町) | 5.4% | 13 | |
| Tama (多摩市) | 5.4% | 14 | |
| Shinjuku (新宿区) | 5.4% | 34 | |
What the data says
- The deepest median cut on House among Tokyo municipalities in August 2026 was Taito (台東区) at 7.2%, on 13 cuts. Only the 47 areas with 10 cuts or more are listed.
- Across the 47 municipalities listed, the median cut runs from 7.2% in Taito (台東区) down to 2.1% in Inagi (稲城市).
Land
| Municipality | Median cut | Records | |
|---|---|---|---|
| Musashimurayama (武蔵村山市) | 12.6% | 19 | |
| Ome (青梅市) | 12.5% | 15 | |
| Kunitachi (国立市) | 11.1% | 11 | |
| Kita (北区) | 9.3% | 18 | |
| Higashikurume (東久留米市) | 9.0% | 12 | |
| Akishima (昭島市) | 8.4% | 14 | |
| Kodaira (小平市) | 8.4% | 12 | |
| Edogawa (江戸川区) | 8.3% | 37 | |
What the data says
- The deepest median cut on Land among Tokyo municipalities in August 2026 was Musashimurayama (武蔵村山市) at 12.6%, on 19 cuts. Only the 41 areas with 10 cuts or more are listed.
- 6 of the top 8 municipalities are in Tama. On Land, the deepest cuts sit in the outer suburbs rather than the centre.
- Across the 41 municipalities listed, the median cut runs from 12.6% in Musashimurayama (武蔵村山市) down to 2.4% in Kiyose (清瀬市).
Days to first cut by property type
#Median days from listing to the first time the price moves.
| Type | Days to first cut (median) | Records |
|---|---|---|
| Income building | 156 days | 1,492 |
| Condominium | 77 days | 10,998 |
| House | 140 days | 10,132 |
| Land | 108 days | 3,983 |
What the data says
- Income building waits longest before its price first moves, a median of 156 days, while Condominium waits 77 days.
- Income building takes about 2.0 times as long as Condominium to reach its first cut — roughly 5 months. For a buyer, there is little reason to move on Income building the week it lists.
Repeat cuts and the sale rate after a cut
#How often a cut was followed by another, and how often it produced a sale.
Distribution of cut counts by property type
| Type | Once | Twice | 3 times | 4 or more | Cut more than once |
|---|---|---|---|---|---|
| Income building | 7,658 | 2,451 | 909 | 705 | 34.7% |
| Condominium | 50,046 | 17,541 | 7,045 | 6,011 | 37.9% |
| House | 42,193 | 18,437 | 8,934 | 9,069 | 46.3% |
| Land | 28,833 | 8,260 | 2,523 | 1,587 | 30.0% |
Conditions
- How many times a listing cut, among those that cut at least once in the past twelve months.
What the data says
- House has 9,069 listings that cut four times or more, against 8,934 that cut exactly three — the reverse of every other type, where each further cut is rarer. Stock that starts falling and does not stop is accumulating here.
- Of the 78,633 House listings that cut at least once in the past 12 months, 46.3% cut again. Land is the lowest at 30.0%.
Sales within 90 days of a cut
| Type | Cut in 2026-05 | Sold within 90 days | Sold |
|---|---|---|---|
| Income building | 1,509 | 197 | 13.1% |
| Condominium | 11,245 | 1,146 | 10.2% |
| House | 10,746 | 2,509 | 23.3% |
| Land | 5,354 | 1,250 | 23.3% |
Conditions
- Following a cut for 90 days takes 90 days, so this covers listings that cut in 2026-05, not the reported month.
What the data says
- Of the 1,509 Income building listings that cut in May 2026, 197 listings reached a recorded sale within 90 days — 13.1%. The remaining 86.9% were still unsold three months later.
- In the May 2026 cohort a cut worked hardest on House at 23.3% and least on Condominium at 10.2%.
- House converted 2.3 times as often as Condominium. The same size of cut buys different odds depending on what is being sold.
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