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Price Watch

Price cuts in April 2026

34,202 listings across Tokyo, Kanagawa, Saitama and Chiba cut their asking price in April 2026; 8,601 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.

The counts in this issue predate July 2026, when deduplication of price revisions was corrected. They run high against later months and should not be compared with them. The median cut is barely affected by duplicates, so that figure carries across the whole archive.

Median cut by property type

#

The median cut on income buildings, condo units, houses and land, how it has moved, and the April 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
5.4%
vs prior month ±0.0pt
1,714 obs.
Condominium
4.4%
vs prior month ±0.0pt
13,124 obs.
House
4.2%
vs prior month ±0.0pt
13,246 obs.
Land
7.2%
vs prior month −0.2pt
6,118 obs.
TypePrice cutsMedian cutDeepest fifthvs prior monthPrice rises
Income building1,7145.4%10.8%0.0pt359
東京都6704.8%9.4%-0.2pt139
神奈川県2405.4%11.1%+0.3pt64
埼玉県1705.9%11.1%+0.6pt41
千葉県2036.0%11.4%+0.8pt40
Condominium13,1244.4%8.4%0.0pt3,944
東京都5,6624.0%7.4%+0.1pt1,912
神奈川県2,5394.5%9.1%-0.3pt715
埼玉県1,3045.0%10.0%0.0pt474
千葉県9685.1%10.6%-0.5pt352
House13,2464.2%8.4%0.0pt2,842
東京都2,4323.9%7.3%-0.1pt699
神奈川県2,8904.0%7.2%+0.1pt488
埼玉県2,7483.9%7.6%-0.1pt620
千葉県1,9204.4%8.6%+0.2pt402
Land6,1187.2%14.8%-0.2pt1,456
東京都1,4735.9%12.0%-0.1pt471
神奈川県1,2496.8%13.5%-0.1pt256
埼玉県1,0317.8%16.2%-0.5pt243
千葉県8049.3%20.7%-0.2pt202
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Search returns listings whose price is cut right now, which is not the same set as the April 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

  • 34,202 listings across Greater Tokyo cut their asking price in April 2026 and 8,601 listings raised it, so cuts outnumbered rises 4.0 to one.
  • The median cut in April 2026 was deepest on Land at 7.2% and shallowest on House at 4.2% — a 3.0pt gap, so a Land seller concedes about 1.7 times what a House seller does.
  • Land does not only have the deepest median at 7.2%, it has the longest tail: one cut in five goes beyond 14.8%. It is the type where the outcome varies most.
  • Income building saw 1,714 cuts in April 2026 at a median of 5.4%, and one in five went beyond 10.8%.
  • Land saw 6,118 cuts in April 2026 at a median of 7.2%, and one in five went beyond 14.8%.
  • No type moved more than 0.2pt from the prior month. Sellers conceded in April 2026 about as much as they did in March 2026.

Median cut over time

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 0.5pt, from 4.9% averaged over the first 3 months to 5.4% over the most recent 3.
  • Income building is the only series that clearly moved across the window, by 0.5pt. The other 3 moved less than half as far, which is flat at this scale.
  • Across the 10 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

What the data says

  • The deepest median cut on Income building among Tokyo municipalities in April 2026 was Minato (港区) at 6.7%, on 14 cuts. Only the 22 areas with 10 cuts or more are listed.
  • 8 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 6.7% in Minato (港区) down to 2.6% in Toshima (豊島区).

Condominium

What the data says

  • The deepest median cut on Condominium among Tokyo municipalities in April 2026 was Ome (青梅市) at 8.8%, on 34 cuts. Only the 45 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 45 municipalities listed, the median cut runs from 8.8% in Ome (青梅市) down to 3.3% in Akishima (昭島市).

House

What the data says

  • The deepest median cut on House among Tokyo municipalities in April 2026 was Shibuya (渋谷区) at 6.7%, on 16 cuts. Only the 45 areas with 10 cuts or more are listed.
  • Across the 45 municipalities listed, the median cut runs from 6.7% in Shibuya (渋谷区) down to 1.9% in Koganei (小金井市).

Land

What the data says

  • The deepest median cut on Land among Tokyo municipalities in April 2026 was Arakawa (荒川区) at 12.1%, on 18 cuts. Only the 43 areas with 10 cuts or more are listed.
  • 7 of the top 8 municipalities are in Tama. On Land, the deepest cuts sit in the outer suburbs rather than the centre.
  • Across the 43 municipalities listed, the median cut runs from 12.1% in Arakawa (荒川区) down to 3.0% in Musashino (武蔵野市).

Days to first cut by property type

#

Median days from listing to the first time the price moves.

What the data says

  • Income building waits longest before its price first moves, a median of 117 days, while Land waits 95 days.

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

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 9,457 listings that cut four times or more, against 9,127 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 78,827 House listings that cut at least once in the past 12 months, 46.9% cut again. Land is the lowest at 30.7%.

Sales within 90 days of a cut

Conditions

  • Following a cut for 90 days takes 90 days, so this covers listings that cut in 2026-01, not the reported month.

What the data says

  • Of the 1,546 Income building listings that cut in January 2026, 146 listings reached a recorded sale within 90 days — 9.4%. The remaining 90.6% were still unsold three months later.
  • In the January 2026 cohort a cut worked hardest on Land at 20.2% and least on Condominium at 6.7%.
  • Land converted 3.0 times as often as Condominium. The same size of cut buys different odds depending on what is being sold.

About this data

  1. 集計は price_changes の record_date ベース。updated_at はマージ・ジオコーディング・バックフィルで現在時刻に飛ぶため使っていない。
  2. 「値下げ」は同一物件の直前の売出価格を下回った改定を指す。重複排除はアプリ層の3ヶ月窓。
  3. 市区町村別は 10 件以上のエリアのみ。各数値の横に件数を併記している。
  4. 成約率のコホートは 2026-01 に値下げした物件で、初回値下げから 90 日以内の成約を追跡したもの。
  5. 前年同月比は掲載していない（上記の重複排除の経緯による）。

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