Price Watch
Price cuts in May 2026
31,607 listings across Tokyo, Kanagawa, Saitama and Chiba cut their asking price in May 2026; 7,993 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 May 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
5.6%
vs prior month +0.2pt
1,664 obs.
Condominium
4.5%
vs prior month +0.1pt
12,324 obs.
House
4.3%
vs prior month +0.1pt
11,882 obs.
Land
7.7%
vs prior month +0.5pt
5,737 obs.
| Type | Price cuts | Median cut | Deepest fifth | vs prior month | Price rises |
|---|---|---|---|---|---|
| Income building | 1,664 | 5.6% | 10.0% | +0.2pt | 431 |
| 東京都 | 648 | 5.0% | 9.1% | +0.2pt | 189 |
| 神奈川県 | 262 | 5.0% | 8.9% | -0.4pt | 70 |
| 埼玉県 | 179 | 6.2% | 11.6% | +0.3pt | 52 |
| 千葉県 | 160 | 5.7% | 11.2% | -0.3pt | 29 |
| Condominium | 12,324 | 4.5% | 8.8% | +0.1pt | 4,353 |
| 東京都 | 5,386 | 4.2% | 7.8% | +0.2pt | 2,095 |
| 神奈川県 | 2,282 | 4.8% | 9.8% | +0.3pt | 822 |
| 埼玉県 | 1,161 | 5.0% | 10.0% | 0.0pt | 462 |
| 千葉県 | 877 | 5.1% | 12.3% | 0.0pt | 397 |
| House | 11,882 | 4.3% | 8.6% | +0.1pt | 1,745 |
| 東京都 | 2,021 | 3.8% | 7.5% | -0.1pt | 341 |
| 神奈川県 | 2,482 | 4.0% | 7.0% | 0.0pt | 296 |
| 埼玉県 | 2,518 | 4.0% | 7.5% | +0.1pt | 377 |
| 千葉県 | 1,774 | 4.4% | 8.7% | 0.0pt | 255 |
| Land | 5,737 | 7.7% | 15.5% | +0.5pt | 1,464 |
| 東京都 | 1,383 | 6.1% | 12.0% | +0.2pt | 435 |
| 神奈川県 | 1,044 | 7.0% | 13.7% | +0.2pt | 251 |
| 埼玉県 | 1,032 | 8.4% | 16.3% | +0.6pt | 278 |
| 千葉県 | 739 | 9.5% | 20.1% | +0.2pt | 187 |
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Search returns listings whose price is cut right now, which is not the same set as the May 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
- 31,607 listings across Greater Tokyo cut their asking price in May 2026 and 7,993 listings raised it, so cuts outnumbered rises 4.0 to one.
- The median cut in May 2026 was deepest on Land at 7.7% and shallowest on House at 4.3% — a 3.4pt gap, so a Land seller concedes about 1.8 times what a House seller does.
- Land does not only have the deepest median at 7.7%, it has the longest tail: one cut in five goes beyond 15.5%. It is the type where the outcome varies most.
- Income building saw 1,664 cuts in May 2026 at a median of 5.6%, and one in five went beyond 10.0%.
- Land saw 5,737 cuts in May 2026 at a median of 7.7%, and one in five went beyond 15.5%.
- Land moved most from the prior month: its median cut shifted 0.5pt to 7.7% in May 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% |
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 0.6pt, from 4.9% averaged over the first 3 months to 5.5% over the most recent 3.
- Income building is the only series that clearly moved across the window, by 0.6pt. The other 3 moved less than half as far, which is flat at this scale.
- Across the 11 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 | |
|---|---|---|---|
| Bunkyo (文京区) | 8.8% | 10 | |
| Shibuya (渋谷区) | 7.9% | 19 | |
| Sumida (墨田区) | 7.4% | 21 | |
| Kita (北区) | 6.7% | 13 | |
| Shinagawa (品川区) | 6.7% | 11 | |
| Minato (港区) | 6.3% | 19 | |
| Itabashi (板橋区) | 5.9% | 39 | |
| Ota (大田区) | 5.7% | 21 | |
What the data says
- The deepest median cut on Income building among Tokyo municipalities in May 2026 was Bunkyo (文京区) at 8.8%, on 10 cuts. Only the 24 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 24 municipalities listed, the median cut runs from 8.8% in Bunkyo (文京区) down to 2.5% in Tachikawa (立川市).
Condominium
| Municipality | Median cut | Records | |
|---|---|---|---|
| Higashikurume (東久留米市) | 11.5% | 11 | |
| Ome (青梅市) | 8.4% | 23 | |
| Higashimurayama (東村山市) | 7.8% | 15 | |
| Tama (多摩市) | 6.6% | 54 | |
| Komae (狛江市) | 6.1% | 10 | |
| Inagi (稲城市) | 5.9% | 14 | |
| Hachioji (八王子市) | 5.8% | 102 | |
| Kokubunji (国分寺市) | 5.0% | 13 | |
What the data says
- The deepest median cut on Condominium among Tokyo municipalities in May 2026 was Higashikurume (東久留米市) at 11.5%, on 11 cuts. Only the 42 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 42 municipalities listed, the median cut runs from 11.5% in Higashikurume (東久留米市) down to 3.0% in Arakawa (荒川区).
House
| Municipality | Median cut | Records | |
|---|---|---|---|
| Taito (台東区) | 7.1% | 14 | |
| Ome (青梅市) | 6.7% | 26 | |
| Akiruno (あきる野市) | 6.1% | 31 | |
| Shibuya (渋谷区) | 6.0% | 23 | |
| Shinjuku (新宿区) | 5.8% | 18 | |
| Akishima (昭島市) | 5.0% | 19 | |
| Nakano (中野区) | 5.0% | 31 | |
| Suginami (杉並区) | 4.6% | 78 | |
What the data says
- The deepest median cut on House among Tokyo municipalities in May 2026 was Taito (台東区) at 7.1%, on 14 cuts. Only the 44 areas with 10 cuts or more are listed.
- Across the 44 municipalities listed, the median cut runs from 7.1% in Taito (台東区) down to 2.7% in Inagi (稲城市).
Land
| Municipality | Median cut | Records | |
|---|---|---|---|
| Musashimurayama (武蔵村山市) | 11.4% | 16 | |
| Tama (多摩市) | 11.3% | 12 | |
| Higashiyamato (東大和市) | 9.6% | 14 | |
| Nishitokyo (西東京市) | 9.3% | 21 | |
| Hino (日野市) | 9.3% | 27 | |
| Arakawa (荒川区) | 9.2% | 17 | |
| Itabashi (板橋区) | 8.8% | 41 | |
| Fuchu (府中市) | 8.2% | 27 | |
What the data says
- The deepest median cut on Land among Tokyo municipalities in May 2026 was Musashimurayama (武蔵村山市) at 11.4%, on 16 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 11.4% in Musashimurayama (武蔵村山市) down to 3.2% in Meguro (目黒区).
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 | 134 days | 1,671 |
| Condominium | 120 days | 12,366 |
| House | 125 days | 11,877 |
| Land | 102 days | 5,670 |
What the data says
- Income building waits longest before its price first moves, a median of 134 days, while Land waits 102 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
| Type | Once | Twice | 3 times | 4 or more | Cut more than once |
|---|---|---|---|---|---|
| Income building | 7,431 | 2,361 | 802 | 642 | 33.9% |
| Condominium | 47,585 | 17,348 | 6,532 | 5,622 | 38.3% |
| House | 42,140 | 18,830 | 9,049 | 9,275 | 46.9% |
| Land | 28,914 | 8,417 | 2,507 | 1,611 | 30.2% |
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 9,275 listings that cut four times or more, against 9,049 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 79,294 House listings that cut at least once in the past 12 months, 46.9% cut again. Land is the lowest at 30.2%.
Sales within 90 days of a cut
| Type | Cut in 2026-02 | Sold within 90 days | Sold |
|---|---|---|---|
| Income building | 1,528 | 183 | 12.0% |
| Condominium | 11,417 | 910 | 8.0% |
| House | 13,324 | 2,738 | 20.5% |
| Land | 5,490 | 1,314 | 23.9% |
Conditions
- Following a cut for 90 days takes 90 days, so this covers listings that cut in 2026-02, not the reported month.
What the data says
- Of the 1,528 Income building listings that cut in February 2026, 183 listings reached a recorded sale within 90 days — 12.0%. The remaining 88.0% were still unsold three months later.
- In the February 2026 cohort a cut worked hardest on Land at 23.9% and least on Condominium at 8.0%.
- Land converted 3.0 times as often as Condominium. The same size of cut buys different odds depending on what is being sold.
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