Price Watch
Price cuts in July 2026
27,181 listings across Tokyo, Kanagawa, Saitama and Chiba cut their asking price in July 2026; 4,784 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 July 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
1,613 obs.
Condominium
4.0%
vs prior month −0.2pt
10,967 obs.
House
3.9%
vs prior month −0.1pt
10,400 obs.
Land
7.4%
vs prior month +0.1pt
4,201 obs.
| Type | Price cuts | Median cut | Deepest fifth | vs prior month | Price rises |
|---|---|---|---|---|---|
| Income building | 1,613 | 5.3% | 10.0% | 0.0pt | 380 |
| 東京都 | 834 | 5.0% | 9.1% | 0.0pt | 204 |
| 神奈川県 | 294 | 5.1% | 9.7% | -0.4pt | 73 |
| 埼玉県 | 217 | 6.3% | 11.1% | +1.1pt | 42 |
| 千葉県 | 231 | 5.6% | 10.0% | +0.2pt | 52 |
| Condominium | 10,967 | 4.0% | 7.5% | -0.2pt | 2,294 |
| 東京都 | 6,643 | 3.8% | 6.8% | -0.2pt | 1,342 |
| 神奈川県 | 2,333 | 4.4% | 8.3% | -0.2pt | 477 |
| 埼玉県 | 1,175 | 4.5% | 8.6% | -0.6pt | 251 |
| 千葉県 | 815 | 5.0% | 10.7% | -0.2pt | 223 |
| House | 10,400 | 3.9% | 7.2% | -0.1pt | 1,261 |
| 東京都 | 2,338 | 3.9% | 7.2% | +0.2pt | 289 |
| 神奈川県 | 2,885 | 3.8% | 6.7% | +0.2pt | 310 |
| 埼玉県 | 2,885 | 3.7% | 6.9% | -0.1pt | 361 |
| 千葉県 | 2,184 | 4.2% | 8.3% | 0.0pt | 238 |
| Land | 4,201 | 7.4% | 16.0% | +0.1pt | 849 |
| 東京都 | 1,257 | 6.0% | 12.4% | -0.1pt | 294 |
| 神奈川県 | 1,069 | 6.7% | 13.8% | -0.1pt | 135 |
| 埼玉県 | 958 | 8.4% | 16.9% | +0.5pt | 181 |
| 千葉県 | 870 | 10.0% | 25.0% | +0.4pt | 234 |
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Search returns listings whose price is cut right now, which is not the same set as the July 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
- 27,181 listings across Greater Tokyo cut their asking price in July 2026 and 4,784 listings raised it, so cuts outnumbered rises 5.7 to one.
- The median cut in July 2026 was deepest on Land at 7.4% and shallowest on House at 3.9% — a 3.5pt gap, so a Land seller concedes about 1.9 times what a House seller does.
- Land does not only have the deepest median at 7.4%, it has the longest tail: one cut in five goes beyond 16.0%. It is the type where the outcome varies most.
- Income building saw 1,613 cuts in July 2026 at a median of 5.3%, and one in five went beyond 10.0%.
- Land saw 4,201 cuts in July 2026 at a median of 7.4%, and one in five went beyond 16.0%.
- No type moved more than 0.2pt from the prior month. Sellers conceded in July 2026 about as much as they did in June 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% |
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 13 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 | |
|---|---|---|---|
| Chuo (中央区) | 9.0% | 10 | |
| Shinjuku (新宿区) | 8.8% | 27 | |
| Suginami (杉並区) | 6.3% | 43 | |
| Arakawa (荒川区) | 6.3% | 19 | |
| Itabashi (板橋区) | 6.1% | 45 | |
| Kita (北区) | 5.9% | 28 | |
| Sumida (墨田区) | 5.4% | 31 | |
| Adachi (足立区) | 5.4% | 42 | |
What the data says
- The deepest median cut on Income building among Tokyo municipalities in July 2026 was Chuo (中央区) at 9.0%, on 10 cuts. Only the 23 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 23 municipalities listed, the median cut runs from 9.0% in Chuo (中央区) down to 2.3% in Meguro (目黒区).
Condominium
| Municipality | Median cut | Records | |
|---|---|---|---|
| Ome (青梅市) | 6.3% | 24 | |
| Hachioji (八王子市) | 5.5% | 100 | |
| Higashimurayama (東村山市) | 5.3% | 28 | |
| Kodaira (小平市) | 5.0% | 19 | |
| Akishima (昭島市) | 4.8% | 16 | |
| Katsushika (葛飾区) | 4.5% | 126 | |
| Hino (日野市) | 4.4% | 15 | |
| Adachi (足立区) | 4.4% | 166 | |
What the data says
- The deepest median cut on Condominium among Tokyo municipalities in July 2026 was Ome (青梅市) at 6.3%, on 24 cuts. Only the 41 areas with 10 cuts or more are listed.
- 6 of the top 8 municipalities are in Tama. On Condominium, the deepest cuts sit in the outer suburbs rather than the centre.
- Across the 41 municipalities listed, the median cut runs from 6.3% in Ome (青梅市) down to 3.1% in Kita (北区).
House
| Municipality | Median cut | Records | |
|---|---|---|---|
| Sumida (墨田区) | 8.2% | 27 | |
| Tama (多摩市) | 6.5% | 12 | |
| Higashikurume (東久留米市) | 6.3% | 19 | |
| Komae (狛江市) | 5.9% | 13 | |
| Ome (青梅市) | 5.7% | 47 | |
| Kita (北区) | 5.7% | 47 | |
| Mizuho (西多摩郡瑞穂町) | 5.5% | 12 | |
| Akiruno (あきる野市) | 5.4% | 38 | |
What the data says
- The deepest median cut on House among Tokyo municipalities in July 2026 was Sumida (墨田区) at 8.2%, on 27 cuts. Only the 46 areas with 10 cuts or more are listed.
- 6 of the top 8 municipalities are in Tama. On House, the deepest cuts sit in the outer suburbs rather than the centre.
- Across the 46 municipalities listed, the median cut runs from 8.2% in Sumida (墨田区) down to 1.7% in Inagi (稲城市).
Land
| Municipality | Median cut | Records | |
|---|---|---|---|
| Arakawa (荒川区) | 13.9% | 10 | |
| Ome (青梅市) | 10.7% | 30 | |
| Akiruno (あきる野市) | 10.1% | 12 | |
| Kokubunji (国分寺市) | 9.3% | 19 | |
| Mitaka (三鷹市) | 8.3% | 22 | |
| Chofu (調布市) | 8.1% | 13 | |
| Koganei (小金井市) | 8.1% | 17 | |
| Hachioji (八王子市) | 8.0% | 75 | |
What the data says
- The deepest median cut on Land among Tokyo municipalities in July 2026 was Arakawa (荒川区) at 13.9%, on 10 cuts. Only the 41 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 41 municipalities listed, the median cut runs from 13.9% in Arakawa (荒川区) down to 3.3% in Shibuya (渋谷区).
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 | 147 days | 1,616 |
| Condominium | 112 days | 10,952 |
| House | 134 days | 10,396 |
| Land | 112 days | 4,157 |
What the data says
- Income building waits longest before its price first moves, a median of 147 days, while Land waits 112 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 | 7,575 | 2,444 | 867 | 674 | 34.5% |
| Condominium | 49,396 | 17,334 | 6,873 | 5,875 | 37.8% |
| House | 42,480 | 18,587 | 8,941 | 9,111 | 46.3% |
| Land | 28,827 | 8,267 | 2,506 | 1,600 | 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 9,111 listings that cut four times or more, against 8,941 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 79,119 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 2026-04 | Sold within 90 days | Sold |
|---|---|---|---|
| Income building | 1,558 | 205 | 13.2% |
| Condominium | 11,963 | 801 | 6.7% |
| House | 11,794 | 2,615 | 22.2% |
| Land | 5,701 | 1,301 | 22.8% |
Conditions
- Following a cut for 90 days takes 90 days, so this covers listings that cut in 2026-04, not the reported month.
What the data says
- Of the 1,558 Income building listings that cut in April 2026, 205 listings reached a recorded sale within 90 days — 13.2%. The remaining 86.8% were still unsold three months later.
- In the April 2026 cohort a cut worked hardest on Land at 22.8% and least on Condominium at 6.7%.
- Land converted 3.4 times as often as Condominium. The same size of cut buys different odds depending on what is being sold.
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