The Shanghai second-hand housing online signing system has crashed multiple times! Weekly transaction volume has reached a five-year high, confirming the arrival of a small spring market! Real estate agents: no time to eat, one property was fought over by two clients.

Just finished this weekend, and Shanghai’s real estate agents are busy “taking off,” “either showing properties to clients or negotiating with clients, with no time even for meals.”

This is the second truly meaningful weekend since the implementation of the “Seven Policies in Shanghai,” with confidence among homebuyers, agents, developers, and others fully restored, and market enthusiasm quickly ignited. Even the second-hand housing online signing system experienced multiple crashes due to sudden high traffic. “The online signing system was down several times. I’ve been in the industry for five years, and I’ve never seen this happen before,” a manager at a Shanghai agency told Jiemian News.

Data from online real estate platforms show that from March 9 to March 13, the transaction volume of second-hand homes in Shanghai exceeded 800 units for five consecutive working days, with an average of 874 units per day, and market activity continued to rise.

By March 14 (last Saturday), second-hand home transactions surged again, reaching 1,472 units in a single day, approaching the 1,500 mark. According to Jiemian News, the last time Shanghai’s second-hand market reached this level was on March 15, 2025 (Saturday), with 1,473 units, marking a strong return of the hot housing market after a year, and a full-fledged “small spring” in Shanghai’s real estate market.

Continuing the previous days’ enthusiasm for home buying, on March 15, Shanghai’s second-hand home transactions totaled 1,390 units. By mid-March, the total second-hand home transactions in Shanghai reached 13,955 units. Last week, the online signing volume for second-hand homes was 7,233 units, a new high since 2021.

On March 15, Jiemian News visited several real estate agencies in Shanghai, and multiple agency managers told reporters that recent inquiries and viewings for second-hand homes have increased, and the bargaining space for buyers and sellers is shrinking. “The transaction cycle has shortened, and there have even been cases where two clients are competing for the same property.”

Moreover, the market landscape has clearly reversed. Previously, agents mainly initiated viewings, but now buyers are actively seeking information and making appointments.

According to these agents, although landlords’ listing prices haven’t changed, their psychological prices have increased.

“Conservatively, I estimate about 27,000 units this month,” a person from Pacific Housing told Jiemian News.

Among recent transactions by Pacific Housing, popular sectors include Minhang District’s Zhongyi area, Jinhongqiao sector with properties priced between 4 million and 6 million yuan, and Putuo’s Dongxin and Changshou Changde sectors with properties between 6 million and 8 million yuan. “Mostly improvements between outer ring roads.”

Luwenxi believes that Shanghai’s housing market has completely shaken off its flat trend. With the continued release of policy dividends, the market is accelerating its recovery, with both new and second-hand homes gaining momentum. The “small spring” market has been confirmed.

“From a national perspective, Shanghai’s housing data serves as a barometer, further indicating that the current market has a solid foundation for growth. On one hand, it will support the new housing market in Shanghai; on the other hand, it sets a good example for the national market, helping to promote a small spring revival across various regions,” Yan Yuejin told Jiemian News.

70 Cities’ Home Prices Continue Narrowing Month-on-Month Decline in February; Beijing and Shanghai’s Second-Hand Home Prices Lead the Turnaround

On March 16, the National Bureau of Statistics released the February 2026 data on the price changes of commercial residential sales in 70 large and medium-sized cities. The data shows that the month-on-month decline in these cities’ residential sales prices continued to narrow. Meanwhile, the number of cities with rising new home prices increased, and the second-hand housing market shows signs of stabilization and recovery, with Beijing and Shanghai’s second-hand home prices leading the turnaround.

From the second-hand housing data, positive changes are evident.

According to the National Bureau of Statistics, in February, the second-hand residential sales prices in first-tier cities decreased by 0.1% month-on-month, narrowing the decline by 0.4 percentage points from the previous month. Beijing and Shanghai saw increases of 0.3% and 0.2%, respectively, while Guangzhou and Shenzhen declined by 0.5% and 0.4%. In second- and third-tier cities, second-hand residential prices fell by 0.4% and 0.5%, with declines narrowing by 0.1 percentage points.

Specifically, in February, four cities saw second-hand residential prices increase or stay flat month-on-month. Beijing and Shanghai’s prices rose by 0.3% and 0.2%, respectively; Shenyang and Xiamen’s prices remained flat.

Historically, Shanghai’s second-hand residential prices have declined for nine consecutive months since May 2025. This month’s turnaround to increase is the first in nearly ten months; Beijing’s second-hand home prices also turned positive for the first time since April 2025.

Source: Shangguan News

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