The secondary housing market is performing well! Shenzhen's real estate "little spring" continues to heat up

Source: Securities Times Network | Author: Wu Jiaming

Focus on the Shenzhen real estate market.

Entering March, Shenzhen’s “spring recovery” in the property market has continued to heat up. In particular, the secondhand housing market has performed remarkably well, becoming the main driver behind a rebound in market sentiment, as the property market keeps releasing positive signals.

More and more secondhand home owners are regaining confidence

A reporter’s review finds that in Shenzhen, mainstream real estate agency firms have recently released “eye-catching” figures. On March 17, according to monitoring by the Shenzhen Beike Research Institute, in the previous week, Beike Shenzhen’s partner stores’ secondhand home signing volume increased 45% month over month, reaching a weekly high in nearly one year; during the same period, new home subscription volume increased 57% month over month, with the pace of inventory clearing clearly accelerating. The transaction volumes for both secondhand and new homes have been rising in tandem for three consecutive weeks, fully reflecting that market confidence and trading activity are rebounding together. Shenzhen’s secondhand housing market is gradually shifting from “using price cuts to boost volume” toward “volume up and prices stable,” with high-quality, mature communities leading the stabilization first.

Also, based on the signing volumes of new and secondhand home stores of LeYoujia, and combined with reverse calculations using LeYoujia’s market share, the report suggests that in March, Shenzhen’s first-hand and secondhand residential transaction volumes are likely to exceed 10,000 units. And in the previous week, Shenzhen’s property market data still looked strong. LeYoujia’s secondhand residential signing volume at its stores rose 33% month over month, not only surpassing the high point in March 2025, but also reaching the peak level after the 2024 “929” policy. Secondhand home viewings rose 11% month over month as well, again reaching the market heat level after the 2024 National Day holiday. Data monitored by the Shenzhen Real Estate Intermediary Association shows that from March 9 to March 15, the number of secondhand housing units recorded (referring to statistics compiled by the Shenzhen Real Estate Intermediary Association using the contract initiation time for secondhand home buy-and-sell agreements as the reference) was 1,616 units, up 35.3% month over month.

In visits to multiple districts in Shenzhen, the reporter found that since March, listings in high-quality school catchment areas have clearly outperformed other types of housing, and replacement-and-upgrade buyer groups have also actively entered the market. “Besides high-quality school catchment-area homes, secondhand housing communities with better quality, and homes with a total price below 3 million yuan and higher rental yield are also the main drivers of transactions,” said Chen, a senior agent from the Nijiang district in Shenzhen. “I’ve found that more and more secondhand home owners are choosing to rent their properties out temporarily. Against the backdrop of many years of falling home prices, as transaction volume rebounds, most owners believe there isn’t much room for home prices to keep falling.”

A virtuous cycle between new homes and secondhand homes

“A rebound in secondhand home transactions will provide important support for the recovery of the new home market.” Yan Yuejin, deputy director of the Shanghai E-House (Eju) Real Estate Research Institute, believes that with supply-side adjustments sufficiently made and inventory pressure gradually easing, if housing demand can continue to be released, Shenzhen’s real estate market will accelerate toward rebalancing supply and demand, driving steady rebounds in transaction volume and stabilization of prices.

Recently, the National Bureau of Statistics released data on how the selling prices of commercial residential homes in 70 large and medium-sized cities changed in February 2026. It shows that in February, Shenzhen’s secondhand residential selling price index fell 0.4% month over month, narrowing the month-over-month decline by 0.2 percentage points compared with January. In addition, in February, secondhand residential selling prices in first-tier cities fell 0.1% month over month, narrowing the decline by 0.4 percentage points compared with the previous month. Secondhand residential selling prices in second- and third-tier cities fell 0.4% and 0.5% month over month, respectively, with both declines narrowing by 0.1 percentage points.

“Since the pace of selling off secondhand homes has accelerated, the growth rate in listing volume has slowed down. Many owners are not willing to sell before the holiday, and their room for price negotiations has shrunk. Taken together, these factors have led to a clear slowdown in the price decline of secondhand homes in key cities.” Li Yujia, chief researcher at the Housing Policy Research Center of the Guangdong Provincial Institute of Urban and Rural Planning, said that key cities have a “leading” role and are also the key to overall housing prices stabilizing. In recent times, not only have low-total-price secondhand home transactions continued to dominate, but transactions for secondhand homes in mid-price ranges have also begun to stabilize, which helps build a virtuous cycle among demand from owner-occupiers who have rigid needs, improvement-driven buyers, and the interaction between new homes and secondhand homes.

(Editor: Wen Jing)

Keywords:

                                                            Shenzhen real estate market