Used Home Inventory Release Leads Shenzhen Real Estate "Small Spring"

As we enter March, expectations for a “small spring” in Shenzhen’s real estate market continue to heat up. The secondary housing market is performing strongly, becoming the main driver of market sentiment recovery.

Data from Shenzhen Beike Research Institute shows that from March 9 to March 15, the signed contracts for second-hand homes at Beike’s partner stores in Shenzhen reached a nearly one-year weekly high. Leye’s data also confirms market enthusiasm: during the same period, the signed contracts for second-hand residential properties at Leye stores in Shenzhen increased by 33% month-over-month, surpassing the high point of March 2025 and reaching the peak level of the fourth quarter after the “929” new policy in 2024. That week, the number of second-hand home viewings increased by 11% month-over-month, indicating a significant rise in market activity.

According to monitoring data from the Shenzhen Real Estate Intermediary Association, from March 9 to March 15, the number of second-hand housing units recorded (based on data from Shenzhen Real Estate Intermediary Association, using the initiation time of second-hand housing sales contracts) was 1,616 units, a 35.3% increase month-over-month.

Looking back at the monthly transaction volume of second-hand residential properties in Shenzhen since 2025, data from the Shenzhen Real Estate Information Platform shows that March 2025 saw a peak of 6,078 units. Afterward, transactions gradually declined, maintaining a level of over 4,000 units per month from May to December 2025. In January 2026, second-hand residential transactions in Shenzhen reached 5,281 units, staying above the growth threshold. Despite the impact of the Spring Festival, February 2026 still saw 2,339 units sold, laying the groundwork for the busy “Golden March and Silver April” period.

On March 16, the National Bureau of Statistics released the housing price change data for 70 large and medium-sized cities in February 2026. The second-hand residential sales price index in Shenzhen decreased by 0.4% month-over-month, with the decline narrowing by 0.2 percentage points compared to January.

Li Yujia, Chief Researcher at the Guangdong Housing Policy Research Center, told Securities Daily, “In 2025, Shenzhen’s second-hand housing market was very active, with quick absorption of good listings. Especially in the fourth quarter, second-hand transactions remained robust. After clearing low-priced listings, the main supply in the market shifted to slightly higher-priced homes, and the price decline slowed.”

Yan Yuejin, Deputy Director of the E-House Research Institute in Shanghai, told Securities Daily, “The long-term adjustment of second-hand housing prices is now showing positive signals of narrowing declines and gradual stabilization. The release of demand from first-time buyers in Shenzhen has boosted market sentiment, and the downward space for second-hand prices continues to shrink.”

In contrast to the hot second-hand market, Shenzhen’s new housing market remains constrained by supply, with relatively weak transaction volumes. According to data from Centaline Shenzhen, as of March 15, the city’s total new home transactions in March reached 1,233 units, including 617 pre-sales and 616 existing homes.

Data from Shenzhen Real Estate Information Platform shows that since June 2025, monthly transactions of new residential properties in Shenzhen have remained below 2,000 units.

Li Yujia stated that current demand for new homes in Shenzhen is mainly for upgrading, with active second-hand transactions dominating the market. Supported by policies and product innovation, the housing replacement chain of “selling old to buy new” and “selling one to buy one” is expected to be unlocked, which could stabilize new home sales.

“The recovery of second-hand housing transactions will provide important support for the revival of the new housing market. Shenzhen needs to further promote the linkage between the first and second markets to truly facilitate steady overall market growth,” Yan Yuejin said. “With sufficient supply-side adjustments and gradually easing inventory pressures, if demand continues to be released, Shenzhen’s real estate market will accelerate toward supply-demand rebalancing, driving steady transaction volume growth and price stabilization.”