Second-hand housing market shines! Shenzhen real estate "Indian summer" continues to warm up

Source: Securities Times Network Author: Wu Jiaming

Follow Shenzhen’s real estate market.

Entering March, Shenzhen’s “small spring” housing market continues to heat up, especially the second-hand housing market, which has performed remarkably and become the main driver of market sentiment recovery. The housing market is constantly sending positive signals.

More and more second-hand homeowners are gaining confidence

A review shows that major real estate agencies in Shenzhen have recently announced impressive figures. On March 17, according to Shenzhen Beike Research Institute’s monitoring, last week Beike’s partner stores in Shenzhen saw a 45% week-on-week increase in second-hand home signing volume, hitting a new weekly high in nearly a year; at the same time, new home subscription volume increased by 57% week-on-week, with a clear acceleration in sales pace. Transactions of both new and second-hand homes have been rising for three consecutive weeks, fully reflecting a simultaneous rebound in market confidence and transaction activity. Shenzhen’s second-hand housing market is gradually shifting from “price-driven volume” to “volume growth with stable prices,” with high-quality, mature communities leading the stabilization.

According to contract signing volumes at Leju’s new and second-hand housing stores, combined with Leju’s market share estimates, Shenzhen’s first and second-hand residential transactions in March are expected to exceed 10,000 units. Last week, Shenzhen’s housing market data remained strong, with Leju’s second-hand residential signing volume increasing by 33% week-on-week, surpassing the high point of March 2025 and reaching the peak level after the “929” policy in 2024; second-hand viewing volume increased by 11% week-on-week, also reaching the market heat after the National Day in 2024. Data from the Shenzhen Real Estate Intermediary Association shows that from March 9 to March 15, the recorded second-hand housing units (based on the Shenzhen Real Estate Intermediary Association’s data on second-hand home purchase contracts) totaled 1,616 units, a 35.3% increase week-on-week.

On-site visits to various districts in Shenzhen reveal that since March, high-quality school district homes have performed significantly better than other types of properties, and clients seeking to upgrade and improve are actively entering the market. “Besides high-quality school district homes, well-maintained second-hand communities and properties priced below 3 million yuan with high rental yields are also the main transactions,” said Chen, a senior agent in the Nigang area of Shenzhen. “I’ve noticed more second-hand homeowners choosing to rent out temporarily. After years of falling prices, with transaction volumes rebounding, most owners believe there is little room for further price declines.”

Healthy cycle between new and second-hand homes

“The rebound in second-hand home transactions will provide important support for the recovery of the new home market,” said Yan Yuejin, Deputy Director of the Shanghai E-House Research Institute. “As supply-side adjustments are sufficient and inventory pressures gradually ease, if housing demand continues to be released, Shenzhen’s real estate market will accelerate the rebalancing of supply and demand, promoting steady transaction volume growth and price stabilization.”

Recently, the National Bureau of Statistics released data on the changes in the sales prices of commercial residential properties in 70 large and medium-sized cities in February 2026. The data shows that in February, Shenzhen’s second-hand residential sales price index decreased by 0.4% month-on-month, narrowing the decline by 0.2 percentage points compared to January. Additionally, in first-tier cities, second-hand residential sales prices decreased by 0.1% month-on-month, narrowing the decline by 0.4 percentage points from the previous month; in second- and third-tier cities, the declines were 0.4% and 0.5%, respectively, both narrowing by 0.1 percentage points.

“Accelerated clearance of second-hand homes has slowed the increase in listings, and many owners had no intention to sell before the holiday. The bargaining space has narrowed, which has significantly slowed the decline in second-hand home prices in key cities,” said Li Yujia, Chief Researcher at the Housing Policy Research Center of Guangdong Urban and Rural Planning Institute. “Key cities tend to lead the trend, and are crucial for overall price stabilization. Recently, low-priced second-hand homes continue to dominate transactions in hot cities, and mid-priced second-hand homes are also beginning to stabilize, contributing to a healthy cycle between demand, upgrades, new and second-hand homes.”