北京二手房市场的稳健韧性正逐步凸显。北京商报记者统计，截至29日，北京12月二手房网签量达到14528套，按照本月日均500套的成交量，全月突破1.5 万套已成定局。这也是北京二手房连续两个月月度成交突破1.4万套。尽管从数据上看，新政带来的效果还未直接体现，但来自北京多个热门片区的经纪人 反馈，新政落地后的首个周末，以刚需房源为主导的片区置业需求回升，市场咨询量与到访量同步走高。与此同时，传统入学需求季集中释放，北京部分区 域二手房源带看量持续攀升，叠加库存规模回落、成交态势企稳等多重因素，业主定价心态更趋理性，市场供需双方博弈正逐步回归良性理性轨道。 成交企稳、挂牌下降 北京商报记者统计发现，12月截至12月29日，北京二手房网签量已达14528套。以12月日均网签500套测算，全月总成交量将突破1.5万套，实现连续两个月 稳定在1.4万套以上，市场整体运行态势平稳。 中指研究院指数研究部总经理曹晶晶介绍，新政后（12月25日—12月28日），北京二手房住宅日均网签量为511套，二手房成交量基本持平，考虑到网签存 在一定滞后性，随着时间推进，市场活跃度或有所提升。 上海易居房地产研究院副院长严跃进表示，北 ...

Investment Rating - The report indicates a cautious outlook on the second-hand housing market, suggesting a potential for stabilization in the future, particularly in first-tier cities due to their liquidity advantages [12][13]. Core Insights - The overall supply-demand balance in the second-hand housing market is currently loose, with a notable imbalance in supply and demand across various city tiers, especially pronounced in third and fourth-tier cities [12][13]. - The report highlights a trend of increasing listing durations and decreasing average prices across all city tiers, indicating a market adjustment phase [17][59]. - The demand side is expected to accumulate energy for a potential rebound, with policies aimed at stabilizing market expectations and guiding buyer sentiment [43][44]. Summary by Sections 1. Annual Trends in Second-Hand Housing - The market is characterized by a "supply increase and demand decrease" trend, with a concentration of cities in these categories compared to 2024 [19][20]. - The report anticipates that if demand breaks through in 2026, certain cities may transition to a "supply decrease and demand increase" phase [20]. 2. Listing Volume - The average monthly listing volume for 2025 is projected to be 259.37 million units, reflecting a year-on-year growth of 14.09%, although the growth rate has slowed compared to 2024 [32][33]. - First-tier cities show a slower growth rate in listings, while third and fourth-tier cities lead in growth [32][38]. 3. Heat Index - The average heat index for 2025 is 71.25, indicating a slight decline from 2024, with a significant drop from 2023 [41][45]. - All city tiers experienced a decline in heat index, with first-tier cities showing the most significant drops [42][53]. 4. Listing Duration - The average listing duration for 2025 is 93.37 days, reflecting a long-term upward trend, although the growth rate has begun to stabilize [59][62]. - First-tier cities have longer listing durations due to high prices and strict regulations, while third and fourth-tier cities face low demand leading to prolonged listing times [60][61]. 5. Average Listing Price - The average listing price across all city tiers has continued to decline, with first-tier cities experiencing a decrease of 7.87% [7][17]. - The report suggests that the focus of policies will shift towards guiding prices as the market stabilizes [17].

11月沪深杭新增二手挂牌量同环比齐跌 仅北京一城环比增9% 01 为了更好的分析二手房业主心态变化，我们主力聚焦了北京、上海、深圳、杭州等核心一二线城市，从CRIC监测的四城新增挂牌套数来看，11月四 城新增挂牌总量与上月基本持平，环比微增1%，同比下降7%。沪深杭三城均呈现出同环比齐跌，深圳同比跌幅达11%。仅北京一城环比持增9%。 | 城市 | 11月 | 环比 | 同比 | | --- | --- | --- | --- | | 北京 | 16961 | તેમ | -6% | | 上繪 | 13838 | -5% | -5% | | 深圳 | 5312 | -4% | -7% | | 杭州 | 6300 | -2% | -11% | 整体二手房市场成交规模仍将延续波动走势 ◎ 文/俞倩倩 CRIC数据显示，2025年11月30个重点城市二手房成交环比上升14%，累计同比增3%。究竟当前二手房业主挂牌积极性如何？热点城市中新增挂牌房 源又存在哪些结构性分化特征呢？ 02 京深杭新增挂牌100万-300万元以内房源占比上升、300万-600万元占比普降 分总价段来看，热点城市北京、上海、深圳、杭州四城新增 ...

刚刚过去的11月份，二手房传来了好消息。 30个重点城市二手房成交面积较10月出现了回升，环比上涨14%。 其中，上海、成都、武汉、南京、厦门等城市环比增幅都超过了20%。 从11月份的数据来看，不是个别城市二手房成交量上升，各能级都有城市二手房环比上涨。且从部分城市来看，老破小挂牌量开始减少，很多房东选择变 售为租，出现了惜售的现象。 二手房市场的这些积极信号，对未来整体市场的稳定极其重要。 成交环比上涨14% CRIC数据显示，2025年11月重点30个城市二手房成交面积1704万平方米，环比上升14%，累计来看，前11月30个重点城市二手房成交面积19507万平方 米，累计同比上涨3%。 在整体市场承压下，11月二手房市场环比回升，同比保持增长是一个积极信号。 从各能级来看，一线城市环比上涨10%，二线城市环比上涨13%，三四线城市环比上涨37%，各能级城市都保持上涨，这说明并非个别城市成交量上涨。 我们认为，二手房成交量的上升对当前市场是一个好消息，虽然以价换量依然是主旋律，但成交量的上行代表需求量的存在，有买才有卖，二手房的需求 稳定对整个一二手市场的整体稳定有着较为积极的作用。 | 能级 | 11 ...

2025.12. 04 本文字数：2134，阅读时长大约4分钟 作者 | 第一财经 马一凡 在年底传统楼市淡季中，二手房市场却呈现出别样景象。 11月份，"北上广深"四大一线城市二手房市场热度集体升温，成交量显著增长，部分城市价格也出现 企稳迹象。与此同时，一些二线城市也迎来"翘尾"行情，杭州结束二手房网签量"七连跌"，苏州、西 安、佛山等城市成交量亦环比回升。 这一波二手房市场反弹背后，究竟有着怎样的原因？ 北上广二手房成交大涨两成 在刚刚过去的11月份，北上广深四大一线城市的二手房市场热度集体升温。 上海市房地产交易中心数据显示，2025年11月，上海二手房网签成交合计22943套，较10月份的 18483套增长约24%，创下自今年5月以来的成交套数新高。上海链家研究院负责人李根表示，11月 上海二手房市场呈现出成交量大幅上升特点，环比涨超20%，成交量企稳信号明显。 跟上海类似，北京二手房的网签量涨幅也达到两成。据北京市住建委发布的网签数据，11月北京二 手房住宅成交总套数为14446套，环比上涨20%。 而据广州市房地产中介协会统计，11月广州二手住宅网签9191套，网签面积91万平方米，环比大幅 增 ...

Group 1 - The Shanghai real estate market showed strong signs of recovery in November, with a total of 22,943 second-hand housing transactions, a 24% increase from October's 18,483, marking the highest transaction volume since May of this year [1] - Low-priced properties targeting first-time buyers dominated the second-hand housing market, with homes priced below 3 million yuan accounting for 60% of transactions, significantly higher than in recent years [1] - The number of listed properties in Shanghai decreased, with total listings falling to approximately 169,600, the first time below 170,000 in six months, while the average listing price continued to decline slightly [1] Group 2 - The Shanghai real estate market is in a critical adjustment phase, with ongoing supply and demand pressures expected in the short term [2] - Companies are advised to seize policy opportunities, accurately identify customer needs, and enhance core competitiveness through product innovation and service upgrades [2] - The market is anticipated to gradually form a new balance under the guidance of the "good housing" concept, moving towards healthier and more sustainable development [2]

Core Insights - The resilience of Beijing's secondary housing market is increasingly evident, with a notable rise in demand from first-time homebuyers and improvement-oriented buyers, leading to a 19.52% month-on-month increase in transaction volume [1][3][4] Group 1: Market Dynamics - The transaction volume for second-hand homes in Beijing reached 14,446 units in November 2025, reflecting a structural growth driven by both first-time buyers and those seeking improved living conditions [3][4] - The demand from first-time buyers is particularly strong in the inner third ring, while the outer fourth ring attracts buyers looking for better commuting options and competitive pricing [1][7] - The average number of property viewings has increased significantly, with some agents reporting a 33% rise in client inquiries, indicating heightened market activity [3][4] Group 2: Buyer Behavior - Buyers are becoming more cautious due to high property prices, often comparing multiple listings before making decisions, which extends the transaction timeline [5][6] - Families planning for children's education are particularly active in the market, often starting their search early to align with school admission timelines, contributing to the November sales surge [5][6] Group 3: Supply and Demand Trends - The introduction of new residential projects in the fourth ring is enhancing the supply of improved housing options, which is expected to stimulate demand further [8] - The gap between new and second-hand home prices is widening, prompting some buyers to shift their focus from new to second-hand properties [6][8] Group 4: Pricing and Negotiation - The negotiation landscape is changing, with a narrowing price range and an increasing number of small property owners opting for "rent-to-sell" strategies as a response to market conditions [9][10] - The average rental income in certain areas, such as Shijingshan, is around 4,000 yuan for a one-bedroom unit and 7,500 yuan for a three-bedroom unit, making rental options appealing for owners [10][11]

Core Insights - The myth of "Golden September and Silver October" in the real estate market has been debunked, with data indicating that this trend has been diminishing since 2016 when policies tightened [1] - The report emphasizes that the real estate market has not seen significant activity during these months for the past decade, with March and April being the more promising months for transactions [1] Market Trends - The data from the Rabbit Doctor app shows that the number of second-hand homes listed in October 2025 increased compared to September 2025, but the overall price trend is downward [1][6] - Properties priced below 2 million yuan dominate the market, while listings in the 2-3 million yuan range have seen a price decrease of 1% [8][7] Regional Analysis - The area of Chaohu experienced the highest increase in listings, with an 11% rise, while its average listing price fell by 3% [12] - The North City area recorded the highest number of listings for the month, indicating strong demand in that region [14] Monthly Listings Overview - The report provides a detailed breakdown of the top areas and communities by listing volume, with the "Xingwang Huafu Junyuan" community in Shushan District having the highest number of listings at 245 units [14]

Investment Rating - The report indicates a cautious outlook on the second-hand housing market, reflecting a buyer's market with significant supply-demand imbalance [13][14][36]. Core Insights - The second-hand housing market in 100 cities continues to show a downward adjustment, with supply pressures and cautious demand creating a fragile balance [13][14]. - The total listing volume reached 2.6536 million units, a year-on-year increase of 10.82%, with new first-tier cities leading the growth at 13.07% [13][18]. - The demand side remains weak, as the housing search heat index dropped by 6.42% year-on-year, with all city tiers experiencing declines [23][24]. - Average listing duration increased to 94.86 days, indicating prolonged matching times between buyers and sellers [29][30]. - The average listing price across 100 cities fell to 11,790 yuan per square meter, down 8.12% year-on-year, with all city tiers showing price declines [36][37]. Summary by Sections 1. Listing Volume - The total listing volume in October 2025 was 2.6536 million units, reflecting a year-on-year increase of 10.82% [18]. - First-tier cities saw a 6.85% increase, while new first-tier cities experienced a 13.07% rise [18][19]. 2. Housing Search Heat Index - The housing search heat index for October 2025 was 70.25, down 6.42% year-on-year, with first-tier cities declining by 8.09% [24][25]. - Shenzhen experienced the largest drop at 10.75%, while Shanghai had a smaller decline of 4.90% [25][27]. 3. Listing Duration - The average listing duration reached 94.86 days, up 5.79% year-on-year, with first-tier cities averaging 107.29 days [29][30]. - Beijing had the highest increase in listing duration at 21.17%, while Guangzhou had the smallest at 4.48% [31][32]. 4. Listing Price - The average listing price was 11,790 yuan per square meter, down 8.12% year-on-year, with first-tier cities showing a decline of 6.73% [36][37]. - The largest price drop was observed in second-tier cities at 8.95%, while new first-tier cities and third-fourth tier cities saw declines of 7.97% and 8.12%, respectively [36][38].

Core Insights - The recent data on second-hand housing listings indicates a significant trend, with an increase in high-end properties priced between 8 million to 30 million yuan in Beijing, Shanghai, and Shenzhen, showing month-on-month growth [1][7] - A "replacement action" for quality assets is quietly starting, reflecting a shift in owner sentiment and structural differentiation in the second-hand housing market [1][10] Group 1: Listing Data - In September, the total number of new second-hand housing listings in Beijing, Shanghai, Shenzhen, and Hangzhou was 46,000, remaining stable compared to August [2] - Beijing had the highest monthly listing volume at 18,448 units, with a year-on-year increase of 7% and a month-on-month increase of 3% [5][6] - Shenzhen's listings reached 6,654 units, with both year-on-year and month-on-month growth exceeding 10% [5][6] - Shanghai's listings were 15,189 units, showing a slight month-on-month decline of 2% but a significant year-on-year increase of over 20% [5][6] - In contrast, Hangzhou experienced a notable decline in listings, with a month-on-month drop of 12% and a year-on-year decrease of 41% [5][6] Group 2: Market Dynamics - The high-end property segment (8 million to 30 million yuan) is driving the increase in listings in Beijing, Shanghai, and Shenzhen, with respective month-on-month growth rates of 0.57%, 0.66%, and 0.72% [7][10] - The market in Hangzhou is characterized by a cautious sentiment among owners, leading to a steady decline in listing activity [10] - The overall sentiment in Beijing, Shanghai, and Shenzhen is improving, with owners showing a stronger willingness to sell, while Hangzhou remains more reserved [10] Group 3: Structural Changes - The structural changes in the listing data indicate a shift towards larger properties, with an increase in listings for units over 140 square meters across the four cities [7][10] - The high-end market is expected to face competition from newly launched quality properties, which may impact the second-hand high-end market [10] - The ordinary housing market is experiencing a "price tug-of-war," with a large number of listings leading to extended transaction cycles for properties lacking significant price advantages [10]