---
title: "Shanghai's Second-Hand Home Transactions Rebound to 30,000 Units in a Single Month After 5 Years! Multiple New Home Projects Plan to Gradually Reduce Discounts"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281438477.md"
description: "Shanghai's second-hand housing market saw transaction volume return to 30,000 units in March, reaching a nearly 5-year high, indicating a rebound in market confidence. Transaction volume of second-hand homes increased by 6% year-on-year and 37% month-on-month. The new housing market was also affected, with transaction area surging by 251.6% month-on-month. As the market recovers, discounts on new homes are gradually tightening, with several projects planning to increase prices or reduce discounts"
datetime: "2026-04-02T00:18:45.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281438477.md)
  - [en](https://longbridge.com/en/news/281438477.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281438477.md)
---

# Shanghai's Second-Hand Home Transactions Rebound to 30,000 Units in a Single Month After 5 Years! Multiple New Home Projects Plan to Gradually Reduce Discounts

For the first time in 5 years, Shanghai's single-month transaction volume of second-hand homes has returned to the 30,000-unit mark, strongly fulfilling the "Golden March" market expectation.

## Second-hand Homes Exceed 30,000 Units in Single Month, Transaction Prices Slightly Increase Month-on-Month

According to data from the official website of the Shanghai Real Estate Transaction Center, "Online Real Estate," **in March, Shanghai's second-hand homes (including commercial properties) registered a cumulative online contract volume of 31,215 units, setting the highest record since March 2021, a span of nearly 5 years.**

Li Gen, head of Shanghai Lianjia Research Institute, stated that Shanghai's second-hand housing market experienced a robust "small spring" in March, with transaction data confirming a strong return of market confidence. The city's second-hand home transaction volume not only increased by 6% compared to March last year but also surged by 37% from January this year.

In terms of transaction rhythm, after the introduction of Shanghai's new "Seven Articles" policy, the Shanghai second-hand housing market showed a week-on-week upward trend in March. From March 2nd to March 8th, weekly online contracts for Shanghai second-hand homes were 5,709 units, as the market gradually returned to normal after the Spring Festival holiday rest. From March 9th to March 15th, the single-week transaction volume directly jumped to 7,233 units, with the market recovery speed noticeably accelerating. Just one week later, from March 16th to March 22nd, the weekly transaction volume reached a new high again, with 7,488 units signed. From March 23rd to March 29th, the weekly transaction volume further climbed to 7,732 units, achieving growth for four consecutive weeks.

Daily transactions also performed exceptionally well. Throughout March, there were 13 days where the daily online contract volume for second-hand homes surpassed the 1,000-unit mark, with 7 of those days exceeding 1,300 units. March 28th even hit a nearly 5-year peak of 1,585 units in a single day. According to institutional monitoring, such high transaction density is the first time seen since 2021.

Zhang Bo, president of 58 Anjuke Research Institute, pointed out that Shanghai's second-hand home transactions exceeding 30,000 units in March, and the single-day transaction of 1,585 units on March 28th reaching a new high, have become the core benchmark for the current market recovery. According to monitoring by 58 Anjuke Research Institute, in the 30 days following the implementation of the "Seven Articles," Shanghai's average daily second-hand home transaction volume was 961 units, an increase of 22.9% compared to the period after the 2024 policy (previous policy). The policy's impulse strength has significantly increased, and its sustained popularity far exceeds previous periods, with weekly transactions consistently remaining at high levels.

Prices also released positive signals of stabilization and recovery. Data from China Index Academy shows that the average price of second-hand residential properties in March was 55,075 yuan/square meter, a slight increase of 0.08% month-on-month, ending a 33-month decline. Furthermore, data from Shanghai Lianjia shows that viewing volume, a leading indicator, increased by 28% compared to January, providing strong support for subsequent transactions.

Zhang Xiang, a Shanghai analyst at China Index Academy, believes that the recovery of the Shanghai housing market is driven by both policy and supply-demand factors. On February 25th, Shanghai introduced the "Seven Articles" to precisely release home purchasing demand. Coupled with the pilot program for the acquisition of second-hand homes in Pudong, Xuhui, and Jing'an districts at the beginning of February, these measures provided a clear exit channel and price anchor for "old and small" assets, effectively stabilizing market expectations.

The continuous optimization of the market supply and demand structure has also laid the foundation for market recovery. China Index Academy monitoring data shows that Shanghai's second-hand housing market entered a de-stocking phase starting from August 2025, and by February 2026, the number of listed properties had decreased by 25.7% from its peak, indicating a continuous optimization of the supply-demand relationship.

From the perspective of demand structure, demand for first-time homebuyers continues to be the core support for the market. Data from Shanghai Centaline Property shows that entry-level properties priced under 3 million yuan are highly sought after, with their transaction share gradually rising to over 70% in March.

Yan Yuejin, vice president of Shanghai E-House China R&D Institute, believes that Shanghai's second-hand home transaction volume of 30,000 units is generally at a historically high level. Considering the transaction volumes at the end of last year and in the first quarter of this year, the market has basically stabilized and has accumulated significant potential demand for home replacement. If transaction data in the second quarter can continue to remain at a high level, around 25,000 units/month, it will further reflect the active state of market transactions.

## Multiple New Home Projects Plan to Gradually Reduce Discounts in April

The hot second-hand housing market is also gradually transmitting to the new home market. Data from Shanghai Centaline Property shows that in March, the transaction area of new commercial residential properties in Shanghai was 563,000 square meters, a month-on-month surge of 251.6%, an unprecedented rebound.

In terms of regional performance, driven by concentrated project launches in Lingang, Pudong's transaction volume was extremely significant, with a transaction area of 229,600 square meters, accounting for nearly half of the city's total. Additionally, areas focused on first-time homebuyers and first-time upgraders like Baoshan and Jiading each had transaction areas exceeding 50,000 square meters, becoming the core force supporting the explosion of new home transactions.

Lu Wenxi, a market analyst at Centaline Property, believes that although new home transactions in March did not exceed the same period last year, leading indicators such as customer visits and inquiries performed excellently, with market enthusiasm remaining high. He pointed out that the slow pace of supply and insufficient volume in each launch are the main factors currently constraining further transaction breakthroughs, while the new "Seven Articles" have significantly boosted demand from first-time homebuyers and first-time upgraders.

In terms of market performance, driven by the new policy, customer traffic and transactions in several new home projects in Shanghai have significantly improved. Taking Huafa Haishang Du Hui in Songjiang Dongjing as an example, the project received a total of 2,400 visits in March and sold 76 units, with a transaction value of approximately 350 million yuan. Another example is Poly·Du Hui Hexu in Zhuanqiao, Minhang, Shanghai. In the first month of the new policy implementation, the project received over 2,280 visits and sold 101 units, achieving a conversion rate of 20%, becoming the first project in Shanghai to achieve over 100 unit sales in the first month of the new policy.

At the same time, improved projects also performed well. It is understood that the Jianfa Haichen project in Shanghai's Yangpu New Jiangwan City received over 1,500 visits in March, selling 39 units, ranking first in sales volume for Yangpu District in March and the first quarter. It is reported that the project currently offers spacious duplex villas of approximately 230 square meters of building area, as well as popular apartments of approximately 105 square meters of building area.

Notably, with the market recovery, signs of narrowing discounts and stabilizing prices in the new home market have begun to appear. Among them, Poly·Du Hui Hexu had previously officially announced a 0.5% increase in the selling prices of its existing apartment units starting from March 9th; and further tightened discounts starting from March 23rd. It is also understood that projects such as Jinhaixiaoyun, Huafa Haishang Du Hui, and Yijiangzhen Di are also planning to gradually reduce discounts in April.

According to Zhang Xiang, a Shanghai analyst at China Index Academy, the current Shanghai housing market still shows significant structural differentiation. Some high-quality new home products are highly recognized and sell quickly; however, some areas in the outer suburbs still face certain de-stocking pressure.

In addition, sales data monitored by China Index Academy for top developers shows that in the first quarter of this year, the top 30 developers in Shanghai achieved a total sales revenue of 76.91 billion yuan and a sales area of 1.101 million square meters. Among them, China Resources Land led the sales revenue list with 11.57 billion yuan, followed closely by China Merchants Shekou and Poly Developments.

**Lu Wenxi pointed out that the booming transactions in the second-hand housing market in March have cultivated a large number of potential new home buyers. Second-hand home sellers are highly likely to enter the market to purchase new homes subsequently, providing strong support for transactions in April. As supply continues to arrive in April, market transactions will further break through, and the market heat will inevitably surpass that of March.**

Cheng Yu, executive vice president of China Index Academy Shanghai Branch, believes that judging from the market performance in March, the policy has initially activated market demand, with second-hand homes leading the recovery and new home transactions significantly increasing. Looking ahead, if the current market sentiment continues, Shanghai is expected to maintain high activity during the "small spring" market. However, it is important to note that market stabilization will still be a gradual process, and its sustainability depends on the substantive recovery of residents' income expectations and housing price expectations.

Pengpai News

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