9356 units in March, 9968 units in April, and 9087 units in May - Hangzhou's second-hand housing market has held steady at the 9000 unit mark for three consecutive months. This is the first time since the end of 2024 that the second-hand housing market in Hangzhou has experienced such sustained heat.

The quantity has stabilized, what about the price? The Tide News Better Life Research Institute compared the data of the rise and fall charts in March, April, and May and found that prices are still in a tug of war of "more falls and less rises", but some sectors and communities have narrowed their declines, and there are signs of stabilization in some areas.

Upper City

Gongshu

West Lake

Binjiang

Qiantang

Yuhang

Xiaoshan

Linping

Note: 1. The above data is sourced from the Zhongzhi Research Institute and is calculated as the average transaction price of second-hand houses in May 2026 and April 2026; 2、 At different transaction periods, the type of property being sold (villas, townhouses, apartments, etc.), whether it is well decorated or not, the size of the unit, and the location of the floor and building can cause price fluctuations; 3、 Some properties may slightly lower the transaction price in order to reduce taxes and fees; Some second-hand houses may also have slightly higher unit prices in order to increase bank loans. It is recommended to visit the site for specific housing information.

In May, 60% of residential areas still experienced price reductions

Shangcheng and Xihu districts have the highest price reduction in residential areas

From the May price fluctuation chart, about 60% of active residential areas saw a month on month decline in prices, with about 40% of residential areas experiencing price increases. The pattern of "more falls and less increases" has not changed.

From a regional perspective, the pressure of price reduction is most evident in Shangcheng District and Xihu District. The proportion of discounted residential areas in Shangcheng District exceeds 60%, with Kunlun Teana (22347 yuan/square meter, down 9.7% month on month), Red Apple (18259 yuan/square meter, down 9.6% month on month), and Jingfang Second District (22152 yuan/square meter, down 9.3% month on month) ranking among the top in terms of decline. The proportion of discounted residential areas in Xihu District exceeds 70%, with Xinhong Garden (15491 yuan/square meter, down 9.9% month on month), Huayuan Apartment (42041 yuan/square meter, down 9.7% month on month), and Shihuiqiao New Village (42433 yuan/square meter, down 9.5% month on month) experiencing the largest decline in average transaction prices in May.

However, there are still some residential areas where prices remain firm. The average price of Hangzhou No.1 Courtyard in Binjiang District in May was 99330 yuan/square meter, an increase of 8.3% compared to the previous month; West Lake in Shimao is 50609 yuan/square meter, up 9.4% month on month; Dongfang County is 45482 yuan/square meter, up 9.4% month on month. Xixi Chengyuan in Xihu District is 57241 yuan/square meter, up 4.0% month on month; Xixi Butterfly Garden was 42791 yuan/square meter, up 4.1% month on month. Chunyue Jinlu in Shangcheng District is 41669 yuan/square meter, up 7.95% month on month; Caihe East District is 40188 yuan/square meter, up 6.8% month on month.

Price reduction remains mainstream

But the number of communities with narrowed declines is increasing

Although price reduction is still mainstream, comparing the data from three months, it can be found that the decline in some residential areas has significantly narrowed.

The Emerald City is the most typical case. The average price in March was 25395 yuan/square meter, slightly increased to 25615 yuan/square meter in April, and slightly decreased to 25212 yuan/square meter in May. The price fluctuation range for the three months was within 1%, and remained stable at around 25000 yuan/square meter. Vanke Future City Phase II increased from 19484 yuan/square meter in March to 21406 yuan/square meter in April, with a growth rate of 9.86%. In May, it slightly increased to 21425 yuan/square meter, maintaining an upward trend for two consecutive months. The price of Donghai Xianhu City increased from 15170 yuan/square meter in March to 19127 yuan/square meter in April, and continued to rise to 19500 yuan/square meter in May.

There are also signs of a narrowing decline in the old residential areas in the city center. Zuojia New Village was priced at 28000 yuan/square meter in March, slightly falling to 27770 yuan/square meter in April, and rebounding to 28878 yuan/square meter in May, with a month on month increase of 3.99%. Cangji New Village rose from 25865 yuan/square meter in March to 27446 yuan/square meter in April, an increase of 6.11%, and continued to rise slightly to 27949 yuan/square meter in May. Chaohui District 1 was priced at 28500 yuan/square meter in March, rising to 29168 yuan/square meter in April, and although it fell back to 26584 yuan/square meter in May, the overall fluctuation was not significant.

However, there are also many cases where the decline is still expanding. Kunlun Teana fell from 25754 yuan/square meter in March to 24754 yuan/square meter in April, and further dropped to 22347 yuan/square meter in May, with a cumulative decline of over 13% in three months. The third district of Cuiyuan has dropped from 22700 yuan/square meter in March to 21171 yuan/square meter in April, and then to 19292 yuan/square meter in May, with a cumulative decline of about 15%. The Hejing Yingyue platform in Yuhang District dropped from 32868 yuan/square meter in March to 31711 yuan/square meter in April, and then to 28662 yuan/square meter in May, with a cumulative decline of nearly 13%.

The reduction in demand for housing has narrowed, and there are more residential areas

The relative decrease in improving the community is greater

Based on the data from three months, the number of essential residential areas with a cumulative decline of 1% to 5% in three months is higher than that of improved residential areas. Many improved residential areas priced at over 40000 yuan/square meter have experienced a cumulative decline of over 6% in three months, with some areas approaching 9%.

Specifically, prices in multiple residential areas within the rigid demand community tend to stabilize. Taking the two popular residential areas in Xianlin as examples, Feicui City was priced at 25395 yuan/square meter in March and 25212 yuan/square meter in May, with a cumulative decline of only 0.72% over the past three months, basically unchanged; Xianlin Shanshui was 12600 yuan/square meter in March and 12177 yuan/square meter in May, with a cumulative decline of only 3.36%.

On the other hand, there are more cases of significant decline in improving residential areas. Fuyuanting was priced at 54866 yuan/square meter in March and 50090 yuan/square meter in May, with a cumulative decline of 8.71% over the past three months; Binrong Mansion saw a monthly decrease of 8.37% from April's 55012 yuan/square meter to May's 50408 yuan/square meter.

The reason behind this is not only related to the high average transaction price of second-hand houses, resulting in significant fluctuations, but also to the continuous decline in transaction volume of second-hand houses in recent months. Some landlords can only exchange price for quantity in order to speed up transactions, and some low-priced properties have lowered the average transaction price, resulting in the statistical price drop being amplified.