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

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Reporter: Li Yucheng

As we enter March, expectations for a “small spring” in Shenzhen’s real estate market continue to rise, with strong performance in second-hand home transactions, becoming the core driver of market sentiment recovery.

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

Monitoring data from Shenzhen Real Estate Intermediary Association shows that from March 9 to March 15, the number of second-hand homes recorded (based on the date of signing contracts initiated by Shenzhen Real Estate Intermediary Association) was 1,616 units, a 35.3% increase week-over-week.

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

On March 16, the National Bureau of Statistics released data showing that in February 2026, the second-hand residential sales price index in Shenzhen decreased by 0.4% month-over-month, narrowing the decline by 0.2 percentage points compared to January.

“Shenzhen’s second-hand housing market was very active in 2025, with quick absorption of good listings, especially in the fourth quarter when transactions remained robust. After clearing low-priced listings, the main supply shifted to slightly higher-priced homes, with a slowdown in price declines,” said Li Yujia, Chief Researcher at Guangdong Housing Policy Research Center, in an interview with Securities Daily.

Yan Yuejin, Deputy Director of E-House Research Institute in Shanghai, told Securities Daily that the prolonged adjustment in second-hand home prices is now showing positive signs of narrowing declines and gradual stabilization. The release of demand from first-time buyers in Shenzhen has boosted market sentiment and continued to reduce the downward space for second-hand home prices.

In contrast to the hot second-hand market, Shenzhen’s new home market remains constrained by supply, with relatively weak transactions. According to Shenzhen Centaline Research Center, 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 homes 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 home transactions will provide important support for the revival of the new home market. Shenzhen needs to further promote the linkage between the primary and secondary markets to truly foster steady and positive overall market development,” Yan Yuejin said. With sufficient supply 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.