Seoul Apartment Median Price Falls Below 1 Billion Won Mark for the First Time in 21 Months

As house prices continue to decline, the median sale price of apartments in Seoul has fallen below 1 billion KRW this month.

[Image source=Yonhap News]

According to KB Real Estate's monthly time series data on the 28th, the median sale price of apartments in Seoul this month was 993.33 million KRW, breaking the 1 billion KRW mark for the first time in 21 months since May 2021 (998.33 million KRW). This represents a decrease of 20 million KRW (-2.0%) compared to the previous month (1.01333 billion KRW).

The median apartment price in Seoul surpassed 1 billion KRW in June 2021 and continued to rise, peaking at 1.09291 billion KRW in July last year, before recording a decline for seven consecutive months.

The median apartment price refers to the price located in the middle when housing prices are arranged in order. It is more suitable for assessing market trends than the average price, which is greatly influenced by fluctuations in low-priced or high-priced housing.

This statistic underwent price adjustments when the sample was expanded and reorganized in November last year. Market trends should be referenced by index fluctuation rates. However, the median apartment price in Seoul has fallen by 63.34 million KRW (-6.0%) from 1.05667 billion KRW in November last year, when the sample was reorganized, to this month.

Jeonse prices are also weak. The median jeonse price of apartments in Seoul this month was 513.33 million KRW, down 13.34 million KRW (-2.5%) from the previous month (526.67 million KRW).