23 wards · condos people paid for
Tokyo Insights
I went through 90,938 condo sales in the 23 wards, through March 2026. These are prices that changed hands, not asking prices.
I read the sales. The center kept the rise.
Take every one of those sales together and the typical price is 5,900万円, ¥1,042,857 per m². Against the year before, that is +7.9%.
That median is the middle of all the sales, not an average of the 23 ward figures.
Apr 2025 – Mar 2026
One ward
Pick a ward. I read its sales first, then the figures the ward and the city publish.
The gap got wider
I compared each ward's quarterly typical price in the year to mid-2024 with this past year. The biggest rises were Chuo +41.4%, Minato +33.2% and Chiyoda +30.2%. The smallest, among wards with hundreds of sales, were Ota +3.6% and Suginami +5.4%.
Who pulled away
Each line starts at 100 in its first quarter. A line at 160 means the typical price per m² is 60% higher than where that ward began.
Price against the past year
Higher means the typical price per m² rose faster. Further right costs more. Bigger dots had more sales. Marked dots are the wards on the chart above. A dot selects that ward below.
The center kept the gain
The highest prices per m² are still Minato +17.7%, Chuo +17.5% and Chiyoda +24.4%. I would not call that a place to hunt for a discount. It is the part of the market that moved.
A rise, and still a lower price
I kept a ward only if the typical price per m² rose at least 10%, it was still under two-thirds of Minato, and at least 450 condos sold.
| Ward | Per m² | Past year | Latest quarter | Sales | What I see |
|---|---|---|---|---|---|
| Koto | ¥1,133,333 | +13.3% | −5.1% | 1,900 | Most sales in this group · Latest quarter cooled · 3LDK is cheaper per m² than 1LDK |
| Arakawa | ¥876,923 | +13.0% | +8.0% | 495 | Lowest price in this group · Latest quarter rose too |
| Sumida | ¥950,000 | +11.8% | +5.3% | 719 | Latest quarter rose too |
| Nakano | ¥1,000,000 | +11.1% | −1.9% | 602 |
More rooms, less money per m²
In Koto a 3LDK typically sold for 8,800万円 (¥1,142,017 per m², 718 sales). A 1LDK was 6,900万円 (¥1,333,333 per m², 219 sales). Per m², the 3LDK is −14.3% less, in a ward that rose +13.3% on the year.
The station discount that is actually large
In Adachi, 11–15 minutes from the station, the typical price was ¥493,725 per m² (242 sales). Within 5 minutes it was ¥778,889 (232 sales). That is −36.6% less per m².
Koto has the same kind of gap, −27.8%, and it is also one of the wards that rose. 319 sales sat in that 11–15 minute band.
4LDK and larger actually sells in the east
The center has only a handful of sales at 4LDK and above, so I would not treat those prices as a market. Koto had 80 of them. The typical one was 8,450万円, ¥937,255 per m².
I do not see a catch-up here
Hundreds of sales, and the typical price per m² barely moved. Cheap on its own is not the same as a ward that is rising.
Older condos cost less in every ward
Where both ends had enough sales, a condo 31 years or older typically went for −55.3% less per m² than one from the last 5 years. The gap is Tokyo-wide. I would not pick a ward because of it. Condition and the building are not in these sales.
What a year of local pay buys
I joined the sales to three public counts that exist for every ward. Residents on 1 January 2026. Offenses the police recorded in 2025, per 1,000 of those residents. And the taxable income of people taxed as salary earners for fiscal 2025, which is calendar 2024 income after deductions. That is not a salary, and it is not take-home pay. No public source publishes gross salary by ward.
One year of that taxable income buys 3.10 to 4.36 m² at each ward’s recent typical price. Adachi buys the most, 4.36 m², and also has the lowest taxable income, 247万円. Chuo buys the least, 3.10 m², on a taxable income of 573万円. The cheaper wards are also the wards where salary earners are taxed on less.
Minato has both the highest taxable income, 811万円, and the highest price per m². A year of that income still buys 4.06 m².
Chuo added residents the fastest, +1.93%, and the price there also ran ahead of a year of local taxable pay. Koto grew the least, +0.28%, while its typical price still rose +13.3%.
Shibuya is the only ward whose population fell, −0.23%. The typical price there still rose +10.6%.
7 wards record 10 or more offenses per 1,000 residents: Chiyoda 42.9, Shinjuku 19.6, Shibuya 18.5, Toshima 13.6, Minato 13.1, Taito 12.8 and Chuo 11.2. Those are the station and office wards. Daytime and nightlife visitors are in the count. I would not read that rate as a reason to avoid living there. The other 16 wards sit between 4.4 and 7.0 per 1,000. Suginami is the lowest.
These rose at least 10%, are still under two-thirds of Minato, and sit in that lower band: Koto +13.3%, Arakawa +13.0%, Sumida +11.8% and Nakano +11.1%.
Bunkyo also rose at least 10% with a rate in that lower band, but the typical price is already past two-thirds of Minato, so I left it off that list.
Taxable income ranks ahead of the price, so a year of local pay buys more of the ward, in Setagaya 4.23 m², Nerima 4.25 m², Suginami 3.97 m² and Ota 3.97 m².
On that list, Nerima +1.2% and Ota 0.0% had hundreds of sales and the typical price barely moved. More space against local pay is not a ward that is rising.
Further right, salary earners are taxed on more. Higher up, the typical condo costs more per m². Marked dots rose and stayed cheaper, or are the ward where a year of pay buys the least space. A dot selects that ward above.
| Ward | Taxable income | m² that year buys | Per m² | Past year | Residents | Per 1,000 |
|---|---|---|---|---|---|---|
| 811万円 | 4.06 | ¥2,000,000 | +17.7% | +0.78% | 13.1 | |
| 734万円 | 4.08 | ¥1,800,000 | +24.4% | +0.44% | 42.9 | |
| 582万円 | 3.64 | ¥1,600,000 | +10.6% | −0.23% | 18.5 | |
| 573万円 | 3.10 | ¥1,846,154 | +17.5% | +1.93% | 11.2 | |
| 506万円 | 3.79 | ¥1,333,333 | +13.5% | +0.70% | 5.6 | |
| 489万円 | 3.67 | ¥1,333,333 | +8.3% | +0.43% | 4.9 | |
| 430万円 | 4.23 | ¥1,016,667 | +7.0% | +0.59% | 5.0 | |
| 429万円 | 3.45 | ¥1,244,444 | +3.7% | +0.68% | 19.6 | |
| 398万円 | 3.21 | ¥1,240,000 | +4.9% | +0.69% | 5.4 | |
| 364万円 | 3.21 | ¥1,133,333 | +13.3% | +0.28% | 6.4 | |
| 357万円 | 3.97 | ¥900,000 | +3.1% | +0.95% | 4.4 | |
| 347万円 | 3.16 | ¥1,100,000 | +8.0% | +0.66% | 12.8 | |
| 343万円 | 3.18 | ¥1,081,667 | +8.2% | +0.50% | 13.6 | |
| 320万円 | 3.20 | ¥1,000,000 | +11.1% | +0.72% | 6.2 | |
| 317万円 | 3.97 | ¥800,000 | 0.0% | +0.61% | 5.5 | |
| 306万円 | 4.25 | ¥720,000 | +1.2% | +0.62% | 4.9 | |
| 303万円 | 3.19 | ¥950,000 | +11.8% | +0.53% | 6.9 | |
| 293万円 | 3.26 | ¥900,000 | +7.5% | +1.48% | 6.6 | |
| 291万円 | 3.32 | ¥876,923 | +13.0% | +1.13% | 6.5 | |
| 271万円 | 3.73 | ¥727,273 | +9.1% | +0.80% | 6.0 | |
| 265万円 | 4.06 | ¥653,333 | +8.9% | +0.55% | 6.3 | |
| 253万円 | 4.22 | ¥600,000 | +3.0% | +0.56% | 7.0 | |
| 247万円 | 4.36 | ¥566,667 | +6.6% | +0.73% | 6.6 |
Schools and childcare waits are published, and the ward notes above quote them. I do not rank those across wards. Each ward counts them differently.
The income year is 2024. The sales run through March 2026. The top income bracket is included, so the average is not cut off. Resident register, 1 January 2026 · Recognized offenses, 2025 · Municipal tax on salary earners, fiscal 2025
Source: MLIT Real Estate Information Library (国土交通省 不動産情報ライブラリ). Used-condo contract prices in Tokyo’s 23 wards, exact area, through March 2026. Published prices are rounded. This is a reading of those sales, not an appraisal and not a bid.