According to CRIC data, secondary home transactions in 30 key cities rose 14% month-on-month (MoM) and 3% year-on-year (YoY) in November 2025. However, new secondary listings in Shanghai, Shenzhen, and Hangzhou declined both YoY and MoM, with only Beijing recording a 9% MoM increase.
The agency focused on core first- and second-tier cities, including Beijing, Shanghai, Shenzhen, and Hangzhou. CRIC's monitoring showed that the total new listings in these four cities remained largely flat MoM, edging up just 1%, while dropping 7% YoY. Among them, Shanghai, Shenzhen, and Hangzhou saw declines in both YoY and MoM terms, with Shenzhen posting an 11% YoY drop. Only Beijing bucked the trend with a 9% MoM rise.
**Price Segment Trends:** In Beijing, Shenzhen, and Hangzhou, the proportion of new listings priced between RMB 1-3 million increased, while those in the RMB 3-6 million range generally declined. Key observations include: 1. **RMB 1-3 million (entry-level segment):** Owners in Beijing, Shenzhen, and Hangzhou showed higher willingness to list, with a notable MoM increase in new supply, indicating intensified selling pressure in the lower-price segment. 2. **RMB 3-6 million (mid-to-upgrade segment):** Steady declines were observed across all four cities. 3. **RMB 10M+ (luxury segment):** Except for Shanghai, Beijing, Shenzhen, and Hangzhou saw a slight dip in new listings, suggesting subdued interest from mid-to-high-end sellers. 4. **Shanghai’s RMB 6-8 million segment:** New listings rebounded MoM, rising 1.12 percentage points.
**Size Segment Trends:** Smaller units (below 70 sqm) saw a drop in new listings, while larger units gained traction. Specifically: - **Beijing & Shenzhen:** Significant growth in 70-90 sqm units (MoM increase exceeding 1 percentage point). - **Shanghai & Hangzhou:** Stronger demand for 120-140 sqm units, reflecting renewed interest in spacious three- and four-bedroom homes.
**Market Outlook:** Despite a marginal MoM increase in new listings across the four cities, regional divergences were evident. With falling prices failing to significantly boost transactions—especially for entry-level homes—buyer caution persists. CRIC expects the secondary market to remain volatile, as supply-demand imbalances ease slightly but price cuts lose their stimulative effect. The trend of downgrading in price segments while upgrading in size is likely to continue in the near term.
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