Shanghai's second-hand home sales hit a five-year high, with the online signing system crashing multiple times.

Just finished this weekend, and Shanghai real estate agents are busy “taking off.” “They’re either showing properties to clients or negotiating with clients, with no time even for meals.”

This is the second truly meaningful weekend since the implementation of the “Seven Policies in Shanghai.” Confidence among homebuyers, agents, developers, and others has fully rebounded, and market enthusiasm has quickly ignited. Even the second-hand housing online signing system experienced multiple crashes due to sudden high traffic. “The online signing system couldn’t be accessed several times. I’ve been in the industry for five years, and I’ve never encountered this before,” a Shanghai agent store manager told Jiemian News.

Data from online real estate platforms show that from March 9 to March 13, Shanghai’s second-hand home transactions exceeded 800 units for five consecutive working days, with an average daily transaction volume of 874 units, indicating sustained market activity.

By March 14 (last Saturday), second-hand home transactions surged again, with 1,472 units sold in a single day, approaching the 1,500 mark. According to Jiemian News, the last time Shanghai’s second-hand market reached such a high transaction volume was on March 15, 2025, with 1,473 units. After a year, the hot market has strongly returned, and Shanghai’s real estate “little spring” is in full swing.

Continuing the previous days’ enthusiasm, on March 15, Shanghai’s second-hand home transactions reached 1,390 units. By mid-March, the total second-hand home transactions in Shanghai had reached 13,955 units. Last week, the online signing volume was 7,233 units, a new high since 2021.

On March 15, Jiemian News visited several Shanghai real estate agencies. Many agency managers told reporters that recent inquiries and viewings for second-hand homes have increased, and the bargaining space for buyers and sellers is shrinking. “The transaction cycle is shorter, and there are even cases where two clients are competing for the same property.”

Moreover, the market landscape has clearly reversed. Previously, agents actively invited clients to view homes; now, buyers are proactively seeking information and making appointments.

According to these agents, although the listing prices haven’t changed, the psychological prices have increased.

“Conservatively, I estimate about 27,000 units this month,” a Pacific Housing representative told Jiemian News.

Among recent transactions by Pacific Housing, popular areas include the Zhongyi and Jinhongqiao districts in Minhang, with properties priced between 4 million and 6 million yuan, and Dongxin and Changshou Changde districts in Putuo, with properties between 6 million and 8 million yuan. “Mostly improvements outside the outer ring.”

The aforementioned analyst explained, “Recently, outside the outer ring, transaction proportions were high—49.6% of our company’s deals were outside the outer ring. These sellers, who had been waiting and worried about rising prices, have started to act again. Many active clients now are former homeowners from this wave.”

Agent viewings are also increasing significantly. “One branch went from about 12 groups per week before the Spring Festival to nearly 30 groups now.”

As market enthusiasm rises, buyers’ psychology is also changing. Zhang Ming told Jiemian News, “I was planning to buy at the end of last year, but after looking around then, I felt it wasn’t the right time. Then this policy came out suddenly, catching me off guard, so I decided to check things out quickly these days.”

“Buyers who were previously on the sidelines are now rushing to buy, confidence in homeownership continues to grow, and the housing market is entering a rapid ascent,” said Lu Wenxi, senior research manager at Centaline Property.

In Lu Wenxi’s view, Shanghai’s housing market has completely shaken off its dull phase. The new policy benefits continue to be released, and the market is accelerating its recovery. Both new and second-hand homes are gaining momentum, and the spring market is confirmed.

Notably, according to the latest statistics released today, Shanghai’s second-hand residential sales prices increased by 0.2% month-on-month in February. After nine consecutive months of negative growth since May 2025, this marks the first month in nearly 10 months to see a month-on-month increase.

Yan Yuejin, deputy director of E-House Research Institute in Shanghai, also told Jiemian News that the transaction data for Shanghai’s second-hand housing market looks impressive. The demand remains active, closely related to the proper adjustment of prices, gradual restoration of market confidence, and the effects of various homebuying policies. The positive data strongly support the market’s recovery.

“From a national perspective, Shanghai’s market data serves as a barometer, further indicating a solid foundation for a positive trend. It will support the new housing market in Shanghai and set a good example for other regions, helping to promote a spring-like revival across the country,” Yan Yuejin said to Jiemian News.

(Source: Jiemian News)