On July 1st, according to the data statistics of the Beijing Municipal Housing and Construction Commission, Beijing Business Daily reporters found that from January to June 2025, the cumulative number of second-hand residential housing transactions in Beijing reached 88,575, approaching 90,000, reaching a new high for the same period in the past three years. The total number of second-hand housing transactions exceeded 90,000. Analysis indicates that this year, the second-hand housing market in Beijing has gone through a cycle from policy-driven to self-regulation. Against the background of more than 160,000 listed houses, the second-hand housing market in Beijing has entered a key adjustment period for stock optimization.

Three-year high

As June comes to an end, the second-hand housing market in Beijing has gradually heated up under the stimulus of policies, and the confidence of home buyers has been rapidly restored. From January to June 2025, the total number of second-hand residential housing transactions in Beijing reached 88,575.

Reporters from Beijing Business Daily found that the number of second-hand housing transactions in the first half of 2025 was also the highest in the past three years. The number of second-hand housing transactions in the first half of 2022, 2023, and 2024 was 69,754, 84,332, and 74,780 respectively.

It is not difficult to see from the data that since 2024, a series of favorable real estate policies have been successively implemented in Beijing, with a stimulating effect on the second-hand housing market throughout the first half of 2025. From January to May 2025, the number of second-hand residential housing transactions in Beijing was 12,480, 11,876, 19,234, 15,569, and 14,277 respectively.

From the trend of transaction volume, in March and April 2025, driven by the continuous release of policy effects and the boost of school placement housing demand, the concentrated release of second-hand housing demand touched the peak, and then the market gradually fell back naturally.

According to the data of the Beijing Housing and Urban-Rural Construction Commission, the number of second-hand residential house signings in Beijing in June was 15,139 units, up 6% from May and up 1% year-on-year. Yan Yuejin, vice president of the Shanghai EJ Real Estate Research Institute, analyzed that unlike the policy-driven situation in June 2024, the market performance in June 2025 shows unique characteristics. With the gradual attenuation of the effect of previous policies, the second-hand housing market in Beijing in June 2025 achieved an upward trend in signings against the trend, fully demonstrating the enhanced self-repair and regulation ability of the second-hand housing market in Beijing.

'The second-hand housing market in Beijing has maintained a running state of fluctuation between 14,000 and 15,000 units for two consecutive months, and is currently in a key adjustment period for stock optimization.' Ge Shuo, the chief analyst of Ge Shuo Institution, emphasized that based on the scale of more than 160,000 listed housing resources, the market is gradually building a new balance mechanism through self-regulation. From the logic of elimination, a monthly signing volume of about 20,000 units is an important support point for optimizing the supply and demand relationship. The阶段性 breakthrough in March this year has provided the market with a positive signal.

Yan Yuejin said that when the price of second-hand houses adjusts to a reasonable range, its cost-performance advantage will stimulate the release of demand, forming a 'price rebound-deal rise' self-regulation mechanism. He said that the underlying support of this mechanism is that the price has reached the psychological expected threshold of home buyers, making the market's transaction dependence on policy reinforcement weaken, and turn to achieve supply and demand balance through price leverage.

Stalemate博弈

After the 'small spring' period, the Beijing housing market in June entered a stable period. The pace of home buyers entering the market slowed down, small owners held on to the listing price without reduction, and the price博弈 between supply and demand showed an intensifying trend.

After more than a year of price adjustment period, 'price bottoming out' seems to be gradually becoming a consensus among second-hand housing brokers. Beijing Business Journal reporter saw on the computer of Wang Qian, a broker at a leading intermediary agency in Yizhuang District, Daxing District, that less than 5 of the nearly 20 units of 130 square meters have undergone price adjustment operations.

'The second-hand housing market is in a deadlock.' Taking a selected housing resource with 35 viewings in recent days as an example, Wang Qian said that among more than 10 listed housing resources in the same community, this unit with a middle floor and a median listing price has attracted more attention from home buyers, but the listing has not been sold in nearly 2 months.

The reason lies in the narrowing negotiation space that has not reached the psychological price level of the home buyers. Wang Qian said that a group of home buyers with strong willingness failed to reach an agreement with small owners during price negotiations, as the 200,000 yuan reduction exceeded the acceptable range of the small owners.

From the logic of value differentiation of different types of housing resources, the core driving factor is still closely related to the market supply and demand structure.

Guo Yi said that under this background, improved second-hand houses, due to their scarce supply, strong demand, and certain price advantages compared to new houses, have gradually entered a state of supply and demand balance, and the possibility of continuous downward price trend in the future has significantly weakened.

Double-track operation

Essential need houses still have a relatively large negotiation space compared to improved and high-end residential houses, but it should not be ignored that essential need houses are still the largest户型 in terms of transaction volume in all districts.

Wang Qian told Beijing Business Journal reporter that in the recent transactions of 6 houses, 5 houses were successfully signed due to the many advantages of essential need houses such as low total price, functional adaptation, and strong liquidity.

）“Among the 10 houses sold previously

Guo Yi said that for improved second-hand houses, the seller group generally has a relatively deep accumulation of capital and real estate, with a lower urgency to convert assets. In addition, their evaluation of the value of the housing resources is more rational, and they will not make substantial concessions due to short-term market fluctuations. This adherence based on value recognition also makes the price of improved second-hand houses show a stable trend. Overall, the mismatch of supply and demand structure and the seller's psychological expectations together constitute the underlying logic of the differentiation of the value of different housing resources, promoting the market to evolve towards a differentiated stable pattern.

Beijing Business Journal reporters Wang Yin浩 and Li Han