Nearly 23,000 transactions! Second-hand housing market in Shanghai heats up in November, with first-time homebuyers as the main force.

According to data from the Shanghai Real Estate Transaction Center, in November 2025, a total of 22,943 second-hand housing transactions were signed in Shanghai, an increase of about 24% from the 18,483 transactions in October, reaching a new high in the number of transactions since May of this year. "There is a clear signal of stabilization in transaction volume." Li Gen, head of the Lianjia Research Institute in Shanghai, pointed out that in terms of market position, this transaction volume ranks second in nearly a year, second only to the "golden three silver four" period, and close to the peak of the year in June, indicating a clear trend of "small tailing" in the market. Affordable housing for first-time home buyers is the main force behind the transactions. Lianjia data shows that in November, the proportion of second-hand housing transactions in Shanghai with a total price below 3 million yuan reached as high as 60%, becoming the absolute main force, a significant increase from the levels in recent years.