Seoul Apartment Sales Time Hits 51 Days; Prices Drop

Apartments in Seoul took an average of 51 days to sell in June, the longest stretch recorded since early 2024, while vendors applied discounts averaging 6.4 percent on final transaction prices.

The trend follows the Bank of Korea's decision to hold the base rate at 3.25 percent through the second quarter, which has kept mortgage rates above 4 percent for most new loans and reduced the pool of qualified buyers in a city where the median apartment price sits at 1.12 billion won.

Extended listings in Gangnam and Mapo

In Gangnam-gu, units along Teheran-ro posted an average 63 days on market last month, with several buildings near the COEX complex requiring price reductions of 70 million to 120 million won before contracts closed. Across the Han River in Mapo-gu, properties within a 10-minute walk of Hongik University Station showed similar patterns, with 42 percent of June sales closing below the original asking price after sitting for at least seven weeks.

The Korea Real Estate Board data released on 9 July tracked 2,318 apartment transactions citywide in June, a 12 percent drop from the same month in 2025, while the Seoul Metropolitan Government's housing transaction registry showed vendor discounts concentrated in units priced between 900 million and 1.5 billion won.

Buyer outlook for the coming months

Prospective purchasers can check updated listings and discount histories through the Seoul Real Estate Information Plaza portal before submitting offers, particularly for mid-priced units in districts where days on market have exceeded 50. Sellers who adjust prices within the first 30 days continue to achieve faster closings than those who hold firm on original figures.

This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.