Matsue City Housing Market Report 2025
Data updated 2026-11-10 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2
Key figures for 2025
- Median used condo price
- ¥18.5M
- ¥233k/m²
- Median house price (land + building)
- ¥12.0M
- Residential land per m² (sales)
- ¥41k/m²
- -6.8% over 5 years
- Transactions in 2025
- 357
- #1 of 6 areas in Shimane by price per m²
What the data says
The trend has turned down
After rising earlier, house prices per m² have slipped by about 7.1% a year over the last five years. That often reflects weaker local demand, so check vacancy and population trends before buying.
Lagging Shimane
Per m², houses here are 31% above the Shimane average. The premium was 67% ten years ago, so the rest of Shimane has been catching up.
Being near a station is worth a lot
Houses within a 5-minute walk of a station sell for about 65% more per m² than those 11–15 minutes away. If budget is tight, a longer walk is the quickest way to cut the price.
A family market
80% of recent condo sales have three or more bedrooms. Demand comes mainly from owner-occupier families, which tends to make prices steadier but rental yields lower.
Sales are thinning out
Transactions are down about 14% on the previous three years. Fewer sales mean less choice and slower resale, so allow more time to sell later.
What a typical purchase costs
Half of all house sales last year were between ¥4.8M and ¥30.0M. Listings outside that range are either unusual properties or worth a closer look.
A shrinking population
The population fell 4.9% between 2020 and 2025 (−6.2% for the wider area). Moves in and out roughly balanced in 2025.
Typical vacancy
11.9% of homes were empty in 2023 (17.1% for the wider area), and 6.2% were empty without being for rent, for sale or used as second homes. The level of abandoned homes is around the national norm.
Lower earthquake risk
The government's seismic model gives a 5% chance of shaking of intensity 6-lower or stronger in the next 30 years (6% for the wider area). This is low by Japanese standards, although no part of Japan is free of earthquake risk.
Official land prices are edging up
On the government's fixed benchmark sites, which are valued the same way every year, residential land prices changed +1% in the year to January 2026 and +3% over five years. Because these sites don't change, this is the cleanest measure of land value trends.
Some flood or landslide exposure
Of the official land-price benchmark sites here, which sit in typical neighbourhoods, 50% are inside the worst-case flood zone. Most worst-case flood zones are shallow (under 0.5 m) at the edges, so depth matters as much as the share. Check the hazard map for any specific address before buying.
Living in Matsue City: people, homes and risks
- Population 2025
- 193,586
- -4.9% since 2020
- Shimane: -6.2%
- Net moves in 2025
- -360
- -1.86 per 1,000 residents
- Shimane: -2.73
- Vacant homes (2023)
- 11.9%
- 6.2% empty and not for rent or sale
- Shimane: 17.1%
- Median rent (2023)
- ¥48k
- per month, all rented homes
- Shimane: ¥45k
- Strong earthquake risk
- 4.9%
- chance of shaking of intensity 6-lower or more within 30 years
- Shimane: 6.1%
- Official land price 2026
- ¥52k/m²
- +0.7% in a year · +3.2% in 5 years
- Shimane: ¥28k/m²
- Flood exposure
- 50.0%
- of 50 benchmark sites in a worst-case flood zone (0.0% 3 m or deeper)
- Shimane: 51.5%
- Landslide exposure
- 0.0%
- of 50 benchmark sites in a landslide warning area
- Shimane: 4.5%
Check flood, landslide and tsunami zones for a specific address on the government hazard map ↗
Sources: 2025 Census (preliminary), 2025 Internal Migration Report, 2023 Housing and Land Survey (Statistics Bureau of Japan); J-SHIS seismic hazard model (NIED, 2024); Land Price Publication (MLIT). Earthquake probability is measured at the municipal center.
Example sales in Matsue City
Real transactions from the last four quarters, picked near the lower (20th percentile), middle and upper (80th percentile) price points. Locations are shown at district level, as published by MLIT.
Condo
¥14.0M
¥187k/m²
- Nishikawatsucho
- Matsue
- 3LDK · 75 m²
- Built 2001 (25 yrs) · RC
¥19.0M
¥292k/m²
- Nishikawatsucho
- Matsue · 21 min walk
- 3LDK · 65 m²
- Built 2000 (26 yrs) · RC
¥27.0M
¥386k/m²
- Hamanogi
- Nogi(Shimane) · 2 min walk
- 3LDK · 70 m²
- Built 2018 (7 yrs) · RC
House
¥4.0M
¥28k/m²
- Hamanogi
- Nogi(Shimane) · 7 min walk
- Land 270 m² · floor 145 m²
- Built 1981 (45 yrs) · Wood
¥15.0M
¥136k/m²
- Agenogi
- Nogi(Shimane) · 15 min walk
- Land 230 m² · floor 110 m²
- Built 1989 (37 yrs) · Wood
¥33.0M
¥330k/m²
- Nishikawatsucho
- Matsue
- Land 195 m² · floor 100 m²
- Built 2025 (1 yrs) · Wood
Show data table
| Year | Condo | House |
|---|---|---|
| 2007 | – | ¥20.0M |
| 2008 | ¥14.0M | ¥15.0M |
| 2009 | ¥14.5M | ¥16.0M |
| 2010 | ¥16.0M | ¥14.0M |
| 2011 | – | ¥19.0M |
| 2012 | – | ¥14.5M |
| 2013 | ¥16.5M | ¥15.0M |
| 2014 | ¥15.0M | ¥20.0M |
| 2015 | ¥15.0M | ¥15.0M |
| 2016 | – | ¥15.0M |
| 2017 | ¥19.0M | ¥14.0M |
| 2018 | ¥16.0M | ¥17.0M |
| 2019 | – | ¥16.5M |
| 2020 | ¥17.0M | ¥17.0M |
| 2021 | ¥20.0M | ¥19.0M |
| 2022 | ¥18.0M | ¥16.5M |
| 2023 | ¥22.0M | ¥14.0M |
| 2024 | ¥18.0M | ¥13.0M |
| 2025 | ¥18.5M | ¥12.0M |
| 2026 (partial) | – | ¥15.0M |
Show data table
| Year | Condo | House | Land |
|---|---|---|---|
| 2007 | – | ¥153k/m² | ¥46k/m² |
| 2008 | ¥200k/m² | ¥120k/m² | ¥32k/m² |
| 2009 | ¥200k/m² | ¥111k/m² | ¥40k/m² |
| 2010 | ¥213k/m² | ¥105k/m² | ¥38k/m² |
| 2011 | – | ¥125k/m² | ¥41k/m² |
| 2012 | – | ¥101k/m² | ¥43k/m² |
| 2013 | ¥227k/m² | ¥107k/m² | ¥38k/m² |
| 2014 | ¥213k/m² | ¥126k/m² | ¥40k/m² |
| 2015 | ¥200k/m² | ¥111k/m² | ¥43k/m² |
| 2016 | – | ¥111k/m² | ¥42k/m² |
| 2017 | ¥239k/m² | ¥97k/m² | ¥39k/m² |
| 2018 | ¥240k/m² | ¥125k/m² | ¥35k/m² |
| 2019 | – | ¥130k/m² | ¥47k/m² |
| 2020 | ¥229k/m² | ¥116k/m² | ¥44k/m² |
| 2021 | ¥265k/m² | ¥121k/m² | ¥37k/m² |
| 2022 | ¥257k/m² | ¥117k/m² | ¥36k/m² |
| 2023 | ¥291k/m² | ¥104k/m² | ¥47k/m² |
| 2024 | ¥257k/m² | ¥84k/m² | ¥45k/m² |
| 2025 | ¥233k/m² | ¥85k/m² | ¥41k/m² |
| 2026 (partial) | – | ¥114k/m² | ¥42k/m² |
Show data table
| Building age (years) | Condo | House |
|---|---|---|
| 0 | – | ¥322k/m² |
| 1 | – | ¥357k/m² |
| 21 | ¥230k/m² | – |
| 22 | – | ¥112k/m² |
| 23 | – | ¥141k/m² |
| 28 | – | ¥120k/m² |
| 30 | – | ¥86k/m² |
| 31 | – | ¥117k/m² |
| 33 | – | ¥107k/m² |
| 34 | – | ¥104k/m² |
| 36 | – | ¥90k/m² |
| 37 | – | ¥116k/m² |
| 38 | – | ¥69k/m² |
| 40 | – | ¥74k/m² |
| 41 | – | ¥95k/m² |
| 42 | – | ¥57k/m² |
| 43 | – | ¥73k/m² |
| 44 | – | ¥68k/m² |
| 45 | – | ¥81k/m² |
| 46 | – | ¥56k/m² |
| 47 | – | ¥53k/m² |
| 48 | – | ¥65k/m² |
| 49 | – | ¥60k/m² |
| 50 | – | ¥57k/m² |
Each line follows buildings from one construction period over time. 1981 is when Japan's current earthquake-resistance standard (shin-taishin) took effect.
Show data table
| Year | 1971-1980 | 1981-2000 | 2001-2010 | 2011-2020 |
|---|---|---|---|---|
| 2007 | – | ¥104k/m² | ¥267k/m² | – |
| 2008 | ¥92k/m² | ¥120k/m² | ¥243k/m² | – |
| 2009 | ¥62k/m² | ¥115k/m² | ¥237k/m² | – |
| 2010 | ¥89k/m² | ¥114k/m² | ¥196k/m² | – |
| 2011 | – | ¥126k/m² | – | ¥245k/m² |
| 2012 | ¥83k/m² | ¥105k/m² | – | – |
| 2013 | – | ¥106k/m² | – | ¥267k/m² |
| 2014 | ¥92k/m² | ¥129k/m² | – | ¥280k/m² |
| 2015 | ¥92k/m² | ¥107k/m² | – | ¥270k/m² |
| 2016 | ¥89k/m² | ¥128k/m² | – | ¥262k/m² |
| 2017 | ¥77k/m² | ¥109k/m² | – | – |
| 2018 | ¥105k/m² | ¥106k/m² | – | ¥277k/m² |
| 2019 | ¥75k/m² | ¥127k/m² | – | ¥281k/m² |
| 2020 | ¥46k/m² | ¥100k/m² | – | ¥280k/m² |
| 2021 | ¥74k/m² | ¥106k/m² | – | – |
| 2022 | ¥55k/m² | ¥90k/m² | – | – |
| 2023 | ¥64k/m² | ¥103k/m² | – | – |
| 2024 | ¥71k/m² | ¥83k/m² | – | – |
| 2025 | ¥50k/m² | ¥87k/m² | – | – |
Prices near train stations in Matsue City
Sales from 2023–2025, grouped by nearest station.
| Station | Median used condo price | Condo price per m² | Median house price (land + building) | Walk (min) | Sales |
|---|---|---|---|---|---|
| Matsue (松江) | ¥18.0M | ¥231k/m² | ¥13.0M | 18 | 407 |
| Nogi(Shimane) (乃木) | ¥24.5M | ¥279k/m² | ¥15.5M | 10 | 50 |
| Iya (揖屋) | – | – | ¥14.5M | 15 | 40 |
| Matsue Shinjiko Onsen (松江しんじ湖温泉) | – | – | ¥12.0M | 12 | 27 |
| Tamatsukurionsen (玉造温泉) | – | – | ¥30.5M | 18 | 20 |
| Higashi Matsue(Shimane) (東松江(島根)) | – | – | ¥11.5M | 18 | 20 |
| Shinji (宍道) | – | – | ¥7.3M | 13 | 18 |
Used condo prices by layout in Matsue City
Sales from 2023–2025.
| Layout | Median used condo price | Typical size | Sales |
|---|---|---|---|
| 3LDK | ¥18.0M | 70 m² | 45 |
| 4LDK | ¥20.0M | 85 m² | 15 |
| 2LDK | ¥18.0M | 65 m² | 15 |
How much does an apartment cost in Matsue City?
The median used condo (mansion) in Matsue City sold for ¥18.5M in 2025, about ¥233k/m², based on 24 recorded sales.
How much does a house cost in Matsue City?
The median house sale, including the land, was ¥12.0M in 2025 across 165 sales.
Are property prices in Matsue City going up?
Over the five years to 2025, condo prices per m² changed +2.0% and residential land prices changed -6.8%.
About this data
Figures are medians of real transactions reported to Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) through its quarterly price survey. House prices per m² divide the total price (land and building) by the floor area. Medians based on fewer than 20 sales are not shown. The latest quarters are preliminary and are revised as more survey responses arrive.
Information only, not investment advice.