Shimane Housing Market 2026: A Buyer's Market of Old Houses
Data updated 2026-11-11 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2 · Transactions in 2025: 1,107
In short
- 1Very few condos
Shimane is a house market: condo sales are rare outside Matsue, and the median house sold is more than 40 years old.
- 2Land: closer to its 1991 level than most
On the government's fixed benchmark sites, residential land fell slightly over five years, but it is only 22% below its 1991 level, compared with 46% nationally, because Shimane never had much of a bubble.
- 3Houses vs condos
Across the prefecture, a m² of house costs only about a quarter of a m² of condo.
The answers, compared
What does a home cost?
¥18.5M
median used condo · ¥233k/m²
58% below the Japan median
32 of 47 prefectures, highest first
Are prices rising?
+0.5%
over 5 years
Slower than Japan (+33.4%)
39 of 47 prefectures, highest first
Can local earners afford it?
5.9× income
median price ÷ average taxable income
Easier than Japan (6.6×)
11 of 47 prefectures, highest first
Rent or buy?
34years of rent
median price ÷ a year of median rent
Shorter than Japan (38)
13 of 47 prefectures, highest first
Are people moving in?
-6.2%
population, 2020–25
Shrinking faster than Japan (-2.5%)
40 of 47 prefectures, highest first
How risky is it?
6%
chance of strong shaking (6-lower+) in 30 years
Lower than Japan (38%)
44 of 47 prefectures, highest first
Rent in Shimane
The average private rental costs ¥50k a month (2023), +4.5% since 2018. Japan: ¥65k
| Floor area | Typical layout | Average rent / month | ShimaneJapan |
|---|---|---|---|
| under 30 m² studio / 1K | studio / 1K | ¥40k vs 2018 -1.1% · Japan: ¥53k | |
| 30–49 m² 1LDK / 2DK | 1LDK / 2DK | ¥51k vs 2018 +6.4% · Japan: ¥64k | |
| 50–69 m² 2LDK / 3DK | 2LDK / 3DK | ¥57k vs 2018 +4.1% · Japan: ¥75k | |
| 70–99 m² 3LDK / family | 3LDK / family | ¥57k vs 2018 +4.1% · Japan: ¥88k | |
| 100–149 m² mostly houses | mostly houses | ¥46k vs 2018 -3.6% · Japan: ¥84k | |
| 150 m² + mostly houses | mostly houses | ¥59k vs 2018 +59.9% · Japan: ¥91k |
- Rent per m²
- ¥1,255
- median, per month · Japan: ¥1,598
- The median used condo (¥18.5M, 70 m²) costs about 27 years of average rent for a similar-sized home (¥57k a month).
- Excludes management fees, repair reserve, property tax and mortgage interest.
Source: Statistics Bureau of Japan, Housing and Land Survey 2023. Privately owned rentals (excluding rent-free homes), monthly rent without management fees. These averages include older homes, so they run below asking rents for newly listed units. 54,900 rented homes.
Very few condos
Shimane is a house market: condo sales are rare outside Matsue, and the median house sold is more than 40 years old. House prices per m² have been falling over the last five years.
High vacancy
Shimane's population fell 6.2% between 2020 and 2025, and households fell too. 11.3% of homes are abandoned, about twice the national rate. That means very low prices and room to negotiate, but limited resale demand.
Land: closer to its 1991 level than most
On the government's fixed benchmark sites, residential land fell slightly over five years, but it is only 22% below its 1991 level, compared with 46% nationally, because Shimane never had much of a bubble.
Houses vs condos
Across the prefecture, a m² of house costs only about a quarter of a m² of condo. Older houses (pre-1981) sell at a 46% discount to 1980s and 90s ones.
Hazards
Shimane has one of the lowest earthquake probabilities on the national model (about 6% for 6-lower shaking in 30 years). About 5% of benchmark sites are in landslide warning areas, and around half are in worst-case flood zones, mostly shallow, around Lake Shinji and the Hii River.
Living in Shimane: people, homes and risks
- Population 2025
- 629,460
- -6.2% since 2020
- Japan: -2.5%
- Net moves in 2025
- -1,721
- -2.73 per 1,000 residents
- Vacant homes (2023)
- 17.1%
- 11.3% empty and not for rent or sale
- Japan: 13.8%
- Median rent (2023)
- ¥45k
- per month, all rented homes
- Japan: ¥57k
- Strong earthquake risk
- 6.1%
- chance of shaking of intensity 6-lower or more within 30 years
- Japan: 38.4%
- Average income per taxpayer
- ¥3.1M
- taxable income in 2023
- Japan: ¥3.9M
- Foreign residents
- 1.6%
- 10,455 registered residents in 2024
- Japan: 3.0%
- Clinics
- 10.9
- per 10,000 residents; 47 hospitals, 252 dental clinics (2020)
- Japan: 8.5
- Official land price 2026
- ¥28k/m²
- -0.4% in a year · -1.5% in 5 years
- Japan: ¥74k/m²
- Flood exposure
- 51.5%
- of 132 benchmark sites in a worst-case flood zone (6.8% 3 m or deeper)
- Japan: 42.6%
- Tsunami exposure
- 0.8%
- of 132 benchmark sites in a tsunami inundation zone
- Japan: 7.8%
- Landslide exposure
- 4.5%
- of 132 benchmark sites in a landslide warning area
- Japan: 2.6%
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); recorded crime: Tokyo Metropolitan Police Department (Tokyo only); incomes: Ministry of Internal Affairs taxation survey via the Statistics Bureau's municipal indicators; foreign residents: Basic Resident Register; medical facilities and station passengers: MLIT National Land Numerical Information. Earthquake probability is measured at the municipal center.
Example sales in Shimane
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 City
- Matsue
- 3LDK · 75 m²
- Built 2001 (25 yrs) · RC
¥19.0M
¥292k/m²
- Nishikawatsucho, Matsue City
- Matsue · 21 min walk
- 3LDK · 65 m²
- Built 2000 (26 yrs) · RC
¥26.0M
¥325k/m²
- Higashiasahimachi, Matsue City
- Matsue · 6 min walk
- 2LDK · 80 m²
- Built 2002 (24 yrs) · SRC
House
¥2.6M
¥24k/m²
- Oaza Minami, Ama Town, Oki County
- Land 300 m² · floor 110 m²
- Built 1966 (60 yrs) · Wood
¥8.8M
¥59k/m²
- Kasagaracho, Hamada City
- Nishi Hamada · 25 min walk
- Land 250 m² · floor 150 m²
- Built 1992 (34 yrs) · Wood
¥30.0M
¥58k/m²
- Kashimachosadamiyauchi, Matsue City
- Matsue
- Land 1500 m² · floor 520 m²
- Built 2001 (24 yrs) · Steel
Show data table
| Year | Condo | House |
|---|---|---|
| 2007 | – | ¥13.0M |
| 2008 | ¥14.0M | ¥12.0M |
| 2009 | ¥14.5M | ¥11.0M |
| 2010 | ¥16.0M | ¥10.0M |
| 2011 | – | ¥12.0M |
| 2012 | – | ¥8.5M |
| 2013 | ¥16.5M | ¥10.0M |
| 2014 | ¥15.0M | ¥9.6M |
| 2015 | ¥16.0M | ¥9.8M |
| 2016 | – | ¥9.2M |
| 2017 | ¥19.0M | ¥8.1M |
| 2018 | ¥16.0M | ¥9.9M |
| 2019 | – | ¥8.5M |
| 2020 | ¥17.5M | ¥11.0M |
| 2021 | ¥20.0M | ¥11.0M |
| 2022 | ¥18.0M | ¥9.0M |
| 2023 | ¥22.0M | ¥10.0M |
| 2024 | ¥20.5M | ¥9.9M |
| 2025 | ¥18.5M | ¥9.0M |
| 2026 (partial) | – | ¥8.0M |
Show data table
| Year | Condo | House | Land |
|---|---|---|---|
| 2007 | – | ¥94k/m² | ¥30k/m² |
| 2008 | ¥200k/m² | ¥86k/m² | ¥27k/m² |
| 2009 | ¥200k/m² | ¥78k/m² | ¥25k/m² |
| 2010 | ¥230k/m² | ¥77k/m² | ¥25k/m² |
| 2011 | – | ¥79k/m² | ¥24k/m² |
| 2012 | – | ¥70k/m² | ¥25k/m² |
| 2013 | ¥227k/m² | ¥81k/m² | ¥24k/m² |
| 2014 | ¥214k/m² | ¥70k/m² | ¥22k/m² |
| 2015 | ¥227k/m² | ¥72k/m² | ¥23k/m² |
| 2016 | – | ¥62k/m² | ¥22k/m² |
| 2017 | ¥247k/m² | ¥63k/m² | ¥24k/m² |
| 2018 | ¥243k/m² | ¥73k/m² | ¥24k/m² |
| 2019 | – | ¥71k/m² | ¥24k/m² |
| 2020 | ¥232k/m² | ¥75k/m² | ¥26k/m² |
| 2021 | ¥267k/m² | ¥70k/m² | ¥22k/m² |
| 2022 | ¥252k/m² | ¥67k/m² | ¥24k/m² |
| 2023 | ¥293k/m² | ¥71k/m² | ¥23k/m² |
| 2024 | ¥269k/m² | ¥66k/m² | ¥22k/m² |
| 2025 | ¥233k/m² | ¥64k/m² | ¥20k/m² |
| 2026 (partial) | – | ¥65k/m² | ¥21k/m² |
Show data table
| Building age (years) | Condo | House |
|---|---|---|
| 0 | – | ¥308k/m² |
| 1 | – | ¥320k/m² |
| 2 | – | ¥283k/m² |
| 4 | – | ¥231k/m² |
| 7 | – | ¥214k/m² |
| 8 | – | ¥220k/m² |
| 12 | – | ¥179k/m² |
| 15 | – | ¥140k/m² |
| 16 | – | ¥147k/m² |
| 17 | – | ¥129k/m² |
| 18 | – | ¥140k/m² |
| 19 | – | ¥135k/m² |
| 20 | ¥240k/m² | ¥109k/m² |
| 21 | ¥229k/m² | ¥89k/m² |
| 22 | – | ¥96k/m² |
| 23 | – | ¥128k/m² |
| 24 | – | ¥109k/m² |
| 25 | – | ¥80k/m² |
| 26 | – | ¥81k/m² |
| 27 | – | ¥103k/m² |
| 28 | – | ¥89k/m² |
| 29 | – | ¥97k/m² |
| 30 | – | ¥85k/m² |
| 31 | – | ¥100k/m² |
| 32 | – | ¥45k/m² |
| 33 | – | ¥67k/m² |
| 34 | – | ¥85k/m² |
| 35 | – | ¥63k/m² |
| 36 | – | ¥73k/m² |
| 37 | – | ¥77k/m² |
| 38 | – | ¥63k/m² |
| 39 | – | ¥39k/m² |
| 40 | – | ¥63k/m² |
| 41 | – | ¥50k/m² |
| 42 | – | ¥53k/m² |
| 43 | – | ¥51k/m² |
| 44 | – | ¥50k/m² |
| 45 | – | ¥45k/m² |
| 46 | – | ¥48k/m² |
| 47 | – | ¥33k/m² |
| 48 | – | ¥41k/m² |
| 49 | – | ¥44k/m² |
| 50 | – | ¥32k/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 | ¥71k/m² | ¥95k/m² | ¥215k/m² | – |
| 2008 | ¥64k/m² | ¥93k/m² | ¥224k/m² | – |
| 2009 | ¥48k/m² | ¥86k/m² | ¥204k/m² | – |
| 2010 | ¥71k/m² | ¥85k/m² | ¥183k/m² | – |
| 2011 | ¥54k/m² | ¥95k/m² | ¥169k/m² | ¥233k/m² |
| 2012 | ¥61k/m² | ¥88k/m² | – | ¥235k/m² |
| 2013 | ¥47k/m² | ¥85k/m² | ¥144k/m² | ¥256k/m² |
| 2014 | ¥55k/m² | ¥77k/m² | ¥151k/m² | ¥245k/m² |
| 2015 | ¥59k/m² | ¥84k/m² | ¥133k/m² | ¥236k/m² |
| 2016 | ¥53k/m² | ¥89k/m² | – | ¥238k/m² |
| 2017 | ¥44k/m² | ¥76k/m² | ¥103k/m² | ¥242k/m² |
| 2018 | ¥63k/m² | ¥71k/m² | ¥107k/m² | ¥270k/m² |
| 2019 | ¥45k/m² | ¥84k/m² | ¥148k/m² | ¥262k/m² |
| 2020 | ¥38k/m² | ¥77k/m² | ¥107k/m² | ¥256k/m² |
| 2021 | ¥41k/m² | ¥73k/m² | ¥125k/m² | ¥249k/m² |
| 2022 | ¥37k/m² | ¥66k/m² | ¥147k/m² | ¥187k/m² |
| 2023 | ¥37k/m² | ¥73k/m² | ¥120k/m² | – |
| 2024 | ¥53k/m² | ¥67k/m² | ¥124k/m² | – |
| 2025 | ¥41k/m² | ¥75k/m² | ¥118k/m² | – |
| 2026 (partial) | ¥24k/m² | ¥51k/m² | – | – |
Prices by area in Shimane
Median prices for 2025. Sorted by condo price per m² (or house price per m² where there are few condo sales).
| Area | Condo price per m² | Median used condo price | Median house price (land + building) | Residential land per m² (sales) | Condo 5-yr change |
|---|---|---|---|---|---|
| Matsue City | ¥233k/m² | ¥18.5M | ¥12.0M | ¥41k/m² | +2.0% |
| Izumo City | – | – | ¥17.0M | ¥24k/m² | – |
| Unnan City | – | – | ¥6.0M | – | – |
| Masuda City | – | – | ¥4.0M | ¥17k/m² | – |
| Gotsu City | – | – | ¥8.0M | ¥8k/m² | – |
| Hamada City | – | – | ¥6.3M | ¥22k/m² | – |
| Oda City | – | – | – | ¥16k/m² | – |
Prices near train stations in Shimane
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 |
| Izumoshi (出雲市) | ¥28.0M | ¥415k/m² | ¥20.0M | 16 | 197 |
| Hamada (浜田) | – | – | ¥10.0M | 17 | 83 |
| Masuda (益田) | – | – | ¥5.0M | 18 | 75 |
| Nogi(Shimane) (乃木) | ¥24.5M | ¥279k/m² | ¥15.5M | 10 | 50 |
| Naoe (直江) | – | – | ¥25.0M | 19 | 42 |
| Iya (揖屋) | – | – | ¥14.5M | 15 | 40 |
| Odashi (大田市) | – | – | ¥5.9M | 12 | 34 |
| Gotsu (江津) | – | – | ¥8.0M | 15 | 28 |
| Matsue Shinjiko Onsen (松江しんじ湖温泉) | – | – | ¥12.0M | 12 | 27 |
| Yasugi (安来) | – | – | ¥5.5M | 17 | 27 |
| Unsyu Hirata (雲州平田) | – | – | ¥6.0M | 11 | 26 |
| Izumotaisya Mae (出雲大社前) | – | – | ¥9.1M | 10 | 22 |
| Kisuki (木次) | – | – | ¥4.5M | 10 | 21 |
| Higashi Matsue(Shimane) (東松江(島根)) | – | – | ¥11.5M | 18 | 20 |
Used condo prices by layout in Shimane
Sales from 2023–2025.
| Layout | Median used condo price | Typical size | Sales |
|---|---|---|---|
| 3LDK | ¥18.5M | 70 m² | 52 |
| 4LDK | ¥21.0M | 85 m² | 17 |
| 2LDK | ¥20.0M | 65 m² | 17 |
How much does an apartment cost in Shimane?
The median used condo (mansion) in Shimane sold for ¥18.5M in 2025, about ¥233k/m², based on 26 recorded sales.
How much does a house cost in Shimane?
The median house sale, including the land, was ¥9.0M in 2025 across 493 sales.
Are property prices in Shimane going up?
Over the five years to 2025, condo prices per m² changed +0.5% and residential land prices changed -23.1%.
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.