Matsue City Housing Market Report 2026
Data updated 2026-11-11 · Source: MLIT transaction price survey, 2005 Q3–2026 Q2 · Transactions in 2025: 357
In short
- 1The trend has turned down
After rising earlier, house prices per m² have slipped by about 7.1% a year over the last five years.
- 2Lagging Shimane
Per m², houses here are 31% above the Shimane average.
- 3Being 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.
- 4A family market
80% of recent condo sales have three or more bedrooms.
The answers, compared
What does a home cost?
¥18.5M
median used condo · ¥233k/m²
0% above the Shimane median
Are prices rising?
+2.0%
over 5 years
Faster than Shimane (+0.5%)
2 of 6 areas in Shimane, highest first
Can local earners afford it?
5.6× income
median price ÷ average taxable income
In line with Shimane (5.9×)
1 of 6 areas in Shimane, highest first
Rent or buy?
32years of rent
median price ÷ a year of median rent
Shorter than Shimane (34)
1 of 6 areas in Shimane, highest first
Are people moving in?
-4.9%
population, 2020–25
Shrinking slower than Shimane (-6.2%)
2 of 7 areas in Shimane, highest first
How risky is it?
5%
chance of strong shaking (6-lower+) in 30 years
In line with Shimane (6%)
4 of 7 areas in Shimane, highest first
Rent in Matsue City
The average private rental costs ¥52k a month (2023), +2.8% since 2018. Shimane: ¥50k
| Floor area | Typical layout | Average rent / month | Matsue CityShimane |
|---|---|---|---|
| under 30 m² studio / 1K | studio / 1K | ¥38k vs 2018 -4.0% · Shimane: ¥40k | |
| 30–49 m² 1LDK / 2DK | 1LDK / 2DK | ¥54k vs 2018 +5.4% · Shimane: ¥51k | |
| 50–69 m² 2LDK / 3DK | 2LDK / 3DK | ¥62k vs 2018 +4.6% · Shimane: ¥57k | |
| 70–99 m² 3LDK / family | 3LDK / family | ¥65k vs 2018 -3.4% · Shimane: ¥57k | |
| 100–149 m² mostly houses | mostly houses | ¥60k vs 2018 -0.3% · Shimane: ¥46k | |
| 150 m² + mostly houses | mostly houses | ¥63k vs 2018 +37.0% · Shimane: ¥59k |
- Rent per m²
- ¥1,355
- median, per month · Shimane: ¥1,255
- The median used condo (¥18.5M, 70 m²) costs about 24 years of average rent for a similar-sized home (¥65k 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. 24,650 rented homes.
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.
Local incomes are close to average
Taxpayers here reported an average taxable income of ¥3.3m in 2023 (¥3.1m for the wider area). That is +16% since 2014. Averages are pulled up by a few very high earners, so a typical household earns less than this.
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%
- Average income per taxpayer
- ¥3.3M
- taxable income in 2023
- Shimane: ¥3.1M
- Daytime population
- 103
- people here by day per 100 residents (2020 census)
- Foreign residents
- 1.1%
- 2,070 registered residents in 2024
- Shimane: 1.6%
- Clinics
- 11.1
- per 10,000 residents; 11 hospitals, 77 dental clinics (2020)
- Shimane: 10.9
- 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); 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 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 | Daily passengers (2023) |
|---|---|---|---|---|---|---|
| Matsue (松江) | ¥18.0M | ¥231k/m² | ¥13.0M | 18 | 407 | 7,296-13% vs 2019 |
| Nogi(Shimane) (乃木) | ¥24.5M | ¥279k/m² | ¥15.5M | 10 | 50 | 1,662-9% vs 2019 |
| Iya (揖屋) | – | – | ¥14.5M | 15 | 40 | 1,316-11% vs 2019 |
| Matsue Shinjiko Onsen (松江しんじ湖温泉) | – | – | ¥12.0M | 12 | 27 | 1,610-13% vs 2019 |
| Tamatsukurionsen (玉造温泉) | – | – | ¥30.5M | 18 | 20 | 600-7% vs 2019 |
| Higashi Matsue(Shimane) (東松江(島根)) | – | – | ¥11.5M | 18 | 20 | 150-6% vs 2019 |
| Shinji (宍道) | – | – | ¥7.3M | 13 | 18 | 1,074-8% vs 2019 |
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.