Sale prices fell 0.11% in September
Decline deepens for second consecutive month
Jeonse up 0.50%, monthly rent up 0.54%
August transaction volume drops 20.9% from prior month
Sale prices and rental prices in Incheon's housing market are moving in opposite directions, with purchase prices falling for a second straight month while jeonse and monthly rents continue to rise, squeezing housing costs for end-users.
According to Incheon city, the Korea Real Estate Board's September 2026 national housing price survey showed the city's housing sale price index fell 0.11%, widening the decline by 0.08 percentage points from the previous month's 0.03% drop and signaling a more pronounced softening in the sales market.
Results varied by district. Yeonsu-gu rose 0.17%, led by large apartment complexes in Dongchun-dong and Songdo-dong. Bupyeong-gu also gained 0.08%, supported by price increases in the Galsan-dong and Bugae-dong areas.
On the downside, Michuhol-gu posted the steepest decline, falling 0.64%, driven by weakness in small- and mid-sized homes in Juan-dong and Yonghyeon-dong. Namdong-gu fell 0.26% amid softness in Guwol-dong and Seochang-dong, while Seohaegu slipped 0.08%, with major complexes in Cheongna-dong and Seoknam-dong leading the retreat.
The divergence between rising and falling districts highlighted a widening gap within the city's housing market. Michuhol-gu's decline far outpaced Yeonsu-gu's gain, underscoring a growing polarization.
The rental market, by contrast, continued to strengthen. Incheon's jeonse price index rose 0.50% in September, up 0.09 percentage points from 0.41% the previous month.
By district, Seohaegu recorded the highest jeonse gain at 1.05%, followed by Yeonsu-gu at 0.94%, Yeongjong-gu at 0.69%, Bupyeong-gu at 0.59% and Gyeyang-gu at 0.54%.
Monthly rents also accelerated. The integrated monthly rent price index rose 0.54%, up 0.16 percentage points from 0.38% the prior month. Seohaegu led with a 1.03% increase, followed by Namdong-gu at 0.84%, Bupyeong-gu at 0.63%, Yeongjong-gu at 0.60% and Yeonsu-gu at 0.42%.
Even as demand for home purchases has stalled, rental prices continue to climb. The sales market slowdown has not translated into rental market stability, raising concerns that the cost burden on non-homeowning households and tenants will worsen.
Transaction data confirmed the sales market's contraction. Incheon recorded 2,930 housing sales in August 2026, down 776 from 3,706 the previous month — a 20.9% decline and the second consecutive monthly drop.
By district, Bupyeong-gu led transaction volume with 485 deals, followed by Yeonsu-gu with 477, Namdong-gu with 428, Michuhol-gu with 375 and Seohaegu with 364. Geomdan-gu recorded 293 transactions, Gyeyang-gu 259, Yeongjong-gu 97, Jemulpo-gu 89, Ganghwa-gun 55 and Ongjin-gun 8.
Jeonse and monthly rent transactions also declined. Incheon logged 11,230 combined jeonse and monthly rent deals in August, down 920 from 12,150 the previous month, a 7.6% decrease — meaning rental volumes fell even as prices rose.
"In September 2026, Incheon's housing market saw sale prices fall for two consecutive months, while jeonse prices and the integrated monthly rent index continued to rise," said Lee Won-ju, director of Incheon city's urban planning bureau.
gilbert@heraldcorp.com
