Municipalities ranked by the estimated market value of all land and buildings. Designated cities are counted as a whole and Tokyo's 23 wards as one (ward-level assessed values are not published).
Data last updated: November 2026 (Land Price Publication 2026, Prefectural Survey 2026, transactions through Q2 2026)
| Rank | Area | Total value | ≈ USD | Land | Buildings | Share of Japan | Avg. residential |
|---|---|---|---|---|---|---|---|
| 1 | Utsunomiya City Tochigi |
¥5.0 trillion | $31.9B | ¥3.7 trillion | ¥1.4 trillion | 0.36% | ¥65K/m² |
| 2 | Oyama City Tochigi |
¥1.4 trillion | $9.1B | ¥1.0 trillion | ¥422.7 billion | 0.10% | ¥41K/m² |
| 3 | Tochigi City Tochigi |
¥1.1 trillion | $6.8B | ¥694.9 billion | ¥370.7 billion | 0.08% | ¥22K/m² |
| 4 | Ashikaga City Tochigi |
¥969.4 billion | $6.2B | ¥659.1 billion | ¥310.3 billion | 0.07% | ¥26K/m² |
| 5 | Sano City Tochigi |
¥876.6 billion | $5.6B | ¥598.7 billion | ¥277.9 billion | 0.06% | ¥26K/m² |
| 6 | Nasushiobara City Tochigi |
¥838.9 billion | $5.3B | ¥549.4 billion | ¥289.5 billion | 0.06% | ¥20K/m² |
| 7 | Kanuma City Tochigi |
¥706.8 billion | $4.5B | ¥484.9 billion | ¥221.9 billion | 0.05% | ¥25K/m² |
| 8 | Mooka City Tochigi |
¥638.3 billion | $4.1B | ¥420.5 billion | ¥217.8 billion | 0.05% | ¥24K/m² |
| 9 | Shimotsuke City Tochigi |
¥539.7 billion | $3.4B | ¥398.3 billion | ¥141.4 billion | 0.04% | ¥44K/m² |
| 10 | Nikko City Tochigi |
¥525.9 billion | $3.3B | ¥323.4 billion | ¥202.5 billion | 0.04% | ¥16K/m² |
| 11 | Otawara City Tochigi |
¥460.2 billion | $2.9B | ¥282.6 billion | ¥177.6 billion | 0.03% | ¥19K/m² |
| 12 | Sakura City Tochigi |
¥321.2 billion | $2.0B | ¥200.9 billion | ¥120.2 billion | 0.02% | ¥25K/m² |
| 13 | Mibu Town Tochigi |
¥315.7 billion | $2.0B | ¥212.2 billion | ¥103.5 billion | 0.02% | ¥32K/m² |
| 14 | Kaminokawa Town Tochigi |
¥291.0 billion | $1.9B | ¥201.9 billion | ¥89.1 billion | 0.02% | ¥30K/m² |
| 15 | Nasu Town Tochigi |
¥254.7 billion | $1.6B | ¥138.7 billion | ¥116.0 billion | 0.02% | ¥8,613/m² |
| 16 | Takanezawa Town Tochigi |
¥221.8 billion | $1.4B | ¥155.3 billion | ¥66.5 billion | 0.02% | ¥28K/m² |
| 17 | Nogi Town Tochigi |
¥199.7 billion | $1.3B | ¥135.3 billion | ¥64.4 billion | 0.01% | ¥33K/m² |
| 18 | Haga Town Tochigi |
¥197.8 billion | $1.3B | ¥101.3 billion | ¥96.4 billion | 0.01% | ¥19K/m² |
| 19 | Yaita City Tochigi |
¥195.4 billion | $1.2B | ¥123.6 billion | ¥71.8 billion | 0.01% | ¥20K/m² |
| 20 | Nasukarasuyama City Tochigi |
¥135.5 billion | $861.72M | ¥85.6 billion | ¥49.9 billion | 0.01% | ¥11K/m² |
| 21 | Mashiko Town Tochigi |
¥122.4 billion | $778.47M | ¥81.6 billion | ¥40.9 billion | 0.01% | ¥17K/m² |
| 22 | Ichikai Town Tochigi |
¥81.3 billion | $516.74M | ¥45.5 billion | ¥35.8 billion | 0.01% | ¥14K/m² |
| 23 | Nakagawa Town Tochigi |
¥74.6 billion | $474.36M | ¥45.8 billion | ¥28.8 billion | 0.01% | ¥10K/m² |
| 24 | Motegi Town Tochigi |
¥63.2 billion | $401.83M | ¥36.5 billion | ¥26.7 billion | 0.01% | ¥12K/m² |
| 25 | Shioya Town Tochigi |
¥59.2 billion | $376.58M | ¥39.6 billion | ¥19.6 billion | 0.00% | ¥10K/m² |
25 areas · calculated Nov 2, 2026. Total value is estimated from assessed values for fixed-asset tax (MIC survey), with residential land brought to the level of official land prices; tax-exempt land and buildings are not included. Designated cities are counted as a whole and Tokyo's 23 wards as one.
Based on Japan's official land price surveys and MLIT transaction data, aggregated by Fudosan Zukan. Forecasts and the index are Fudosan Zukan indicators. Prices in Japanese yen.