Market Updates

Oahu real estate market update! What is the Oahu real estate market doing right now?

Neighborhood Insights

The Kiriu Sasaki Team pulls and analyzes data from major neighborhoods across Oahu that encompass active and sold properties. We update this information quarterly to ensure that Team Kiriu is your neighborhood expert. If you’d like a more detailed analysis of your property, call 808-721-2032!

 

2024 Q4

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2024 Q1

2023 Q3

2024 Q2

2023 Q4

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March 2023

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August 2022

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NOVEMBER 2021

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APRIL 2021

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July 2020

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JanUARY 2020

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DECEMBER 2022

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JUNE 2022

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AUGUST 2021

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JANUARY 2021

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April 2020

Neighborhood Insights

 

Oahu Real Estate Market Report

Learn all about Oahu's real estate market, including trends in median sales price, number of closed sales, days on market until sale, housing supply, and more!

 

DEC 2024

O‘ahu Housing Market Closes 2024 with Positive Momentum

Report summarizes 2024 and December 2024 residential real estate activity

 

December closed out the year with a jump in sales for both single-family homes and condos. Single-family home sales totaled 228, a 25.3% increase from the previous year, while condo sales rose 18.8% to 323 compared to last December.

 

Year-over-year, the median days on market for single-family homes shifted slightly from 18 to 20 days, while the condo median days on market rose from 26 to 36 days.

 

Both markets recorded a modest year-over-year uptick in median sales prices, with single-family homes increasing 5.8% to $1,054,500 and condos growing 5.9% to $540,000, setting a new record above the previous high of $536,000 from March 2023. December condo sales at $500,000 and above rose 30.5%, while sales at $499,999 and below grew by just 6.1%.

"While the positive sales momentum in 2024 highlights a resilient market, affordability challenges remain a significant hurdle for many buyers," said Trevor Benn, President of the Honolulu Board of REALTORS®. "Elevated mortgage rates and rising homeownership costs, including maintenance fees and insurance, continue to shape buyer behavior and influence the dynamics of the market."

 

2024 Year-End Stats

Overall in 2024, O‘ahu's housing market showed a mix of positive growth and persistent affordability concerns. O‘ahu's housing market ended 2024 with a 1.7% increase in total sales, driven by a 9.1% rise in single-family home transactions. In contrast, condo sales dipped 2.5%. Overall, 2,793 single-family homes and 4,459 condos were sold throughout the year.

 

In 2024, 29% of single-family home sales closed above the original asking price, consistent with 2023. For condos, the share of sales exceeding the asking price declined to 16%, down from 21% in 2023. A comparison of sales from 2022 to 2024 shows average monthly condo fees climbing 28% for studios and 17%, 18%, and 23% for 1-bedroom, 2-bedroom, and 3+ bedroom units, respectively.

 

The year ended with higher inventory levels than a year ago, with 675 single-family home listings, a 12.5% year-over-year increase, and 1,928 condo listings, up 56.2% from the previous year.

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Source: Honolulu Board of Realtors

 

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