Oahu Home Sales Prices and Trends Insights for Hawaii Real Estate Buyers and Sellers

oahu real estate statistics

San Clemente, CA

Quick Facts

• The median sales price of single-family homes on Oahu reached $983,000 in 2022, up from $830,000 in 2019.
• The median sales price of condominiums on Oahu was $466,000 in 2022, an increase of $74,000 from 2019.
• In 2022, about 44% of Oahu homes sold for more than $1 million.
• It takes an average of 14 days to sell a single-family home on Oahu, and condos typically sell within 18 days.
• The average appreciation rate for Oahu housing prices from 2020 to 2022 was 20%.
• For 2022, Oahu had a 2.3-month supply of single-family homes on the market, down from 4.2 months in 2019.
• The top areas for sales growth on Oahu in 2022 were Kapolei, Ewa, and Kaka’ako.
• One-third of Oahu buyers purchase their first home using gifts or loans from family and friends.
• In 2022, about 30% of Oahu buyers planned to live in the home for less than five years.
• The age range with the largest share of homebuyers on Oahu is 24-44 years old.

Oahu Real Estate Statistics: An In-Depth Analysis of the Island’s Market

Oahu is the most populous island in Hawaii and the heart of the state’s real estate market. The island is home to the state capital, Honolulu, and offers a unique blend of urban and rural lifestyles. From the bustling streets of Waikiki to the scenic coastline of the North Shore, Oahu is a desirable destination for homebuyers and investors alike. In this article, we will provide an in-depth analysis of Oahu real estate statistics to help buyers and sellers make informed decisions about their real estate investments.

Current Market Trends

Oahu’s real estate market has experienced steady growth over the past decade, with median sales prices increasing by over 50% since 2010. According to data from the Honolulu Board of Realtors, the median sales price for a single-family home on Oahu was $983,000 in 2022, while the median sales price for a condominium was $466,000. These prices are significantly higher than the state and national averages and reflect the high demand for housing on the island.

Neighborhoods to Watch

Oahu is home to a diverse range of neighborhoods, each with its own unique character and advantages for homebuyers. Some of the most popular neighborhoods on the island include:

• Hawaii Kai: A suburban neighborhood on the southeastern coast of Oahu known for its beautiful beaches and scenic coastal views. Hawaii Kai is a popular destination for families and retirees alike, with a median sales price of $983,000 for single-family homes and $466,000 for condominiums.
• Kaka’ako: A rapidly growing neighborhood in urban Honolulu known for its trendy restaurants and boutiques. Kaka’ako is a popular destination for young professionals and first-time homebuyers, with a median sales price of $600,000 for single-family homes and $350,000 for condominiums.
• Waikiki: A world-famous neighborhood on the south shore of Oahu known for its white sand beaches and high-rise hotels. Waikiki is a popular destination for tourists and investors alike, with a median sales price of $500,000 for single-family homes and $300,000 for condominiums.

Demographics and Lifestyle

Oahu is a culturally diverse island with a rich history and a unique blend of urban and rural lifestyles. The island is home to a range of demographics, including young professionals, families, retirees, and military personnel. This diversity is reflected in the island’s real estate market, with a range of housing options available to suit different lifestyles and budgets.

Market Outlook

Oahu’s real estate market is expected to continue growing in the coming years, driven by strong demand for housing and limited supply of available homes. The median sales price for single-family homes and condominiums is expected to continue rising, making investing in Oahu real estate a smart decision for those looking to build equity and secure a strong return on investment.

Investing in Oahu Real Estate

Investing in Oahu real estate can be a smart decision for those looking to build equity and secure a strong return on investment. The island’s strong market outlook and limited supply of available homes make it an attractive destination for investors and developers alike.

• Fix and Flip Investing: This involves purchasing a property at a discounted price and renovating it before reselling it for a profit. Fix and flip investing is a popular strategy on Oahu due to the island’s high demand for housing and limited supply of available homes.
• Rental Investing: This involves purchasing a property and renting it out to tenants. Rental investing is a popular strategy on Oahu due to the island’s strong demand for rental properties and high rental yields.
• Vacation Rentals: This involves purchasing a property and renting it out to short-term tenants on a nightly or weekly basis. Vacation rentals are a popular strategy on Oahu due to the island’s strong tourism industry and high demand for short-term accommodations.

Reasons to Buy or Invest in Oahu Real Estate

There are many reasons to consider buying or investing in Oahu real estate. These include:

• Strong Market Outlook: Oahu’s real estate market is expected to continue growing in the coming years, making it a smart investment opportunity.
• Cultural Diversity: Oahu is a culturally diverse island with a rich history and a unique blend of urban and rural lifestyles.
• Natural Beauty: Oahu is home to a range of natural attractions, including beaches, parks, and nature reserves.
• Investment Opportunities: Oahu offers a range of investment opportunities, including fix and flip investing, rental investing, and vacation rentals.
• Tax Benefits: Oahu offers a range of tax benefits for homebuyers and investors, including mortgage interest and property tax deductions.
• Luxury Lifestyle: Oahu offers a luxurious lifestyle for homebuyers and investors alike, with easy access to world-class amenities, including restaurants, boutiques, and recreational facilities.
• Unique Neighborhoods: Oahu is home to a range of unique neighborhoods, each with its own character and advantages for homebuyers.

Source Data

Oahu real estate statistics are sourced from the Honolulu Board of Realtors and other reputable sources, including:

• Honolulu Board of Realtors
• Oahu Real Estate Statistics
• Median Sales Prices
• Sales Volume
• Neighborhood Trends

Frequently Asked Questions

Q: What is the current state of the Oahu real estate market?

A: The Oahu real estate market is highly competitive, with low inventory levels and high demand for housing. The median sales price for single-family homes and condos continues to rise each year.

Q: What are the median sales prices for homes and condos in Oahu?

A: The median sales price for single-family homes in Oahu is around $1,000,000, with condos averaging around $450,000. These prices vary depending on the neighborhood and location on the island.

Q: What are the most expensive neighborhoods in Oahu?

A: The most expensive neighborhoods in Oahu include Kahala, Waikiki, Diamond Head, and the North Shore. These neighborhoods offer luxury homes and condos with high-end finishes and stunning ocean views.

Q: What are the most affordable neighborhoods in Oahu?

A: The most affordable neighborhoods in Oahu include Kapolei, Ewa Beach, and Hawaii Kai. These neighborhoods offer a range of housing options, including single-family homes and condos, at lower price points.

Q: What is the average days on market for homes and condos in Oahu?

A: The average days on market for homes and condos in Oahu is around 30 days, due to the high demand for housing in the area.

Q: Is it a good time to invest in Oahu real estate?

A: It can be a good time to invest in Oahu real estate if you are looking for a long-term investment. Oahu has a strong and stable real estate market, with a high demand for housing. The rental market is also strong, with high occupancy rates and increasing rental rates.

Resources and Links

• Oahu homes prices continue to soar
• Oahu Home Values
• Oahu Real Estate Market
• Oahu Real Estate Market Trends
• Oahu Real Estate Market Trends and Insights

For Buyers and Sellers

Oahu Real Estate Statistics: A Personal Impact on Home Buyers and Sellers

As a home buyer or seller in Oahu, staying informed about the latest real estate statistics is crucial in making informed decisions. The Oahu real estate market can be highly competitive, and understanding the trends and numbers can give you an edge in achieving your goals. In this summary, we’ll break down how Oahu real estate statistics can impact home buyers and sellers on a personal level.

For Home Buyers:

1. Competition and Pricing: Oahu’s low inventory levels and high demand can drive up prices, making it challenging for buyers to find affordable homes. Understanding the median sales price, average days on market, and price per square foot can help buyers set realistic expectations and make competitive offers.

2. Neighborhood Trends: Oahu’s diverse neighborhoods each have their own unique characteristics, schools, and amenities. Analyzing statistics on neighborhood sales, appreciation rates, and crime rates can help buyers identify the best areas to invest in and suit their lifestyle.

3. Mortgage Options: Oahu’s real estate market can be expensive, and securing a mortgage can be a challenge. Familiarizing yourself with mortgage rates, loan options, and down payment requirements can help buyers navigate the financing process and find the best deals.

For Home Sellers:

1. Pricing Strategy: Accurate pricing is critical in Oahu’s competitive market. Staying up-to-date on recent sales data, market trends, and comparable homes can help sellers set the right price to attract potential buyers and maximize their return on investment.

2. Staging and Marketing: With many homes on the market, sellers need to make their property stand out. Understanding the average days on market and absorption rate can help sellers strategy their marketing efforts and stage their home effectively to attract buyers.

3. Timing and Flexibility: Oahu’s real estate market can be highly seasonal, with fluctuations in demand and supply. Being aware of the market’s rhythm can help sellers time their listing correctly and be flexible with negotiations to close deals.