Oahu Homes by the Numbers An In Depth Look at the Current State of Oahu Real Estate Market Statistics
oahu real estate statistics
Honolulu, HI
Quick Facts
• As of 2022, the median sales price of single-family homes on Oahu was around $1.05 million, while the median sales price of condominiums was approximately $435,000.
• According to data from 2022, 73% of Oahu homes sold above list price, indicating a highly competitive market.
• As of 2022, the majority of Oahu homebuyers were local residents (64%), with the remaining 36% being mainland US buyers, international buyers, or from other Hawaiian islands.
• Home prices on Oahu increased by around 13.4% in 2022 compared to the previous year.
• As of 2022, the median days on market for single-family homes on Oahu was around 11 days, indicating a very fast-paced market.
• Nearly 50% of Oahu homebuyers paid cash in 2022.
• The average price per square foot for a single-family home on Oahu was around $825 in 2022.
• The Waikiki neighborhood had the highest median sales price for condominiums in 2022 at approximately $640,000.
• In 2022, around 55% of single-family homes and 45% of condominiums sold on Oahu were purchased as primary residences.
• As of 2022, the Kapolei and Ewa areas on Oahu’s west side had some of the most affordable home options, with median sales prices ranging from $750,000 to $900,000.
New Listings & Properties for Sale in oahu real estate statistics
Oahu, HI Real Estate & Homes for Sale
Honolulu, HI Real Estate & Homes for Sale
oahu real estate statistics trends and insights for homebuyers and sellers
the oahu real estate market has experienced significant fluctuations in recent years due to various economic and environmental factors however despite these changes the island continues to be a popular destination for homebuyers and sellers alike in this article we will delve into the current trends and statistics of the oahu real estate market providing valuable insights for those looking to buy or sell a property on the island
historical context of the oahu real estate market
the oahu real estate market has been on the rise since 2012 with steady increases in property values and sales however the market has not been immune to economic downturns and global events such as the covid19 pandemic which caused a brief decline in sales and prices in 2020 despite this the oahu real estate market has shown remarkable resilience and adaptability in the face of challenges
current market trends
as of 2023 the oahu real estate market is characterized by low inventory levels high demand and increasing property values the median sales price for singlefamily homes and condominiums on the island has reached record highs with the median sales price for singlefamily homes standing at approximately 930000 and for condominiums at approximately 530000
high demand and low inventory have led to a competitive market where properties are selling quickly and often above asking price the average days on market for singlefamily homes and condominiums is around 20 days which is significantly shorter than the national average this trend has resulted in a challenging environment for homebuyers who must navigate a crowded and fastpaced market
types of properties in demand
in the oahu real estate market there are several types of properties in high demand including
1 downtown and kakaako condos
2 singlefamily homes in desirable neighborhoods such as waialae Kahala and aina haina
3 luxury properties in highend neighborhoods such as diamond head and waikiki
4 vacation rentals and shortterm rentals in popular tourist areas
neighborhoods to watch
some of the most popular and upandcoming neighborhoods on the island include
1 kakaako known for its trendy restaurants bars and shopping areas
2 waialae Ihilo this historic neighborhood is undergoing gentrification with new homes and developments popping up
3 kahala a highly soughtafter neighborhood for luxury properties and highend amenities
4 aina haina a charming and picturesque neighborhood with a smalltown feel
demographics and lifestyle
oahu’s population is diverse with individuals from various backgrounds and cultures the island offers a unique blend of urban and rural lifestyles allowing residents to choose between city living and a more laidback lifestyle
residents of oahu can enjoy a range of outdoor activities such as surfing hiking and beachgoing the island is also home to worldclass shopping centers restaurants and cultural attractions including the famous waikiki beach and the bishop museum
statistics and data
according to recent statistics
1 the median sales price for singlefamily homes on oahu is approximately 930000
2 the median sales price for condominiums on oahu is approximately 530000
3 the average days on market for singlefamily homes and condominiums is around 20 days
4 the inventory of homes and condominiums is currently around 3 months
5 the top areas with price growth since 2020 are
downtown and kakaako
waialae Ihilo
kahala
aina haina
waipahu
forecast and predictions
based on current trends and statistics the oahu real estate market is expected to continue growing in the next few years experts predict a steady increase in property values and a slight decrease in inventory levels however external factors such as economic changes and global events can always impact the market
in conclusion the oahu real estate market is a dynamic and constantly evolving environment with opportunities for homebuyers and sellers alike by understanding current trends and statistics individuals can make informed decisions when buying or selling a property on the island whether you are a seasoned real estate professional or a firsttime homebuyer it’s essential to stay informed about the oahu real estate market
Photos of oahu real estate statistics
Frequently Asked Questions:
Oahu Real Estate Statistics FAQ
Q What is the current median sales price of a single family home on Oahu
A According to recent data the median sales price of a single family home on Oahu is around 950000
Q What is the current median sales price of a condominium on Oahu
A The median sales price of a condominium on Oahu is approximately 470000
Q What is the average days on market for Oahu real estate
A Properties on Oahu typically sell within 20 to 30 days of being listed
Q What percentage of list price do Oahu properties usually sell for
A Most properties on Oahu sell for about 95 percent to 98 percent of the original asking price
Q Are Oahu home prices increasing or decreasing
A Home prices on Oahu have been steadily increasing over the past few years although some fluctuations can be expected in response to market conditions
Q What are the most popular neighborhoods to buy real estate on Oahu
A Some of the most in demand neighborhoods include Kakaako and Waikiki in urban Honolulu as well as North Shore and Hawaii Kai in suburban areas
Q What are the most popular types of properties for sale on Oahu
A Three bedroom single family homes and two bedroom condominiums are consistently among the most popular types of properties on the market
Q What is the typical square footage of a single family home on Oahu
A Median square footage for single family homes on Oahu is approximately 1700 square feet
Q What is the typical square footage of a condominium on Oahu
A The average condominium on Oahu has a square footage of around 900 square feet
Related Links & Information:
Hawaii Real Estate Statistics – Hawaii Business
Oahu Real Estate Statistics – Realtor.com
Market Statistics – Hawaii Association of Realtors
Oahu Real Estate Data – Redfin
Oahu Home Values – Zillow
