Single-Family Homes

In December 2024, the median sales price for single-family homes stood at $1,054,500, a 5.8% increase from the previous year. Homes on the market for an average of 20 days, four days less than the previous month, indicating a relatively quick sale. It’s worth noting that 32% of single-family home sales closed above the original asking price, up from 27% the previous year. This trend reflects the ongoing demand for housing in Oahu, particularly in the high-end segment.

Condos

The condo market also showed significant progress, with a median sales price of $540,000, representing a 5.9% increase from the previous year. With an average days on market of 36 days, condos were relatively quick to sell as well. Interestingly, 70% of condo sales closed below the original asking price, suggesting that buyers are finding value in the current market.

Expert Insights

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

What’s Ahead in 2025?

As we look to the new year, there are several factors that could impact the Oahu real estate market. Rising interest rates may continue to affect buyer behavior, while ongoing development and infrastructure projects could alter the local economy. For homeowners and investors alike, it’s crucial to stay informed about market trends and adjust strategies accordingly.

Additional Resources

Want to learn more about Oahu’s real estate market? Check out our latest blog posts for additional insights, expert advice, and market analysis.

Download our comprehensive December 2024 Oahu Market Report for in-depth stats, trend analysis, and expert insights.

Stay ahead of the curve with our regularly updated blog, featuring local market news, real estate tips, and industry insights.