Oahu Real Estate Market Trends and Insights According to Zillow Data Analysis
oahu real estate zillow
Honolulu, HI
Quick Facts
• The median home value in Oahu, HI is around $945,000.
• Home values in Oahu have increased by 9.1% over the past year.
• The median list price per square foot in Oahu is around $640.
• The median rent price in Oahu is around $2,400 per month.
• The housing market in Oahu is considered competitive, with homes typically selling for 100% of their list price.
• In a typical year, about 8,500 new listings come on the market in Oahu.
• There are around 10,500 currently available homes for sale in Oahu.
• Approximately 75% of residents in Oahu own their homes.
• Around 34% of homes in Oahu are valued between $500,000-$999,999.
• The average age of homes in Oahu is around 45 years old.
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oahu real estate market trends and information for buyers and sellers
oahu is the third largest island in the hawaiian archipelago and is home to the state capital honolulu the island is a popular destination for tourists and residents alike with its stunning beaches lush rainforests and rich cultural heritage one of the key drivers of the islands economy is the real estate market which has seen significant growth in recent years
in this article we will take a closer look at the current trends and information in the oahu real estate market including median home prices inventory and tips for buyers and sellers
median home prices in oahu
according to recent data from zillow the median home value in oahu is around 830000 this represents a significant increase from just a few years ago when the median home value was around 600000 the increase in home values can be attributed to a number of factors including a strong economy a growing population and a lack of affordable housing options
it is worth noting that the median home value in oahu varies significantly depending on the location some of the most expensive neighborhoods are located in the honolulu area and include kahala waikiki and diamond head in these neighborhoods home prices can exceed 1 million dollars for a single family home
oahu real estate inventory
one of the key factors driving the oahu real estate market is inventory or the number of homes available for sale according to recent data from the hawaii association of realtors the inventory of homes for sale in oahu has been trending downward in recent years this has put upward pressure on home prices and has made it more difficult for buyers to find affordable options
one of the most significant challenges facing buyers in the oahu real estate market is the lack of affordable housing options according to a recent report from the national association of realtors the median home price in oahu is more than 10 times higher than the median household income this has priced many buyers out of the market and has forced them to consider alternative options such as renting or looking to neighboring islands
tips for buyers
if you are a buyer looking to purchase a home in the oahu real estate market there are a number of things you should keep in mind here are a few tips to consider
get pre approved for a mortgage before you start looking at homes this will give you an idea of how much you can afford to spend and will make it easier to make an offer on a home when you find one you like
consider working with a real estate agent who is familiar with the oahu market a good agent can help you navigate the complex process of buying a home in oahu and can give you valuable insights into the local market
be prepared to act quickly when you find a home you like the oahu real estate market is highly competitive and homes often sell quickly so be prepared to make an offer on a home as soon as you find one you like
tips for sellers
if you are a seller looking to sell your home in the oahu real estate market there are a number of things you should keep in mind here are a few tips to consider
price your home competitively based on recent sales data from the neighborhood the oahu real estate market is highly competitive and homes that are overpriced often sit on the market for weeks or even months
consider staging your home before listing it for sale this will help to make your home more attractive to potential buyers and can increase the chances of a sale
be prepared to negotiate with buyers the oahu real estate market is highly competitive and buyers are often able to negotiate the price of a home down so be prepared to negotiate when you receive an offer
neighborhoods to watch in oahu
oahu is home to a number of diverse neighborhoods each with its own unique character and charm here are a few neighborhoods to watch in the oahu real estate market
kahala is one of the most expensive neighborhoods in oahu with home prices exceeding 1 million dollars for a single family home the neighborhood is known for its stunning beaches lush parks and upscale shopping and dining options
waikiki is one of the most popular neighborhoods in oahu with its stunning beaches and vibrant nightlife the neighborhood is a popular destination for tourists and residents alike and has seen significant growth in recent years
diamond head is one of the most iconic neighborhoods in oahu with its stunning views of the ocean and downtown honolulu the neighborhood is known for its upscale homes and condominiums and is a popular destination for buyers looking for a luxury home in oahu
conclusion
the oahu real estate market is highly competitive and complex with many different factors driving the market if you are a buyer or seller looking to navigate the market it is essential to stay informed about the latest trends and information this can help you to make informed decisions and to achieve your goals in the market
whether you are a seasoned buyer or seller or just starting out in the oahu real estate market the tips and information outlined in this article can help you to navigate the complex process of buying or selling a home in oahu by staying informed and up to date on the latest market trends and information you can make informed decisions and achieve your goals in the oahu real estate market
Photos of oahu real estate zillow
Frequently Asked Questions:
Oahu Real Estate FAQ
Q What are the current home prices in Oahu
A The median home price in Oahu is around 900000 with prices ranging from 500000 to over 10 million depending on location and amenities.
Q What are the most expensive neighborhoods in Oahu
A Kahala and Waikiki are among the most expensive neighborhoods in Oahu with homes selling for 1 million to over 5 million. Other upscale neighborhoods include Hawaii Kai Kailua and Lanikai.
Q Are there any affordable neighborhoods in Oahu
A Yes there are affordable neighborhoods in Oahu including Ewa Beach Kapolei and Pearl City. Home prices in these areas range from 400000 to 800000.
Q What is the average rent in Oahu
A The average rent in Oahu is around 2500 to 3500 per month for a one to three bedroom apartment.
Q What are the most popular areas for tourists to buy real estate in Oahu
A Waikiki and Wailea are popular areas for tourists to buy real estate in Oahu due to their proximity to beaches restaurants and shopping.
Q What are the property taxes in Oahu
A Property taxes in Oahu are around 0.25 to 0.35 percent of the property value per year.
Q Do I need to be a resident of Hawaii to buy real estate in Oahu
A No you do not need to be a resident of Hawaii to buy real estate in Oahu. However non-resident buyers may be required to pay a higher interest rate and fees.
Q What are the typical closing costs in Oahu
A Typical closing costs in Oahu range from 2 to 5 percent of the purchase price and include fees for title insurance appraisal inspections and loan origination.
Q Can I buy real estate in Oahu with a mortgage
A Yes you can buy real estate in Oahu with a mortgage. There are several lenders that offer financing to non-resident buyers.
Related Links & Information:
Oahu Homes for Sale
Oahu Real Estate Guide
Oahu Real Estate Listings
City and County of Honolulu Affordable Housing
Hawaii News Now Real Estate
