Oahu Real Estate Trends to Watch in 2024 What the Future Holds for Island Homebuyers
oahu real estate market
Kapolei, HI
Quick Facts
• Oahu’s median sales price of single-family homes was around $1.135 million as of 2023.
• The median condo price was approximately $552,000 as of 2023.
• The average price per square foot for Oahu condos is about $730.
• For single-family homes, the average price per square foot is about $820.
• Home inventory in Oahu is often limited, with an average of 1-3 months’ supply.
• Waikiki and Honolulu are among the most expensive neighborhoods, with median sales prices over $1 million.
• Kalihi, Kapahulu, and Pearl City are more affordable areas with lower median sales prices and higher inventory.
• Oahu has a 5% state real estate tax rate, with an additional 0.9% city tax rate.
• Rentals in Oahu face strict regulations and a landlord-tenant code.
• Interest rates for mortgages can vary significantly in Hawaii depending on loan type and credit score.
New Listings & Properties for Sale in oahu real estate market
Oahu, HI Real Estate & Homes for Sale
Honolulu, HI Real Estate & Homes for Sale
Oahu, HI Single Family Homes for Sale
oahu real estate market trends and insights for buyers and sellers
oahu is the most populous island in the state of hawaii and home to the state capital honolulu the oahu real estate market is known for its beautiful landscapes diverse neighborhoods and high demand for properties the island offers a unique blend of urban and rural living with opportunities to invest in single family homes condominiums and apartments in this article we will provide an overview of the oahu real estate market trends and insights for buyers and sellers.
current market trends
the oahu real estate market has experienced significant growth over the past decade with property values increasing by over 50 percent according to data from the hawaii association of realtors in 2022 the median sales price of single family homes on oahu was around 950000 while condominiums sold for a median price of around 420000 the market has been driven by low interest rates and a strong economy with many buyers competing for limited inventory.
neighborhoods in demand
some of the most in demand neighborhoods on oahu include the urban core of honolulu where buyers can find luxury high rise condominiums with stunning ocean views other popular neighborhoods include waikiki kakaako and kapahulu which offer a range of housing options from apartments to single family homes the north shore of oahu is also in high demand with its beautiful beaches and rural landscapes properties in this area are often more affordable than in other parts of the island.
tips for buyers
buying a home on oahu can be a complex and competitive process here are some tips for buyers looking to enter the market
get pre approved for a mortgage before starting your home search this will give you an idea of how much you can afford and will make your offer more attractive to sellers
work with a reputable real estate agent who has experience in the oahu market they can help you navigate the process and provide valuable insights and advice
consider working with a real estate agent who specializes in the neighborhood or type of property you are interested in
don t be afraid to make an offer on a property that you love be prepared to negotiate and have a plan in place in case your first offer is rejected
tips for sellers
selling a home on oahu can be a lucrative opportunity for homeowners here are some tips for sellers looking to enter the market
price your property competitively based on recent sales data and current market trends
consider staging your property to showcase its best features and make it more attractive to buyers
use a reputable real estate agent who has experience in the oahu market they can help you navigate the process and provide valuable insights and advice
be prepared to negotiate and be flexible on your asking price and other terms of the sale
future market trends
the oahu real estate market is expected to continue growing in the coming years with many development projects in the pipeline and a strong demand for housing the state government has also implemented policies to address the shortage of affordable housing and increase the supply of homes for low and moderate income buyers.
some potential challenges for the market include rising construction costs and increasing interest rates which could affect demand and slow down the market however overall the oahu real estate market is expected to remain strong and competitive with many opportunities for buyers and sellers.
what to expect in the oahu real estate market in the next few years
as we look to the future of the oahu real estate market here are some trends and insights to expect
an increase in affordable housing options as the state government implements policies to address the shortage of affordable housing
an increase in high rise condominiums and apartments in urban areas
a continued rise in property values and median sales prices
a significant growth in the rental market
increased interest and demand from out of state buyers and investors
an expansion in new development and infrastructure projects on the island
what to look for in oahu neighborhoods
oahu has a diverse range of neighborhoods each with its unique character and charm when choosing a neighborhood to live in on oahu here are some things to look for
excellent schools and educational opportunities
local amenities and services such as parks shopping centers restaurants and health care facilities
easy access to transportation including buses highways and bike paths
safety and security in the neighborhood
opportunities for outdoor recreation and community activities
investment opportunities in oahu real estate
oahu real estate market offers a range of investment opportunities for individuals and companies here are some ways to invest in oahu real estate
buy and hold strategy
rental properties
flipping properties
vacation rentals
real estate investment trusts reits
investing in property development
opportunities for real estate investors on oahu
oahu offers a unique combination of urban and rural landscapes an excellent climate and a strong economy making it an ideal location for real estate investment some popular areas for real estate investment include
honolulu the state capital and hub of oahu s economy and culture
waikiki one of the most famous resort destinations in the world
north shore a popular area for locals and tourists alike
kakaako a rapidly growing urban area with high rise condominiums and a thriving arts scene
windward coast a picturesque and tranquil area with a range of rural landscapes
Photos of oahu real estate market
Frequently Asked Questions:
oahu real estate market faq
q what is the current state of the oahu real estate market
a the oahu real estate market is competitive with rising home prices and low inventory the median home price is over 900000 and continues to rise due to high demand and limited supply
q what is the average price per square foot in oahu
a the average price per square foot in oahu varies by location and property type however the overall average is around 750 per square foot in high demand areas such as waikiki and honolulu the average price per square foot can exceed 1000
q how long does it take to sell a home in oahu
a the length of time it takes to sell a home in oahu varies however homes in oahu typically sell within 10 to 20 days of listing with correct pricing and staging homes can sell much faster in high demand areas
q what is the difference between fee simple and leasehold in oahu real estate
a fee simple means you own the property outright including the land while leasehold means you own the right to use the property but lease the land from the owner typically a leasehold property has a set lease period and payments
q what are the best neighborhoods to invest in oahu
a some popular neighborhoods for investing in oahu include waikiki honolulu kakaako and ala moana these areas offer high demand and limited supply which can drive up property values however it is essential to research and consider your specific needs and budget
q what is the typical down payment for a home in oahu
a a typical down payment in oahu is 20 of the purchase price however some mortgage options may require lower down payments for those who qualify it is essential to check with a lender to determine the best options for your situation
q how do i get pre approved for a mortgage in oahu
a to get pre approved for a mortgage in oahu you will need to contact a lender and provide financial information such as income employment history and credit score the lender will evaluate this information to provide a pre approval amount
q can foreign buyers purchase property in oahu
a yes foreign buyers can purchase property in oahu however there are specific tax implications and procedures to follow it is recommended to work with a qualified real estate attorney and financial advisor to navigate the process
Related Links & Information:
Hawaii Information Service Central Oahu Real Estate Market Report
Realtor.com Oahu Real Estate Market
Zillow Oahu Home Values
Honolulu Magazine Oahu Real Estate Market News
RateStack Oahu Home Prices Forecast
