Oahu Real Estate Market Update: April 2024 Market Overview
The resale figures released by the Honolulu Board of REALTORS® reveal an increase in single-family and condo home sales. Single-family homes rose 26.0% and condo sales saw a 2.6% increase compared to this same time last year. The median sales price for single-family homes remained steady at $1,100,000. Compared to this time last year this is an increase of 10.0%. The condo median sales price reached $528,000, up 5.6% from one year ago. President of the Honolulu Board of REALTORS®, Fran Gendrano stated, “Though home sales haven’t reached pre-pandemic levels or the peak activity we noticed in 2021 and 2022, we’re seeing positive recovery signs for O‘ahu’s housing market.” She added, “the month-over-month rise in sales indicates buyers are active in the market despite higher mortgage rates.”
Closed sales for single-family homes are up 26.0% when compared to this time last year, with 262 sales in April 2024. Homes were on the market for an average of 17 days in April, down 16 days from the previous month. The median sales price for single-family homes was $1,100,000 in April 2024, representing an increase of 10.0% compared to this time last year.
There were 431 condos sold last month, which is up by 2.6% when compared to April 2023. The average days on the market for condos was 29 days last month. The median sales price for condos in April 2024 was $528,000, representing a 5.6% increase when compared to one year ago.