Oahu Island Estate Market Update: December 2024 Market Overview
The sales price for single-family homes and condos both experienced an increase when compared to one year ago.
The median sales price for single-family homes was $1,054,500, up 5.8% from one year ago. The condo median sales price increased to $540,000, up 5.9% from one year ago.
President of the Honolulu Board of REALTORS®, Trevor Benn, stated, “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.”
Sales for single-family homes are up 25.3% when compared to this time last year, with 228 sales in December 2024. Homes were on the market for an average of 20 days in December, four days less than the previous month. In December, 32% of single-family home sales closed above the original asking price, compared to 27% at the same time last year. The median sales price for single-family homes was $1,054,500 in December 2024, representing an increase of 5.8% when compared to this time last year.
There were 323 condos sold last month, which is up 18.8% when compared to December 2023. The average days on the market for condos was 36 days last month. In December, 70% of condo sales closed below the original asking price. The median sales price for condos in December 2024 was $540,000, representing a 5.9% increase when compared to one year ago.