Oahu Real Estate Market Update: January 2024 Market Overview
The Honolulu Board of REALTORS® reports that the housing market started the new year much like 2023 ended.
Oahu experienced a minimal increase in single-family home sales at 1.1% and condo sales at 7.4%. Median sales prices for single-family homes remained just above a million at $1,012,016 while the median sales price for condos was $505,200. President of the Honolulu Board of REALTORS®, Fran Gendrano stated, “New listings mean new opportunities for buyers at all price points. However, O‘ahu’s housing market still faces the persistent challenge of low inventory, which keeps our housing prices elevated despite cautious market activity.”
Active inventory for single-family homes rose 10.2%, and condos increased 12.7% in January 2024. When compared to January 2020, pre-pandemic, active inventory levels are down 25%. Closed sales for single-family homes are up 12.5% when compared to this time last year, with 184 sales in January 2024. Homes were on the market for an average of 29 days in January, up 11 days from the previous month.
The median sales price for single-family homes was $1,021,016 in January 2024, representing an increase of 5% compared to this time last year. There were 292 condos sold last month, which is up 5.8% when compared to January 2023. The average days on the market for condos was 29 days last month. The median sales price for condos in January 2024 was $505,200, representing an increase of 2% when compared to one year ago.