Oahu Real Estate Market Update: March 2024 Market Overview
The Honolulu Board of REALTORS® reports, “Oahu’s housing market remains sluggish.” In March, single-family home sales fell by 2.5% and condo sales fell by 22.5%.
Median sales prices rose slightly while sales volume dropped for both single-family homes and condos on Oʻahu.
The median sales price for single family homes climbed to $1,100,000, a 1.5% increase from the year prior. The median price for condos dropped to $500,000, down 6.7% from one year ago. President of the Honolulu Board of REALTORS®, Fran Gendrano stated, “Elevated mortgage rates have prompted another slowdown in market activity.” She added, “However, there are still positive signs, with strong demand for single-family homes in affordable price ranges and increasing pending sales.”
Closed sales for single-family homes are down 2.5% when compared to this time last year, with 230 sales in March 2024. Homes were on the market for an average of 31 days in March, up just 1 day from the previous month. The median sales price for single-family homes was $1,100,000 in March 2024, representing an increase of 1.5% compared to this time last year.
There were 344 condos sold last month, which is down by 22.5% when compared to March 2023. The average days on the market for condos was 29 days last month. The median sales price for condos in March 2024 was $500,000, representing a decrease of 6.7% when compared to one year ago.