Oahu Real Estate Market Update: November 2023 Market Overview
The Honolulu Board of REALTORS® reports the O’ahu single-family home market sales volume dipped slightly in November, with both single-family homes and condos experiencing year-over-year declines of 6% and 9%, respectively.
HBR reported that in November, both single-family homes and condos experienced a slight increase in the median sales price when compared to the previous month. Year-over-year, the median price of a single-family home on Oʻahu dropped 4%. However, condos marked an 8% increase in median sales price.
Closed sales for single-family homes are down 6% when compared to this time last year, with 180 sales in November 2023. Homes were on the market for an average of 29 days in November, up 11 days from the previous month. The median sales price for single- family homes was $1,100,055 in November 2023, representing a decrease of 4% compared to this time last year.
There were 310 condos sold last month, which is down by 9% when compared to November 2022. The average day on the market for condos was 23 days last month. The median sales price for condos in November 2023 was $516,179, representing an increase of 8% when compared to last November.