Oahu Island Estate Market Update: November 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 $1,115,000, up 1.4% from one year ago. The condo median sales price increased to $530,000, up 2.7% from one year ago.
Immediate Past President of the Honolulu Board of REALTORS®, Fran Gendrano, stated, “Although seasonal trends produced a drop in sales from a month ago, the uptick in sales year-over-year in both single-family home and condo markets was positive. We also continued to see more sellers offering properties for sale compared to a year ago and sustained demand from prospective buyers, resulting in a balanced market.”
Sales for single-family homes are up 12.8% when compared to this time last year, with 203 sales in November 2024. Homes were on the market for an average of 24 days in November, eight days more than the previous month. In November, 26% of single-family home sales closed above the original asking price, compared to 21% at the same time last year. The median sales price for single-family homes was $1,115,000 in November 2024, representing an increase of 1.4% when compared to this time last year.
There were 341 condos sold last month, which is up 10.0% when compared to November 2023. The average days on the market for condos was 32 days last month. In November, 12% of condo sales closed above the original asking price, down from 19% a year ago. The median sales price for condos in November 2024 was $530,000, representing a 2.7% increase when compared to one year ago.