O'ahu Real Estate Market Closes 2024 With Positive Momentum

by One Pacific Realty Inc

December closed out the year with a jump in sales for both single-family homes and condos. Single-family home sales totaled 228, a 25.3% increase from the previous year, while condo sales rose 18.8% to 323 compared to last December.

Year-over-year, the median days on market for single-family homes shifted slightly from 18 to 20 days, while the condo median days on market rose from 26 to 36 days.

Both markets recorded a modest year-over-year uptick in median sales prices, with single-family homes increasing 5.8% to $1,054,500 and condos growing 5.9% to $540,000, setting a new record above the previous high of $536,000 from March 2023. December condo sales at $500,000 and above rose 30.5%, while sales at $499,999 and below grew by just 6.1%.

"While the positive sales momentum in 2024 highlights a resilient market, affordability challenges remain a significant hurdle for many buyers," said Trevor Benn, President of the Honolulu Board of REALTORS®. "Elevated mortgage rates and rising homeownership costs, including maintenance fees and insurance, continue to shape buyer behavior and influence the dynamics of the market."

2024 Year-End Stats

Overall in 2024, O‘ahu's housing market showed a mix of positive growth and persistent affordability concerns. O‘ahu's housing market ended 2024 with a 1.7% increase in total sales, driven by a 9.1% rise in single-family home transactions. In contrast, condo sales dipped 2.5%. Overall, 2,793 single-family homes and 4,459 condos were sold throughout the year.

In 2024, 29% of single-family home sales closed above the original asking price, consistent with 2023. For condos, the share of sales exceeding the asking price declined to 16%, down from 21% in 2023. A comparison of sales from 2022 to 2024 shows average monthly condo fees climbing 28% for studios and 17%, 18%, and 23% for 1-bedroom, 2-bedroom, and 3+ bedroom units, respectively.

The year ended with higher inventory levels than a year ago, with 675 single-family home listings, a 12.5% year-over-year increase, and 1,928 condo listings, up 56.2% from the previous year.

Source: Honolulu Board of Realtors