If you followed Hawaii real estate last year, or know anyone who bought or sold a home in 2021, you probably already know that the market was hot. So hot, in fact, that it broke several records in 2021 —on Oahu as well as on the neighbor islands.

Oahu's real estate market experienced unprecedented price growth in 2021, as lack of for-sale inventory pushed prices higher and fueled homebuyer competition. It's likely to be a seller’s market for the foreseeable future, so homebuyers should be prepared for prices to continue to increase in 2022.

Continued competitive market conditions, strong buyer demand and record-low inventory pushed median home prices higher in November 2021. Although the peak home-buying season has passed, buyer competition remains fierce, with nearly two out of three homes and four in 10 condos sold for above asking.

As we head into late fall, the Oahu real estate market is showing some signs of easing—even as the single-family home median price remains at $1M for the fourth month in a row and the condo median price hit $500,000 for the second time.