The Oahu real estate market continues to improve, ending January 2024 with increases in both sales and prices for homes and condos. As mortgage rates ease, many buyers and sellers who pulled out of the market last year may test the waters again. Buyers will also have more listings to choose from, compared to a year ago.

Mortgage rates continue to fall from their peak last October. As rates head lower and affordability improves for buyers, more home sales are expected in 2024. Low inventory remains a limiting factor, however. With about three months of inventory currently available, Oahu is still a sellers’ market. Low housing supply, combined with strong demand from local and offshore buyers, continues to fuel competitive market conditions.

West Oahu includes some of Oahu's most popular neighborhoods. Within the area's many neighborhoods are a variety of home types—from high-rise condos and townhomes to plantation-style homes and luxury estates. Here are five things to know about this huge real estate market in 2023.

With some economists suggesting the U.S. economy may experience a mild recession in the next year, many homebuyers and sellers may be wondering what a possible slowdown in the economy could mean for Oahu home prices. Using historical market data dating back to 1980, Locations' research shows why a meaningful drop in Oahu home prices is unlikely—regardless of fluctuations in the economy.