Oahu Single-Family Home Market Heating Up Ahead of Peak Homebuying Season

What Happened in the Oahu Real Estate Market in April 2024?

“The Oahu real estate market is muted but stable, as we head into the peak homebuying season,” said Chief Operating Officer for Locations Chad Takesue. “Pent-up buyer demand is counteracting the dampening effects of higher mortgage rates and economic uncertainty,” he added, noting that steady sales and moderate price increases are expected to continue throughout the summer months.

“We have seen some softening in the condo market this spring, as buyer activity has been affected by recent challenges in the cost and availability of property insurance,” Takesue said. “However, we expect this valley to be temporary, as the constraints of affordability and availability in the single-family home market will continue to drive activity in the condo market.” Takesue also emphasized the importance of working with a lender that can provide solutions to the current insurance challenges to the condo market.

Among single-family home markets, buyer competition is greatest in urban markets. In East Oahu, which covers Aina Haina to Kuliouou, nearly one in two homes were bid up over the asking price in April. Four in 10 homes were bid up in the Pearl City-Aiea and Kaimuki markets. In the condo market, demand is greatest outside of urban Honolulu. Buyer competition is greatest in Makakilo and Mililani, where nearly half of condos were sold for above the list price in the past year. In town, competition was greatest in the Kapiolani-Moiliili-University, Makiki and Salt Lake markets. With greater inventory and higher prices, competition was weakest in the Ala Moana-Kakaako and Waikiki markets.

Key Takeaways from the April 2024 Locations Oahu Real Estate Report

New to real estate market data terms? See our glossary.

• In April 2024, the median single-family home price of $1,100,000 was even with the previous month and 10 percent higher than the previous year. The median condo price of $528,000 was six percent higher than both the previous month and April 2023. Flat-to-slightly-rising monthly median price trends continue.
• Sales increased by 22 percent for single-family homes and one percent for condo from a year ago. Year-to-date, home sales are 11 percent higher than last year, while condo sales are slightly below the seasonal trend.
• At the end of April 2024, 659 single-family homes and 1,661 condos were available for sale—a 15 percent increase in homes and a 36 percent increase for condos from last year. Condo inventory is rising—a signal of softening demand in that market.
• There were 2.9 Months of Remaining Inventory (MRI) for single-family homes and 4.4 MRI for condos at the end of April 2024. Although MRI for condos has increased, the market still favors sellers.
• The median Days on Market (DOM) in April was 17 days for single-family homes, a 32 percent decrease, and 27 days for condos, a 29 percent increase. Homes are selling faster this spring, in line with typical seasonal trends. Continued demand also keeps market times low.
• In April 2024, 32.8 percent of single-family homes and 16 percent of condos sold were bid up over the list price, about one in every three homes and one in every six condos. Bid-ups are a result of competitive bidding and indicate strong demand.

What Happened in Oahu Single-Family Home Markets in April 2024?

Market statistics can vary greatly by neighborhood, so it's important to consult a knowledgeable Realtor who has access to market-level data.

Here's a detailed breakdown of key Oahu single-family home market areas, looking at the past 12 months: 

West Honolulu Homes

West Honolulu saw a decrease in sales by 31%, with only 114 homes sold. However, the median price rose by 7% to $1,067,500. Homes maintained their median days on the market at 14 days. Although 33.3% of homes sold above asking price, this figure decreased by 11% from the previous year. Months of Remaining Inventory increased by 32% to 3.3 months, while active listings decreased by 9%.

Nuuanu-Makiki Homes

Nuuanu-Makiki, despite a slight increase in sales by 4%, the median price dropped by 9% to $1,150,000. Homes spent a median of 24 days on the market, with a notable increase of 55%. Only 26.9% of homes sold above asking price, reflecting a 20% decrease compared to the previous year. Months of Remaining Inventory was at 5 months, an increase of 35%. Active listings also increased by 41%.

Manoa Homes

Manoa experienced a sales decline of 30%, with 62 homes sold. However, the median price saw a marginal decrease of 2% to $1,526,605. Homes spent a median of 17 days on the market, with 42% of them selling above the asking price, down by 38%. Months of Remaining Inventory increased by 130% to 4.6 months, and active listings increased by 60%.

Kaimuki Homes

Kaimuki witnessed a 17% decrease in sales, with 121 homes sold. The median price dropped by 2% to $1,200,000. Despite this, the median days on the market remained relatively stable at 13 days. Notably, 39.7% of homes sold above asking price, showing a 2% increase from the previous year. Months of Remaining Inventory was at 3.1 months, an increase of 87%. Active listings increased by 55%.

Waialae-Kahala Homes

Waialae-Kahala experienced a 14% decrease in sales, with 70 homes sold. The median price decreased by 4% to $2,400,000. Homes spent a median of 25 days on the market, with a notable decrease of 29% in the percentage of homes sold above asking price. At 3.9 months, Months of Remaining Inventory increased by 27%. Active listings increased by 10%.

East Oahu Homes

East Oahu saw a 21% decrease in sales, with 64 homes sold. The median price also dropped by 11% to $1,647,500. Homes spent a median of 15 days on the market. Months of Remaining Inventory decreased by 33% to just 1.9 months, while active listings dropped by 47%.

Hawaii Kai Homes

Hawaii Kai witnessed a modest 5% decrease in sales, with 133 homes sold. The median price dropped by 4% to $1,540,800. Homes spent a median of 18 days on the market, with a notable decrease of 38% in the percentage of homes sold above asking price. Months of Remaining Inventory increased by 37% to 2.3 months, while active listings increased by 30%.

Kailua Homes

Kailua's housing market experienced a 9% decrease in sales, with 250 homes sold. The median price increased by 7% to $1,699,000. Homes maintained their median days on the market at 14 days. However, the percentage of homes sold above asking price decreased by 10% compared to the previous year. The number of homes sold with a price cut remained relatively stable. Months of Remaining Inventory increased by 13% to just 1.9 months, while active listings increased by 3%.

Kaneohe Homes

Kaneohe's housing market saw a slight increase in sales by 3%, with 192 homes sold. The median price rose by 1% to $1,200,000. Homes spent a median of 14 days on the market, with a decrease of 25% in the percentage of homes sold above asking price. At 2.4 months, Months of Remaining Inventory increased by 40%, as active listings grew by 44%.

North Shore Homes

The North Shore experienced a decline in sales by 30%, with only 57 homes sold. However, the median price increased by 8% to $1,700,000. Homes spent a median of 25 days on the market. The percentage of homes sold above asking price remained relatively stable, reflecting a resilient market. Months of Remaining Inventory increased by 124% to 8.2 months. Active listings increased by 56%.

Leeward Homes

Leeward's housing market witnessed a 7% decrease in sales, with 243 homes sold. The median price remained relatively stable, with a marginal decrease of 1% to $680,000. Homes spent a median of 34 days on the market, with a decrease of 41% in the percentage of homes sold above asking price. Months of Remaining Inventory increased by 35% to 4.7 months, while active listings increased by 25%.

Ewa Homes

Ewa saw a 7% decrease in sales, with 506 homes sold. The median price experienced a slight decrease of 4% to $875,975. Notably, homes spent a median of 30 days on the market, with a significant increase of 76% in the percentage of homes sold above asking price. Months of Remaining Inventory was still low at 2.3 months, a 16% increase. Active listings rose slightly by 8%.

Makakilo Homes

In Makakilo, there was a notable decrease in sales by 27%, with 82 homes sold. Despite this, the median price increased by 6% to $1,037,500. Homes spent a median of 25 days on the market, with a decrease of 47% in the percentage of homes sold above asking price. Months of Remaining Inventory remained low at 2.3 months, an increase of 5%. Active listings dropped by 24%.

Waipahu Homes

Waipahu witnessed a 14% decrease in sales, with 160 homes sold. The median price experienced a slight decrease of 2% to $931,500. Homes spent a median of 26 days on the market, with a notable decrease of 19% in the percentage of homes sold above asking price. Months of Remaining Inventory remained low at 2.2 months but increased by 30%. Active listings increased slightly by 12%.

Mililani Homes

Mililani's housing market experienced a 20% decrease in sales, with 133 homes sold. The median price saw a slight decrease of 3% to $1,072,500. Homes spent a median of 16 days on the market, with a decrease of 22% in the percentage of homes sold above asking price. At just 1.5 monthts, Months of Remaining Inventory ticked up 6%, as active listings dropped by 15% to just 17 homes.

Pearl City-Aiea Homes

The Pearl City-Aiea area saw a marginal decrease in sales by 3%, with 203 homes sold. The median price remained relatively stable, with a slight increase of 1% to $1,022,032. Homes spent a median of 16 days on the market, with a decrease of 25% in the percentage of homes sold above asking price. Months of Remaining Inventory was nearly flat at just 1.6 months; active listings were unchanged at 27 homes.

What Happened in Oahu Condo Markets in April 2024?

Here's a detailed breakdown of key Oahu condo market areas, looking at the past 12 months: 

Salt Lake Condos

In Salt Lake, there was a 15% decrease in condo sales, with 163 condos sold. The median price saw a slight increase of 1% to $440,000. Condos spent a median of 17 days on the market. The percentage of condos sold above asking price decreased by 8%. Months of Remaining Inventory more than doubled to 2.7 months, while active listings rose by 89%.

Downtown-Nuuanu Condos

The Downtown-Nuuanu condo market witnessed a decline in sales by 24%, with 253 condos sold. Despite this, the median price increased by 2% to $410,000. Condos spent a median of 25 days on the market, with a notable decrease of 49% in the percentage of condos sold above asking price. At 3.3 months, Months of Remaining Inventory grew by 66% to 5 months. Active listings increased by 25%.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako experienced a 16% decrease in condo sales, with 646 condos sold. The median price saw a slight decrease of 2% to $746,000. Condos spent a median of 34 days on the market, with a decrease of 26% in the percentage of condos sold above asking price. Months of Remaining Inventory rose to 7 months, an increase of 35%, while active listings increased by 35%.

Makiki Condos

In Makiki, condo sales decreased by 11%, with 288 condos sold. The median price remained relatively stable, with a slight increase of 1% to $391,000. Condos spent a median of 23 days on the market, with a notable decrease of 39% in the percentage of condos sold above asking price. Months of Remaining Inventory increased by 81% to 4.5 months. Active listings increased by 61%.

Waikiki Condos

Waikiki witnessed a 9% decrease in condo sales, with 1,069 condos sold. Despite this, the median price increased by 5% to $440,000. Condos spent a median of 28 days on the market, with a decrease of 35% in the percentage of condos sold above asking price. At 5.3 months, Months of Remaining Inventory grew by 35%, and active listings ticked up by 15%.

Kapiolani-University Condos

The Kapiolani-University condo market experienced an 18% decrease in sales, with 240 condos sold. The median price saw a slight decrease of 1% to $415,000. Condos spent a median of 17 days on the market, with a decrease of 19% in the percentage of condos sold above asking price. Months of Remaining Inventory more than doubled to 4.6 months. Active listings also more than doubled to 91 condos.

Diamond Head-Kahala Condos

Diamond Head-Kahala saw a 12% decrease in condo sales, with 94 condos sold. However, the median price increased by 5% to $662,000. Condos spent a median of 14 days on the market, with a notable increase of 34% in the percentage of condos sold above asking price. Months of Remaining Inventory more than doubled to 6.6 months; active listings doubled to 52 condos.

Hawaii Kai Condos

Hawaii Kai witnessed a decrease in condo sales by 33%, with 123 condos sold. The median price saw a slight decrease of 5% to $780,000. Condos spent a median of 24 days on the market, with a decrease of 21% in the percentage of condos sold above asking price. At just 2 months, Months of Remaining Inventory increased by only 10%, while active listings dropped by 26%.

Kailua Condos

Kailua's condo market experienced minimal change, with a 1% decrease in sales, totaling 96 condos sold. The median price remained stable at $759,500. Condos spent a median of 15 days on the market, with a notable decrease of 46% in the percentage of condos sold above asking price. Months of Remaining Inventory was just 1.5 months, a 52% increase, and active listings increased by 50%.

Kaneohe Condos

In Kaneohe, condo sales decreased by 22%, with 135 condos sold. The median price saw a slight decrease of 1% to $690,000. Condos spent a median of 20 days on the market, with a decrease of 35% in the percentage of condos sold above asking price. At just 2.8 months, Months of Remaining Inventory increased by 129%. Active listings increased by 78%.

Leeward Condos

The Leeward condo market saw a notable decrease in sales by 23%, with 143 condos sold. The median price remained stable at $255,000. Condos spent a median of 32 days on the market, with a decrease of 22% in the percentage of condos sold above asking price. Months of Remaining Inventory increased by 92% to 6.8 months, while active listings increased by 41%.

Ewa Condos

Ewa experienced a decrease in condo sales by 26%, with 361 condos sold. The median price saw a slight increase of 1% to $680,000. Condos spent a median of 17 days on the market, with a decrease of 32% in the percentage of condos sold above asking price. Months of Remaining Inventory more than doubled to 3.4 months, while active listings increased by 47%.

Makakilo Condos

Makakilo witnessed a notable decrease in condo sales by 28%, with 100 condos sold. The median price saw a slight decrease of 2% to $549,500. Condos spent a median of 21 days on the market, with a decrease of 24% in the percentage of condos sold above asking price. At just 1.7 months, Months of Remaining Inventory increased by 178% to 5 months, and active listings doubled to just 16 condos.

Waipahu Condos

Waipahu saw a 15% decrease in condo sales, with 152 condos sold. The median price saw a slight decrease of 2% to $500,000. Condos spent a median of 18 days on the market, with a decrease of 39% in the percentage of condos sold above asking price. Months of Remaining Inventory remained mostly unchanged at 1.8 months. Active listings went from 20 to 23 condos.

Mililani Condos

In Mililani, condo sales decreased by 19%, with 281 condos sold. The median price saw a slight decrease of 2% to $515,000. Condos spent a median of 14 days on the market, with a decrease of 11% in the percentage of condos sold above asking price. Months of Remaining Inventory increased by 224% to 2.5 months, while active listings more than doubled to 58 condos.

Pearl City-Aiea Condos

Condo sales in Pearl City-Aiea witnessed a notable decrease in condo sales by 23%, with 248 condos sold. The median price saw a slight decrease of 4% to $460,000. Condos spent a median of 20 days on the market, with a decrease of 26% in the percentage of condos sold above asking price. At 2.9 months, Months of Remaining Inventory more than doubled. Active listings rose by 97%.

Summary

Because real estate market conditions can vary greatly among Oahu market areas, it's important for buyers and sellers to partner with a Realtor who has access to detailed, neighborhood-level data.

Glossary

• Active Listings: Count of MLS listings with "Active" status on the last day of the period. 
• Bid-Up %: The percent of sales that were bid-up over asking price in competitive offers. 
• Days on Market (DOM): Median number of days between listing date and escrow date, for all properties sold in the period. 
• Months of Remaining Inventory (MRI): The number of months it would take to sell out the current active inventory at the recent rate of sales. A balance point between supply and demand is considered to be around 6 months, so MRI below 6 months indicates more of a sellers market and MRI above 6 months indicates more of a buyers market.

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