Oahu Market Report: December 2024

Oahu Real Estate Market: December Sales and Price Trends

December 2024 brought a strong conclusion to the year for Oahu’s housing market, with notable gains in both single-family home and condo sales. Single-family home transactions surged by 25.3% compared to December 2023, while condo sales recorded an 18.8% year-over-year increase.

Price Trends and Market Performance

Median sales prices rose modestly in December. Single-family homes reached a median price of $1,054,500, a 5.8% increase from one year earlier. The condo market set a new record, with the median price climbing to $540,000—a 5.9% rise over December 2023 and slightly higher than the previous high of $536,000 in March 2023.

Seller Activity and Contract Signings

The market saw an increase in new listings, reflecting growing seller confidence. New listings for single-family homes rose 12.2% year-over-year, while condo listings surged by 29.2%. Additionally, contract signings increased, with single-family homes up 6.6% and condos experiencing a 6.9% rise.

2024 Year-End Summary

In 2024, Oahu’s real estate market demonstrated resilience and growth, despite ongoing affordability challenges:

• Overall sales increased by 1.7% from 2023, driven by a robust 9.1% rise in single-family home transactions, while condo sales saw a modest 2.5% decline.
• The median price for single-family homes grew by 4.8%, reaching $1,100,000. Condos experienced a modest 1.3% increase, bringing the median price to $515,000.
• New listings increased significantly, with a 13% rise for single-family homes and an 18.9% increase for condos.
• Active inventory grew, with 675 single-family home listings, up 12.5% year-over-year, and 1,928 condo listings, marking a substantial 56.2% increase.

Price Segmentation and Market Drivers

A key portion of market activity centered around single-family homes priced at $999,999 and below, comprising about 40% of total sales. The luxury segment also saw growth, with properties priced above $1 million accounting for a 19.2% increase in transactions. For condos, sales in the $500,000 and above range surpassed lower-priced properties.

Above-Listing Price Sales and Condo Fees

In 2024, approximately 29% of single-family home sales closed above the asking price, consistent with the previous year. Meanwhile, condos sold above listing price dropped to 16%, compared to 21% in 2023. Additionally, average monthly condo fees continued their upward trend, with fees for studios increasing by 28% and those for larger units rising between 17% and 23% over the past two years.

Outlook

With strong year-end sales momentum, growing inventory, and a dynamic range of price points, Oahu’s real estate market remains vibrant. As affordability remains a concern, increased inventory and balanced growth will be key factors shaping the market heading into 2025.

Source: Honolulu Board of REALTORS®, compiled from MLS data