Oahu Market Report - January 2025

Oahu Real Estate Market: January 2025 Overview

January 2025 marked a strong start for Oahu’s housing market, with increased sales activity and rising median prices across both single-family homes and condos. The market continued to show resilience amid shifting inventory levels and buyer demand.

Sales and Price Trends

Single-family home sales climbed 6.5% year-over-year, with 196 transactions recorded, while condo sales experienced a similar rise of 6.8%, reaching 312 transactions. The median sales price for single-family homes surged by 9.7% to $1,120,000, reflecting ongoing demand. Condos also saw a notable price increase, rising 7.4% to a median of $539,500.

Market Dynamics and Inventory

The median days on market for single-family homes dropped to 25 days from 29 days the previous year, signaling quicker transactions. Condos, however, took longer to sell, with a median of 39 days compared to 29 days in January 2024. Pending sales declined slightly by approximately 5% for both property types, but contract signings rebounded month-over-month, increasing 7.7% for single-family homes and 15.2% for condos. At the end of January, there were 209 pending single-family home transactions and 357 pending condo transactions.

Seller Activity and New Listings

More homeowners opted to list their properties, contributing to increased inventory levels. New single-family home listings rose 17.9% year-over-year to 336, while new condo listings jumped 27.2% to 739. Active inventory expanded significantly, with single-family home availability up 20.9% and condos increasing by 54.9% compared to January 2024. Month-over-month, inventory grew by 8.7% for single-family homes and 8.3% for condos.

Price Segmentation and Market Performance

The strongest growth in single-family home transactions occurred in the $1,100,000 to $1,299,999 price range, with sales more than doubling from 18 to 39 transactions. However, this increase was not driven by overbidding, as 62% of these homes sold below the original asking price, with sellers receiving a median of 97.4% of their list price. Overall, 23% of single-family homes sold above the asking price, mirroring last year’s trend.

In the condo market, sales in the $1,000,000 and above price range experienced a sharp 125% increase, rising from 16 to 36 transactions. The number of condos selling above asking price declined to 10% of total sales, down from 17% in January 2024.

Outlook for 2025

With increased inventory, rising prices, and steady demand, Oahu’s real estate market remains dynamic. While affordability remains a key consideration, the continued rise in available listings may provide buyers with more opportunities in the months ahead. Sellers continue to see strong activity, particularly in mid-range and luxury markets, shaping an active and competitive landscape as 2025 progresses.