Oahu Real Estate Market Report - April 2025

Oahu Real Estate Market Update - April 2025

As we moved through April 2025, Oahu’s real estate market presented a nuanced picture of evolving buyer behavior, increased listing activity, and growing inventory—signaling both challenges and opportunities for discerning clients and investors.

April Market Report

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

Market Activity Slows, But Pricing Shows Divergence

Transaction volume declined across both major segments this April. Single-family home sales saw an 8% dip year-over-year, totaling 241 closed escrows. The condominium market followed suit, posting a similar 8.4% reduction with 395 closed sales. On a year-to-date basis, sales lag slightly behind last year—down 5.3% for single-family homes and 2.3% for condos.

Yet amid the softening sales volume, pricing told a more complex story. The median price for a single-family home climbed to $1,170,000, marking a 6.4% increase year-over-year and a modest 0.9% gain from March. Conversely, the condo median price retreated 4.4% from April 2024, landing at $505,000, though still improving 1.0% month-over-month. This reflects a stratified market where high-end homes continue to command strong valuations, while more affordable condo options remain highly sensitive to pricing and fees.

Extended Days on Market: A New Norm?

Homes are lingering longer on the market compared to a year ago. The median days on market for single-family properties rose from 17 to 29 days. Condominiums experienced a more significant increase, from 29 to 43 days, suggesting buyers are taking more time to assess options and negotiate terms in today’s high-rate environment.

Mid-Priced Homes and Condos Feel the Pinch

Sales contraction was most pronounced in mid-range price points. In the single-family segment, properties priced between $700,000 and $999,999 saw a substantial 28.1% decline in sales, dropping from 96 to 69 transactions. In the condo market, the $400,000 to $499,999 range took the hardest hit, with sales plummeting by 33.3%. Interestingly, lower-priced condos—specifically those between $200,000 and $399,999—saw a 31% jump in activity, underscoring ongoing demand for budget-conscious options.

Affordability & Financing: Key Buyer Considerations

With the average 30-year fixed mortgage rate hovering at 6.76% as of May 1 (Q1 average: 6.83%, per Freddie Mac), affordability remains a primary concern—especially for condo buyers navigating not only loan rates but also rising maintenance fees. As a result, price sensitivity continues to play a defining role in the purchasing process.

Inventory Expansion Offers Buyers More Options

Inventory levels expanded meaningfully in April. The single-family home segment added 366 new listings, a 4.9% increase year-over-year, with notable growth in the $600,000 to $999,999 range (up 26.8%). Higher-end inventory, however, saw a reduction—homes listed between $1,000,000 and $1,299,999 dropped by 20.9%.

On the condo side, 851 new listings entered the market—representing a 29.7% year-over-year surge. Nearly 60% of these units were priced below $600,000, further emphasizing the trend toward affordability and practical investment options.

By month’s end, 805 single-family homes and 2,512 condos were actively listed across the island—reflecting a significant inventory build-up of 30.3% and 59.4%, respectively.

Fewer Bidding Wars Signal a More Balanced Market

In another sign of cooling competition, a smaller share of homes sold above the original asking price in April. Only 27% of single-family transactions closed over asking—down from 33% a year ago. The shift was more pronounced in the condo market, where just 9% of sales exceeded list price, compared to 15% in April 2024. For buyers, this trend suggests increased leverage and more room for negotiation. For sellers, strategic pricing and compelling presentation are now more critical than ever.

What This Means for You

At The Agency – O‘ahu, we believe real estate is more than just data—it's about discerning trends, aligning with your goals, and maximizing value in any market cycle. Whether you're looking to invest, upsize, or sell with strategy, our seasoned agents are here to help you navigate every opportunity with confidence.

Reach out to your trusted Agency advisor today to explore what’s next.