Oahu Real Estate Market Report - February 2025

March 7, 2025

Oahu Real Estate Market: February 2025 Overview

O‘ahu’s housing market experienced mixed trends in February, with a record-high median price for single-family homes but a decline in overall sales volume for both single-family homes and condominiums.

Sales and Price Trends

The median price for single-family homes surged to a new record of $1,185,000, marking a 10.2% increase from February 2024 and surpassing the previous peak of $1,153,500 set in May 2022. Unlike past record-breaking periods driven by heightened buyer competition, recent activity reflects a more balanced market. The median percent of original list price received was 98.0%, compared to 102.2% during the previous peak, indicating fewer homes are selling above asking price.

Meanwhile, the condominium market saw a 3.6% decline in median price year-over-year, falling to $494,000 from $512,500 in February 2024.

Market Distribution and Inventory Trends

February’s record-high single-family home median price was influenced by a smaller sales sample and a shift in sales distribution.

$1.1 million to $1.39 million price range accounted for 27% of sales, up from 21% last year.
Homes priced $899,999 and below made up 22% of sales, down from 30% a year ago.

New listings followed opposite trends across both markets:

Single-family home listings declined 4.7% year-over-year to 281.
Condo listings increased 20.3% to 641, with nearly 50% of new listings priced between $300,000 and $599,999.

Active inventory remained high, with:

Single-family home inventory up 21.5% year-over-year.
Condo inventory rising 55.6% year-over-year.
Compared to January, single-family home inventory dipped slightly by 1%, while condo inventory increased by 3.4%.

Market Pace and Buyer Demand

Homes continued to sell at different paces:

Single-family homes had a median days on market of 23 days, down from 30 days last year.
Condos took longer to sell, with median days on market increasing to 48, up from 39 last year.

Buyer demand remained varied:

Pending sales for single-family homes were down 13.4% year-over-year.
Pending sales for condos declined 2.3% year-over-year.
Compared to January, contract signings increased, with single-family homes up 11.5% and condos up 6.7%, demonstrating continued buyer interest despite shifting market conditions.

Outlook for 2025

O‘ahu’s real estate market remains dynamic, with record-high single-family home prices and increasing condo inventory shaping buyer and seller strategies. With evolving trends across price segments and housing types, working with an experienced real estate professional is key to navigating the market effectively.