O’ahu Housing Market Gains Early Momentum in 2025



According to HBR's latest market report, O‘ahu’s housing market saw an active start to the year, with both single-family home and condo sales and inventory increasing year-over-year. ⁠

⁠

Single-family home sales totaled 196, up 6.5%  from January 2024 as the median sales price rose 9.7% to $1,120,000. New listings increased 17.9% with 336 properties coming to the market. Active inventory also rose 20.9%, ending the month with 734 listings. ⁠

⁠

Condo/townhome sales grew 6.8% to 312 transactions as the median condo price increased 7.4%  to $539,500. There were 739 new condo listings, up 27.2%, with the greatest share of those listings in the $300,000 to $599,999 range, which added 343 new listings in January. The month ended with a total of 2,088 units in active inventory, with the largest growth in the $200,000 to $599,999 range with 1,096 active units.⁠

January 2025 Report also shows:

  • Single-family homes recorded a median of 25 days on market, down from 29 days last year, while condos had a median of 39 days, up from 29 days.
  • Pending sales declined slightly year-over-year, dipping about 5% in both markets, but contract signings experienced an uptick compared to a month ago, rising 7.7% for single-family homes and 15.2% for condos. January ended with 209 pending single-family home sales and 357 pending condo sales.
  • The strongest growth in single-family home sales occurred in the $1,100,000 to $1,299,999 price range, more than doubling from 18 to 39 transactions. However, the data indicates that this increase was not driven by buyers overbidding, as 62% of those homes sold below the original list price, with sellers receiving a median of 97.4% of their asking price.
  • Across all single-family home sales, 23% closed above the original asking price, nearly identical to last year. In the condo market, the upper price range of $1,000,000 and above accounted for a greater share of sales, rising 125% from 16 to 36 sales. Fewer condos closed above asking price, representing 10% of transactions compared to 17% last January.

“January’s increase in new listings has provided buyers with more choices across price points and regions. Every homeownership journey is different, and with more inventory available, buyers have a wider range of options to find a home that fits their needs. While demand remains steady, buyers are approaching transactions with more negotiation power, making it essential for sellers to understand market trends and position their properties competitively,” said Trevor Benn, President of the Honolulu Board of REALTORS®.⁠