O’ahu Housing Market Closes 2024 With Positive Momentum, Condos Reach New Record Median Price

 

According to HBR's latest market report, December closed out the year with a jump in sales and modest year-over-year uptick in median sales prices for both single-family homes and condos. The year ended with higher inventory levels than a year ago, with 675 single-family home listings, a 12.5% year-over-year increase, and 1,928 condo listings, up 56.2%.⁠

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Single-family home sales totaled 228, up 25.3% from the previous year as the median sales price rose 5.8% to $1,054,500. The median days on market for single-family homes shifted slightly from 18 to 20 days.⁠

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Condo/townhome sales rose 18.8%  to 323 compared to last December as the median condo price grew 5.9% to $540,000, setting a new record above the previous high of $536,000 from March 2023. December condo sales at $500,000 and above rose 30.5%, while sales at $499,999 and below grew by just 6.1%. The condo median days on market rose from 26 to 36 days.⁠

 

2024 Year-End Stats

In 2024, O‘ahu’s housing market showed a mix of positive growth and persistent affordability concerns:

  • Total sales increased by 1.7% from the previous year, driven primarily by a 9.1% rise in single-family home transactions, although condo sales saw a slight decline of 2.5%.
  • Median sales prices for single-family homes rose 4.8% to $1,100,000, while condos saw a modest 1.3% increase to $515,000.
  • New listings for single-family homes and condos grew by 13% and 18.9%, respectively, reflecting increased seller confidence despite affordability pressures.
  • Active inventory levels were higher than a year ago, with 675 single-family home listings, a 12.5% year-over-year increase, and 1,928 condo listings, up 56.2% from the previous year.

 

“While the positive sales momentum in 2024 highlights a resilient market, affordability challenges remain a significant hurdle for many buyers. Elevated mortgage rates and rising homeownership costs, including maintenance fees and insurance, continue to shape buyer behavior and influence the dynamics of the market,” said Trevor Benn, President of the Honolulu Board of REALTORS.⁠