O’ahu Market Report – November 2024
The Oahu real estate market may be rebounding after two years of declining demand and rising supply. In November 2024, single-family home sales increased by 12.8%, with 203 homes sold. The median sales price rose by 1.4%, reaching $1,115,000, and homes are selling faster, with a median of 24 days on the market. Inventory is also up, with new listings rising 11.2% and active inventory increasing 11.5%. Demand in the $900,000 to $1,199,999 price range surged, accounting for one-third of sales and driving competitive bidding, with 26% of homes selling above asking price.
Condos saw a 10% increase in sales, with a median sales price of $530,000, up 2.7%. However, condos are staying on the market longer, with median days on market rising to 32. New listings surged by 30.9%, and active inventory grew by 53.3%. Despite the increase in supply, demand in the $300,000 to $599,999 range remains strong, keeping prices steady and supporting modest growth.
Overall, the market is shifting toward balance. Single-family homes continue to favor sellers with a low 3.3-month supply, while the condo market is seeing more balanced conditions with a 5.6-month supply. Despite the growing supply, strong demand in mid-range price brackets has kept prices stable. Both buyers and sellers are navigating evolving opportunities as the market adjusts.
