The beginning of a new year is a good time to take stock of the past year and reflect on your goals for 2025. While many of us will set goals for our health, career or personal lives, don’t neglect to set real estate goals for the coming year, too.

The Honolulu City Council is considering a new rule called the Empty Homes Tax. This tax would charge owners who leave their homes empty for a long time (There are an estimated 34,000 vacant homes on Oahu). The goal of the proposed bill is to encourage owners to use these homes or rent them out. Supporters also hope that the tax will help to address Honolulu's shortage of affordable housing.

After a bump in sales activity last month, the Oahu real estate market returned to a typical downward seasonal trend in November 2024. Locations expects single-family home sales to end the year up by around six percent, and condo sales to end the year down six percent. With a continued low supply of single-family homes, the median price will end the year four percent higher than last year. On the other hand, Oahu’s condo supply is at a 15-year high and rising, holding the median price flat.