Waikiki—one of the top tourist destinations in Hawaii—is also home to a thriving real estate market. With easy access to world-famous beaches, shopping, dining and downtown Honolulu, Waikiki offers all the perks of island and city living, making Waikiki properties desirable for homeowners and investors alike. In this post are five charts prepared by Locations Research that provide a snapshot of Waikiki market activity in early 2024.

For the second month in a row, there were moderate year-over-year increases in Oahu home prices and sales in February 2024, indicating a steadily recovering market. Buyer demand is evident as we head into the spring and summer, and we expect a modest rise in prices and sales, provided borrowing rates remain relatively stable.

The Oahu real estate market continues to improve, ending January 2024 with increases in both sales and prices for homes and condos. As mortgage rates ease, many buyers and sellers who pulled out of the market last year may test the waters again. Buyers will also have more listings to choose from, compared to a year ago.

Mortgage rates continue to fall from their peak last October. As rates head lower and affordability improves for buyers, more home sales are expected in 2024. Low inventory remains a limiting factor, however. With about three months of inventory currently available, Oahu is still a sellers’ market. Low housing supply, combined with strong demand from local and offshore buyers, continues to fuel competitive market conditions.