The Oahu Neighborhoods in High Demand in Spring 2024

Spring has sprung, and despite higher interest rates, homebuyers are venturing out in neighborhoods across Oahu. Islandwide, about one in three homes were bid up over the asking price in March 2024, a sign of moderate demand. But in some neighborhoods, competition is even stiffer.

Locations' Research Department examined recent market data to identify single-family home and condo neighborhoods in high demand this spring. The result: 45 single-family home neighborhoods and 29 condo neighborhoods where Months of Remaining Inventory (the number of months it would take to sell out the current active inventory at the recent rate of sales) is below average and bid-ups (homes sold for above the asking price in competitive bidding situation) are above average.

The below charts provide more detail about these in-demand neighborhoods, including median price and total inventory size.

1. The top 3 most expensive high-demand single-family home neighborhoods are in Hawaii Kai and Kailua. Hillcrest, in Kailua, has the highest median price of the high-demand neighborhood group, at $1,870,000. Days on Market in Hillcrest are low at just 12 days, and one in three homes were bidup over asking in the past 12 months. A small neighborhood, with just 173 homes, there are just 1.3 months of supply in Hillcrest. Koolaupoko, also in Kailua, has the second-highest median price in this group of neighborhoods, at $1,817,500, followed by Mariners Cove in Hawaii Kai, with a median price of $1,737,500.

2. On the condo side, the top 3 most expensive high-demand neighborhoods are in Ewa Plain, Kailua and Pearl City-Aiea. Lei Pauku at Hoakalei in Ewa Plain, is the highest-priced condo neighborhood among the 25 most in-demand neighborhoods, with a median price of $814,750. Days on Market for Lei Pauku at Hoakalei are relatively high at 69 days; however, with zero months of supply and one in two homes sold for above the asking price, it is a very competitive neighborhood. The next highest-priced, high-demand condo neighborhoods are Aikahi Park in Kailua and Wailuna in Pearl City-Aiea.

3. Among high-demand single-family home neighborhoods, the largest can be found in Mililani, Diamond Head and Pearl City-Aiea. With 4,092 homes, Mililani Mauka is the largest in-demand neighborhood. The median price of a single-family home in Mililani Mauka stands at $1,250,000, and homes have been entering into escrow in a median of 13 days. Turnover in this neighborhood is very low at just 1.2 percent and only 39 sales in the past 12 months. Four in 10 Mililani Mauka homes are sold for above asking, and there are currently 1.8 Months of Remaining Inventory. Rounding out the top three largest in-demand neighborhoods are Kaimuki with nearly 3,196 homes and Pearl City-Upper with 3,610 homes.

4. For condos, the in-demand neighborhoods with the most units are in the Pearl City-Aiea and Mililani market areas. With 4,205 units, the Pearlridge neighborhood has 2.2 months of housing supply. Units in Pearlridge enter into contract in a median of 26 days, and just over one in three units issold for above asking. The median price of a condo in Pearlridge is $464,000—slightly less than the overall Oahu median price for condos. Mililani Mauka and Mililani come in at a distant second and third among the high-demand condo neighborhoods, with 2,243 and 2,335 units, respectively.

Charts like the ones above are just an example of the vast capabilities of Locations Research Department. Your Locations agent has access to the latest in-depth market research available—if you have a question about Hawaii real estate, we can answer it! Contact your agent if you have any questions about this report or would like more information on another market area.