Oahu Home Prices, Sales Up in February 2024

What Happened in the Oahu Real Estate Market in February 2024?

“For the second month in a row, there were moderate year-over-year increases in Oahu home prices and sales, indicating a steadily recovering market,” said Chief Operating Officer for Locations Chad Takesue. “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.”

In addition to affordability, the availability of for-sale inventory is another factor affecting the Oahu market. Although there were 15 percent more homes and condos for sale in February than a year ago, supply continues to fall short of demand. A six-month supply of homes for sale is considered a balanced market—one that doesn’t favor buyers or sellers—and at just 3.4 months of for-sale inventory remaining, Oahu is a sellers' market. The limited supply of housing contributes to the competitive market conditions in which about one in four buyers paid more than the list price in February 2024.

The availability of Oahu homes and condos for sale can vary greatly by market area. In February, single-family home inventory nearly doubled over last year in West Honolulu, which extends from Kalihi to Salt Lake, and increased significantly in Makakilo, North Shore, Hawaii Kai and Pearl City-Aiea. Single-family home inventory was tightest in Mililani and East Oahu, between Kahala and Hawaii Kai. The number of condos for sale increased the most in Mililani and Pearl City-Aiea. For-sale condo inventory also increased in central Honolulu, including Makiki, Kapiolani and Moiliili. Inventory growth in Oahu’s largest condo markets, Ala Moana-Kakaako and Waikiki, was mostly flat.

Key Takeaways from the February 2024 Locations Oahu Real Estate Report

New to real estate market data terms? See our glossary.

• In February 2024, the median single-family home price increased by nine percent over the previous year to $1,072,500, while the median condo price increased by six percent to $510,000. Flat-to-slightly-rising price trends are expected to continue throughout this year. 
• Single-family home sales rose by five percent and condo sales rose by three percent compared to February 2023. Sales are settling into typical seasonal patterns, setting the stage for continued moderate sales growth in 2024. 
• At the end of February 2024, 645 single-family homes and 1,450 condos were available for sale—a 10 percent increase in homes and a 17 increase for condos from last year. For-sale inventory grew slightly in the last half of 2023 but remains at historically low levels. 
• There were 2.9 Months of Remaining Inventory (MRI) for single-family homes and 3.7 MRI for condos at the end of February 2024. This measure is relatively flat and still firmly in sellers’ market territory, underscoring low supply and strong demand in the Oahu market. 
• The median Days on Market (DOM) in February was 29 days for single-family homes and 36 days for condos. This measure is expected to decrease in the second and third quarters of this year, following usual seasonal trends. 
• In February 2024, 23.1 percent of single-family homes and 22.3 percent of condos sold were bid-up over the list price, about one in every four sales. Bid-ups are an indicator of competitive conditions and of strong demand.

What Happened in Oahu Single-Family Home Markets in February 2024?

Market statistics can vary greatly by neighborhood, so it's important to consult a knowledgeable Realtor who has access to market-level data.

Here's a detailed breakdown of key Oahu single-family home market areas: 

West Honolulu Homes

Sales in West Honolulu dropped by 28% compared to the previous year, with a 5% decrease in median prices, settling at $1,000,000. Days on Market (DOM) increased by 19% to 16 days, reflecting a slower sales pace. However, active listings increased by 86%, boosting for-sale inventory.

Nuuanu-Makiki Homes

The Nuuanu-Makiki housing market saw 12% a decline in sales, with an 11% decrease in median prices to $1,147,250. Days on Market (DOM) increased by 6%, and the Bid-Up percentage decreased by 23%, indicating reduced competitive conditions. Active listings increased by 22%.

Manoa Homes

Manoa home sales declined by 25% compared to the previous year. The median price of homes also decreased by 6% to $1,510,000. Days on Market (DOM) increased by 25% to 15 days, and the Bid-Up percentage decreased by 23%, indicating slightly reduced competition among buyers. Notably, Months of Remaining Inventory (MRI) increased by 48%, suggesting more opportunities in this market area. Active listings increased by 12%, providing slightly more options for potential buyers in Manoa.

Kaimuki Homes

Kaimuki saw a 25% decline in home sales compared to the previous year. The median price dropped by 4% to $1,200,000. Days on Market (DOM) remained unchanged at 14 days, indicating a stable selling pace. The Bid-Up percentage decreased by 12%, indicating a slightly less competitive market environment. Active listings ticked up by 3%.

Waialae-Kahala Homes

Waialae-Kahala home sales experienced a 26% decrease compared to the previous year, along with a 6% decrease in the median price, settling at $2,350,000. Notably, Days on Market (DOM) nearly doubled to 28 days, while the Bid-Up percentage dropped by 43%, suggesting significantly reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 29% to four months, indicating a more balanced market. Active listings also decreased by 4%, leaving 22 available homes in Waialae-Kahala.

East Oahu Homes

There was a 24% decline in home sales in East Oahu compared to the previous year. The median price also decreased by 10% to $1,647,500. Days on Market (DOM) increased by 18% to 17 days. The Bid-Up percentage increased by 3% to 43.9%, indicating a continued competitive market environment. Months of Remaining Inventory (MRI) shrank by 21%, while active listings fell by 40%, offering fewer choices for buyers in East Oahu.

Hawaii Kai Homes

Hawaii Kai experienced a 16% decrease in home sales compared to the previous year, with a 5% decrease in the median price, settling at $1,550,000. Days on Market (DOM) increased from 12 day to 18 days, reflecting a slightly slower pace in property sales. The Bid-Up percentage dropped significantly by 42%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) grew by 68%, while active listings rose by 42%, leading to more choices for buyers in Hawaii Kai.

Kailua Homes

Kailua home sales decreased by 14%, with a slight 3% increase in the median price to $1,650,000. Days on Market (DOM) increased by 15% to 15 days, while the Bid-Up percentage decreased by 29%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) grew by 23%, while active listings ticked up by 6% to 37 available homes in Kailua.

Kaneohe Homes

Kaneohe experienced a 10% decline in home sales compared to the previous year, accompanied by a 1% decrease in the median price to $1,199,500. Days on Market (DOM) increased by 17% to 14 days, while the Bid-Up percentage dropped by 35%, suggesting reduced competition among buyers.  Active listings increased by 16%, providing slightly more options for potential buyers in Kaneohe.

North Shore Homes

There was a significant 43% decline in home sales in the North Shore market compared to the previous year, as well as a 2% decrease in the median price, settling at $1,610,000. Days on Market (DOM) increased by one day to 25 days, while the Bid-Up percentage slipped by 5%, signaling very slightly reduced competition among North Shore buyers. Months of Remaining Inventory (MRI) increased by 154% to 7.9 months, indicating a buyer's market; active listings also rose by 44%.

Leeward Homes

Leeward experienced a 10% decline in home sales compared to the previous year, with a 3% decrease in the median price to $682,000. Remarkably, Days on Market (DOM) surged to 37 days, indicating a slower market in the Leeward area. The Bid-Up percentage decreased significantly by 46%, signaling reduced competition among buyers. Active listings increased by 6% to 90 available homes.

Ewa Homes

Ewa home sales fell by 23% compared to the previous year, accompanied by a 4% decrease in the median price to $885,000. Days on Market (DOM) more than doubled to 30 days, suggesting reduceded buyer competition, while the Bid-Up percentage decreased significantly by 39%. Months of Remaining Inventory (MRI) grew by 33%, as active listings ticked up by 2%.

Makakilo Homes

Makakilo experienced a 34% decrease in home sales compared to the previous year, with a 7% increase in the median price to $1,045,000. Days on Market (DOM) doubled to 25 days, indicating a slower market. The Bid-Up percentage decreased significantly by 45%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) surged by 121%, giving buyers more options for buyers than a year ago. Active listings increased by 47% in Makakilo.

Waipahu Homes

Waipahu saw a 17% decline in home sales compared to the previous year, accompanied by a 3% decrease in the median price to $920,000. Days on Market (DOM) more than doubled to 26 days, suggesting a slightly slower market. The Bid-Up percentage decreased by 40%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) decreased by 8% to just 1.7 months, while active listings decreased by 23%.

Mililani Homes

Mililani home sales declined by 17% compared to the previous year, with a 4% decrease in the median price to $1,060,000. Days on Market (DOM) increased to 17 days, and the Bid-Up percentage decreased by 38%, but both are still at very competitive levels. Months of Remaining Inventory (MRI) decreased by 31% to just one month, as active listings dropped by 43% to just 12 available homes.

Pearl City-Aiea Homes

Pearl City-Aiea witnessed a 14% decline in home sales compared to the previous year, along with a slight 3% decrease in the median price to $992,500. Days on Market (DOM) increased to 19 days, suggesting a slightly slower pace in property sales. The Bid-Up percentage decreased by 34%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) grew by 43% to two months, as active listings rose by 23%.

What Happened in Oahu Condo Markets in February 2024?

Here's a detailed breakdown of key Oahu condo market areas: 

Salt Lake Condos

Salt Lake experienced a 24% decline in condo sales compared to the previous year, with the median price holding steady at $440,000. Days on Market (DOM) increased slightly by 13% to 17 days, while the Bid-Up percentage decreased by 29%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) rose by 37%, as active listings increased by 5% to just 22 condos for sale in Salt Lake..

Downtown-Nuuanu Condos

Downtown-Nuuanu witnessed a 28% decline in condo sales compared to the previous year, with the median price essentially flat at $409,500. Days on Market (DOM) increased notably by 60% to 24 days, indicating a slower pace in property sales. The Bid-Up percentage decreased significantly by 51%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 27%, while active listings decreased by 8%.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako condo sales declined by 23% from the previous year, accompanied by a 1% decrease in the median price to $754,000. Days on Market (DOM) increased by 33% to 32 days, suggesting a slightly slower pace in property sales. The Bid-Up percentage decreased by 32%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 36% while active listings ticked up 4% to 355 listings.

Makiki Condos

Condo sales in Makiki declined by 21% from the previous year, with the median price up 3% to $397,000. Days on Market (DOM) increased by 38% to 22 days, indicating a slightly slower pace in property sales. The Bid-Up percentage decreased by 38%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) nearly doubled to 4.2 months, as active listings increased by 48%.

Waikiki Condos

Waikiki experienced a 13% decline in condo sales compared to the previous year, while the median price edged up 2% to $435,000. Days on Market (DOM) increased by 40% to 28 days, suggesting a slower pace in property sales. The Bid-Up percentage fell by 35%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 29%, while active listings grew by 12%.

Kapiolani-University Condos

Sales of Kapiolani-University condos decreased by 28% compared to the previous year, as the median price declined slightly by 2% to $415,000. Days on Market (DOM) increased by 6% to 17 days, while the Bid-Up percentage dropped by 32%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased notably by 117%, and active listings surged by 57%.

Diamond Head-Kahala Condos

Diamond Head-Kahala witnessed a 25% decline in condo sales from to the previous year and an 8% increase in the median price to $677,500. Days on Market (DOM) decreased by 20% to 13 days, signaling a faster pace in property sales. The Bid-Up percentage dropped by 19%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 96%, while active listings rose by 48%.

Hawaii Kai Condos

Hawaii Kai condo sales fell by 18% compared to the previous year, as the median price remained flat at $834,500. Days on Market (DOM) increased significantly by 79% to 22 days, indicating a slightly slower market. The Bid-Up percentage dropped by 42%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) decreased by 37% to just 1.6 months, and active listings declined by 49%.

Kailua Condos

Kailua observed just a 1% decrease in condo sales compared to the previous year and essentially no change in the median price at $759,500. Days on Market (DOM) increased by 19% to 16 days, while the Bid-Up percentage decreased by 47%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) remained low at just 1.6 months. Active listings more than doubled to 13 Kailua condos for sale.

Kaneohe Condos

Sales of condos in Kaneohe declined by 32% from to the previous year, as the median price dipped slightly by 1% to $690,000. Days on Market (DOM) increased by 27% to 14 days, as the Bid-Up percentage decreased by 37%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 69%, as active listings grew by 15%.

Leeward Condos

Leeward saw a 33% decrease in condo sales compared to the previous year, as the median price rose by 4% to $262,500. Days on Market (DOM) surged by 119% to 30 days, signifying a significantly longer period for property sales. The Bid-Up percentage dropped by 22%, indicating slightly reduced competition among buyers. Months of Remaining Inventory (MRI) rose significantly by 115%, and active listings increased by 44%.

Ewa Condos

Ewa experienced a 30% decline in condo sales compared to the previous year, as the median price was flat  at $680,000. Days on Market (DOM) increased by 50%, while the Bid-Up percentage decreased by 39%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 77%, and active listings increased by 24%.

Makakilo Condos

Sales of Makakilo condos decreased by 25% from the previous year, as the median price dipped slightly by 2% to $549,000. Days on Market (DOM) increased by 91% to 20 days, indicating a moderately longer period for property sales. The Bid-Up percentage decreased by 33%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 42%, while active listings increased by 7%.

Waipahu Condos

Waipahu observed a 19% decline in condo sales from the previous year, and the median price decreased slightly by 2% to $500,000. Days on Market (DOM) increased by 63% to 20 days, indicating a longer period for property sales. The Bid-Up percentage decreased by 38%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) slipped by 1% to just 0.9 months, as active listings dropped by 20%.

Mililani Condos

Mililani experienced an 18% decrease in condo sales compared to the previous year, with a slight decrease in the median price by 2% to $515,000. Days on Market (DOM) increased by 50% to 15 days, indicating a moderately longer period for property sales. The Bid-Up percentage decreased by 25%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 94%, as active listings rose by 59%.

Pearl City-Aiea Condos

Condo sales in Pearl City-Aiea saw a 31% decline from the previous year, with a 3% decline in the median price to $460,000. Days on Market (DOM) increased by 70% to 17 days, indicating a slightly longer period for property sales. The Bid-Up percentage dropped by 23%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) surged significantly by 137%. Active listings increased notably by 63%.

Summary

Because real estate market conditions can vary greatly among Oahu market areas, it's important for buyers and sellers to partner with a Realtor who has access to detailed, neighborhood-level data.

Glossary

• Active Listings: Count of MLS listings with "Active" status on the last day of the period. 
• Bid-Up %: The percent of sales that were bid-up over asking price in competitive offers. 
• Days on Market (DOM): Median number of days between listing date and escrow date, for all properties sold in the period. 
• Months of Remaining Inventory (MRI): The number of months it would take to sell out the current active inventory at the recent rate of sales. A balance point between supply and demand is considered to be around 6 months, so MRI below 6 months indicates more of a sellers market and MRI above 6 months indicates more of a buyers market.

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