What Happened in the Oahu Real Estate Market in March 2025?
“The Oahu real estate market is stable, though somewhat muted, as we head into the peak spring and summer months,” said Chief Sales Officer for Locations Chad Takesue. “Although the market has slowed in recent years from the hectic pace of the COVID era, there is continued, pent-up demand for homes.”
“Homebuyers this spring will find a few bright spots in the market,” Takesue said, adding, “There are more homes and condos to choose from compared to a year ago, and in the resale condo market, the supply-demand balance has now tipped in favor of buyers for the first time since 2010.” He also noted that mortgage interest rates came down a bit in March—landing at around 6.6%—and are expected to remain steady heading into summer.
The Oahu resale condo market showed more signs of softening in March. Inventory is rising, as other indicators of demand are easing. The percentage of pre-owned condo sales bid up over the asking price was about half the rate of single-family homes. Island-wide, one in six condos sold in the past 12 months was bid up over asking price, down from almost one in four a year ago. Most resale condo markets within Honolulu’s urban core have seen as low as one in 10 sales bid up over the asking price. The more affordable in‐town condo markets are also more competitive, particularly Salt Lake, which has seen one in five sales bid up over the asking price. Demand for condos is greater outside of town. Bid-ups are highest in Mililani, Ewa and Kaneohe, where about one in three condos sold are bid up over the asking price.
In the Oahu single-family home market, demand is consistent across the island, with about one in three homes sold in the past 12 months bid up over the asking price. Even the softest markets—Manoa and Leeward—have seen one in four home sales bid up. Markets with the highest demand pressures are Waipahu, which includes Waipio and Waikele, and Waialae-Kahala, with about four in 10 home sales bid up. Competition is surprisingly high for the Waialae-Kahala market, where the median single-family home price is more than double the island-wide median.
Key Takeaways from the March 2025 Locations Oahu Real Estate Report
New to real estate market data terms? See our glossary.
- Oahu median housing prices moved upward in March 2025. The median single-family home price increased by five percent from a year ago to $1,160,000, while the median condo price is up one percent from March last year to $505,000.
- Sales of single-family homes decreased by 11 percent from a year ago, as condo sales rose by six percent. Sales are largely following seasonal trends.
- Single-family home inventory remains low but is 29 percent higher than March 2024. Condo inventory is up 52 percent from last year. There were 813 single-family homes and 2,380 condos available for sale at the end of March.
- At the end of March, the supply-demand measure of Months of Remaining Inventory (MRI) was rising slightly for single-family homes at 3.5 months and was up for condos at 6.4 months—a 15-year high.
- Market times in March 2025 were lower than the previous month, in line with typical seasonal patterns. Single-family homes were on the market for a median of 16 days in March, while condos were on the market for a median of 41 days.
- In March 2025, 30 percent of single-family homes and 14.6 percent of condos sold were bid up over the asking price. Competition in the condo market continues to ease.
What Happened in Oahu Single-Family Home Markets in March 2025?
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, looking at the past 12 months:
West Honolulu Homes
West Honolulu home sales rose by 19% to 139 homes. The median price remained stable at $1,020,000. The median DOM increased by 29% to 18 days. The bid-up percentage grew by 1% to 35.3%. MRI declined by 12% to 3.8 months, and active listings fell by 33% to 44 homes.
Nuuanu-Makiki Homes
Nuuanu-Makiki home sales increased by 14% to 119 homes. The median price rose by 13% to $1,300,000. The median DOM decreased by 23% to 17 days. The bid-up percentage improved by 21% to 30.3%. MRI decreased by 3% to 4.7 months, while active listings grew by 18% to 47 homes.
Manoa Homes
Manoa home sales increased by 17% to 69 homes. The median price rose by 11% to $1,680,000. The median DOM decreased by 10% to 18 days. The bid-up percentage declined by 35% to 23.2%. MRI decreased by 44% to 2.6 months, and active listings declined by 35% to 15 homes.
Kaimuki Homes
Kaimuki home sales grew by 13% to 132 homes. The median price remained stable at $1,240,000. The median DOM rose by 31% to 17 days. The bid-up percentage dropped by 17% to 31.8%. MRI fell by 18% to 2.3 months, while active listings declined by 7% to 25 homes.
Waialae-Kahala Homes
Waialae-Kahala home sales increased by 48% to 93 homes. The median price declined slightly by 1% to $2,385,000. The median DOM decreased by 46% to 14 days. The bid-up percentage rose by 69% to 37.6%. MRI decreased by 37% to 3.1 months, while active listings declined by 8% to 24 homes.
East Oahu Homes
East Oahu home sales declined by 3% to 66 homes. The median price increased by 22% to $1,965,000. The median DOM increased by 15% to 19 days. The bid-up percentage declined by 37% to 28.8%. MRI increased by 55% to 3.8 months, while active listings rose by 50% to 21 homes.
Hawaii Kai Homes
Hawaii Kai home sales rose by 5% to 138 homes. The median price increased by 8% to $1,665,000. The median DOM decreased by 6% to 16 days. The bid-up percentage remained stable at 28.3%. MRI increased by 45% to 2.8 months, while active listings increased by 52% to 32 homes.
Kailua Homes
Kailua home sales declined by 10% to 223 homes. The median price decreased slightly by 1% to $1,660,000. The median DOM increased by 7% to 15 days. The bid-up percentage declined by 9% to 30.0%. MRI increased by 35% to 2.4 months, while active listings rose by 22% to 45 homes.
Kaneohe Homes
Kaneohe home sales rose by 12% to 210 homes. The median price increased by 4% to $1,250,000. The median DOM increased by 14% to 16 days. The bid-up percentage declined by 9% to 31.4%. MRI grew by 6% to 2.2 months, while active listings increased by 19% to 38 homes.
North Shore Homes
North Shore home sales increased by 14% to 66 homes. The median price declined by 6% to $1,590,500. The median DOM remained stable at 27 days. The bid-up percentage rose by 24% to 25.8%. MRI declined by 17% to 8.0 months, while active listings grew by 33% to 44 homes.
Leeward Homes
Leeward home sales declined by 7% to 225 homes. The median price fell by 1% to $674,978. The median DOM increased by 11% to 40 days. The bid-up percentage grew by 9% to 23.6%. MRI increased by 20% to 5.8 months, while active listings rose by 12% to 109 homes.
Ewa Homes
Ewa home sales declined by 1% to 473 homes. The median price increased by 2% to $900,000. The median DOM decreased by 27% to 22 days. The bid-up percentage remained nearly unchanged, falling slightly by 1% to 30.4%. MRI grew by 74% to 4.1 months, while active listings rose by 72% to 160 homes.
Makakilo Homes
Makakilo home sales increased by 10% to 96 homes. The median price rose by 2% to $1,050,000. The median DOM decreased by 20% to 23 days. The bid-up percentage increased by 8% to 26.0%. MRI grew by 25% to 3.6 months, while active listings increased by 38% to 29 homes.
Waipahu Homes
Waipahu home sales rose by 17% to 187 homes. The median price increased by 6% to $970,000. The median DOM decreased by 46% to 14 days. The bid-up percentage grew by 21% to 40.1%. MRI declined by 21% to 1.5 months, while active listings fell by 8% to 24 homes.
Mililani Homes
Mililani home sales rose by 9% to 150 homes. The median price remained stable at $1,075,000. The median DOM decreased by 15% to 14 days. The bid-up percentage increased by 2% to 34.0%. MRI surged by 57% to 2.3 months, while active listings grew by 71% to 29 homes.
Pearl City-Aiea Homes
Pearl City-Aiea home sales increased by 13% to 220 homes. The median price rose by 7% to $1,085,000. The median DOM decreased by 32% to 13 days. The bid-up percentage declined by 13% to 34.1%. MRI increased by 13% to 1.8 months, while active listings rose by 27% to 33 homes.
What Happened in Oahu Condo Markets in March 2025?
Here's a detailed breakdown of key Oahu condo market areas, looking at the past 12 months:
Salt Lake Condos
Salt Lake condo sales decreased by 15% to 141, while the median price fell by 5% to $415,000. The median Days on Market (DOM) rose by 76% to 30 days, and the bid-up percentage decreased by 20%. Months of Remaining Inventory (MRI) rose by 348% to 6.8 months, and active listings grew by 281% to 80 condos.
Downtown-Nuuanu Condos
Downtown-Nuuanu condo sales decreased by 2% to 246, while the median price fell by 3% to $396,750. The median DOM increased by 28% to 32 days, and the bid-up percentage fell by 28%. MRI rose by 64% to 6.1 months, with active listings up by 62% to 126 condos.
Ala Moana-Kakaako Condos
Ala Moana-Kakaako condo sales increased by 4% to 653, while the median price rose by 5% to $780,000. The median DOM increased by 66% to 53 days, and the bid-up percentage dropped by 47%. MRI rose by 27% to 8.8 months, with active listings up by 31% to 481 condos.
Makiki Condos
Makiki condo sales remained unchanged at 285, while the median price fell by 3% to $380,000. The median DOM rose by 86% to 41 days, and the bid-up percentage decreased by 35%. MRI rose by 23% to 5.2 months, with active listings increasing by 23% to 123 condos.
Waikiki Condos
Waikiki condo sales decreased by 9% to 973, while the median price increased by 5% to $450,000. The median DOM rose by 29% to 36 days, and the bid-up percentage fell by 32%. MRI increased by 41% to 7.5 months, with active listings up by 29% to 608 condos.
Kapiolani-University Condos
Kapiolani-University condo sales decreased by 10% to 214, while the median price remained unchanged at $413,167. The median DOM increased by 59% to 27 days, and the bid-up percentage dropped by 20%. MRI rose by 78% to 7.2 months, with active listings up by 59% to 129 condos.
Diamond Head-Kahala Condos
Diamond Head-Kahala condo sales increased by 22% to 113, while the median price decreased by 2% to $655,000. The median DOM increased by 67% to 25 days, and the bid-up percentage fell by 42%. MRI remained stable at 5.1 months, with active listings increasing by 17% to 48 condos.
Hawaii Kai Condos
Hawaii Kai condo sales increased by 9% to 141, while the median price rose by 7% to $865,000. The median DOM decreased by 29% to 17 days, and the bid-up percentage fell by 11%. MRI increased by 229% to 6.7 months, with active listings up by 259% to 79 condos.
Kailua Condos
Kailua condo sales decreased by 3% to 92, while the median price rose by 10% to $837,500. The median DOM increased by 27% to 19 days, and the bid-up percentage fell by 30%. MRI increased by 130% to 3.8 months, with active listings up by 123% to 29 condos.
Kaneohe Condos
Kaneohe condo sales increased by 28% to 169, while the median price fell by 2% to $675,000. The median DOM decreased by 19% to 15 days, and the bid-up percentage fell by 7%. MRI rose by 75% to 4.0 months, with active listings up by 124% to 56 condos.
Leeward Condos
Leeward condo sales increased by 3% to 149, while the median price fell by 8% to $238,000. The median DOM increased by 45% to 45 days, and the bid-up percentage dropped by 54%. MRI rose by 30% to 7.5 months, with active listings up by 35% to 93 condos.
Ewa Condos
Ewa condo sales decreased by 5% to 349, while the median price remained unchanged at $680,000. The median DOM increased by 75% to 28 days, and the bid-up percentage remained stable. MRI rose by 96% to 5.9 months, with active listings up by 85% to 172 condos.
Makakilo Condos
Makakilo condo sales declined by 10% to 91, while the median price remained unchanged at $552,000. The median DOM rose by 53% to 29 days, and the bid-up percentage decreased by 34%. MRI increased by 122% to 4.5 months, with active listings up by 100% to 34 condos.
Waipahu Condos
Waipahu condo sales decreased by 1% to 147, while the median price remained unchanged at $499,000. The median DOM decreased by 3% to 18 days, and the bid-up percentage fell by 23%. MRI rose by 158% to 3.3 months, with active listings up by 156% to 41 condos.
Mililani Condos
Mililani condo sales decreased by 4% to 282, while the median price fell by 1% to $510,000. The median DOM increased by 41% to 24 days, and the bid-up percentage fell by 21%. MRI increased by 118% to 4.4 months, with active listings up by 108% to 104 condos.
Pearl City-Aiea Condos
Pearl City-Aiea condo sales increased by 6% to 265, while the median price rose by 4% to $480,000. The median DOM increased by 65% to 28 days, and the bid-up percentage fell by 33%. MRI rose by 118% to 5.1 months, with active listings up by 131% to 113 condos.
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.
