Oahu Real Estate Market Ends 2024 Above Expectations

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

“The Oahu real estate market exceeded expectations in 2024 to end the year with home sales up eight percent and condo sales down by just three percent,” said Chief Sales Officer for Locations Chad Takesue. “We also saw modest increases in prices for the year, including a record-high condo median price in December 2024.”

“We anticipate moderate growth this year, even as the familiar challenges of high prices, low inventory for homes and fluctuating mortgage rates stubbornly persist,” said Takesue. Despite these factors, Takesue noted that demand remains strong, suggesting increased sales activity and a moderate rise in prices in 2025.

He acknowledged that rising home values, while a boon to homeowners, pose a significant challenge to many buyers. Although the islandwide single-family home median price rose by just five percent in 2024, median prices in many local markets increased by 10 percent or more. Mature home markets in town from Nuuanu to Hawaii Kai saw an average price increase of 10 percent in 2024. The median price for Pearl City-Aiea homes also increased by nine percent in the past year. On the other hand, West Oahu home markets, including Leeward, Ewa and Mililani, experienced little change in prices.

While the overall median condo price was essentially flat in 2024, median prices declined by two to four percent in urban Honolulu—a reflection, in part, of aging infrastructure and insurance issues. The exceptions were the Ala Moana-Kakaako and Waikiki condo markets, where the median price rose by five percent in 2024, thanks to strong buyer demand and a mix of products at various price levels. The Kailua condo market led the island with an eight-percent increase in median price, due in part to a shift in sales mix to newer condos. West Oahu condo markets from Makakilo to Pearl City-Aiea showed modest price gains of one to two percent.

Key Takeaways from the December 2024 Locations Oahu Real Estate Report

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

• The median single-family home price increased by six percent from a year ago in December 2024 to $1,054,500. The median condo price increased by seven percent to $544,900—a record high—despite modest sales and moderate demand. 
• December 2024 sales increased by 21 percent for single-family homes and 14 percent for condos from last year. Home sales in December also increased from the previous month, against the seasonal trend. 
• There were 731 single-family homes and 2,002 condos available for sale at the end of December, an increase of 15 percent and 54 percent, respectively, from last year. 
• At the end of December, there were 3.1 Months of Remaining Inventory (MRI) for single-family homes and 5.4 months for condos—a slight increase for homes and an increase of 59 percent for condos. 
• Single-family homes were on the market for a median of 20 days in December, while condos were on the market for a median of 35 days. Market times for homes decreased in December, against the typical pattern. 
• One-third of single-family homes and 14.9 percent of condos sold in December were bid-up over the asking price. Bid-ups for homes increased in December to the highest level in 15 months, again bucking seasonal trends.

What Happened in Oahu Single-Family Home Markets in December 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, looking at the past 12 months: 

West Honolulu Homes

West Honolulu home sales increased by 12%, with 134 homes sold compared to 120 in December 2023. The median price increased by 5% to $1,025,000, up from $977,500. DOM increased by 9% to 19 days, and the bid-up percentage increased by 20% to 35.1%. MRI decreased by 15% to 3.2 months, while active listings decreased by 5% to 36.

Nuuanu-Makiki Homes

Nuuanu-Makiki home sales rose by 20%, with 115 homes sold compared to 96 last year. The median price increased by 8% to $1,259,739. DOM decreased by 6% to 17 days, and the bid-up percentage decreased by 1% to 27.8%. MRI decreased by 19% to 4.3 months, and active listings decreased by 2% to 41.

Manoa Homes

Manoa home sales grew by 6%, with 70 homes sold compared to 66 last year. The median price increased by 12% to $1,685,000. DOM increased by 29% to 20 days, and the bid-up percentage decreased by 37% to 22.9%. MRI decreased by 16% to 2.9 months, and active listings decreased by 11% to 17.

Kaimuki Homes

Kaimuki home sales increased by 13%, with 126 homes sold compared to 112 in December 2023. The median price increased by 9% to $1,304,000. DOM increased by 21% to 17 days, and the bid-up percentage decreased by 24% to 29.4%. MRI decreased by 11% to 2.6 months, while active listings remained unchanged at 27.

Waialae-Kahala Homes

Waialae-Kahala home sales rose by 31%, with 88 homes sold compared to 67 last year. The median price decreased by 8% to $2,200,500. DOM decreased by 57% to 13 days, and the bid-up percentage increased by 96% to 40.9%. MRI decreased by 30% to 3.4 months, and active listings decreased by 7% to 25.

East Oahu Homes

East Oahu homes sales grew by 9%, with 71 homes sold compared to 65 last year. The median price increased by 9% to $1,850,000. DOM increased by 43% to 20 days, and the bid-up percentage decreased by 41% to 28.2%. MRI decreased by 23% to 3.5 months, and active listings decreased by 16% to 21.

Hawaii Kai Homes

Hawaii Kai home sales increased by 3%, with 135 homes sold compared to 131 in December 2023. The median price increased by 11% to $1,675,000. DOM remained unchanged at 17 days, and the bid-up percentage increased by 5% to 30.4%. MRI decreased by 7% to 2.3 months, and active listings decreased by 4% to 26.

Kailua Homes

Kailua home sales declined by 3%, with 234 homes sold compared to 241 last year. The median price increased by 3% to $1,677,500. DOM decreased by 13% to 14 days, and the bid-up percentage remained unchanged at 31.6%. MRI increased by 61% to 2.6 months, and active listings increased by 56% to 50.

Kaneohe Homes

Kaneohe home sales rose by 17%, with 209 homes sold compared to 178 last year. The median price increased by 4% to $1,240,000. DOM increased by 14% to 16 days, and the bid-up percentage decreased by 24% to 27.3%. MRI decreased by 2% to 2.2 months, and active listings increased by 15% to 38.

North Shore Homes

North Shore home sales decreased by 3%, with 58 homes sold compared to 60 last year. The median price decreased by 2% to $1,553,000. DOM increased by 11% to 30 days, and the bid-up percentage increased by 17% to 29.3%. MRI increased by 78% to 10.3 months, and active listings increased by 72% to 50.

Leeward Homes

Leeward home sales increased by 1%, with 247 homes sold compared to 244 last year. The median price remained unchanged at $674,978. DOM decreased by 8% to 35 days, and the bid-up percentage decreased by 11% to 23.1%. MRI increased by 18% to 5.1 months, and active listings increased by 19% to 105.

Ewa Homes

Ewa home sales grew by 7%, with 503 homes sold compared to 472 last year. The median price increased by 1% to $895,000. DOM decreased by 29% to 22 days, and the bid-up percentage increased by 2% to 31.0%. MRI increased by 14% to 2.7 months, and active listings increased by 22% to 112.

Makakilo Homes

Makakilo home sales ticked up by 1%, with 92 homes sold compared to 91 last year. The median price remained unchanged at $1,022,000. DOM decreased by 2% to 24 days, and the bid-up percentage decreased by 25% to 20.7%. MRI increased by 61% to 4.0 months, and active listings increased by 63% to 31.

Waipahu Homes

Waipahu home sales grew by 5%, with 172 homes sold compared to 164 last year. The median price increased by 3% to $952,500. DOM decreased by 26% to 16 days, and the bid-up percentage increased by 30% to 41.9%. MRI decreased by 1% to 2.0 months, and active listings increased by 4% to 29..

Mililani Homes

Mililani home sales rose by 12%, with 146 homes sold compared to 130 last year. The median price remained unchanged at $1,071,250. DOM decreased by 6% to 16 days, and the bid-up percentage increased by 8% to 34.9%. MRI increased by 78% to 2.3 months, and active listings increased by 100% to 28.

Pearl City-Aiea Homes

Pearl City-Aiea home sales increased by 22%, with 232 homes sold compared to 190 last year. The median price increased by 9% to $1,060,000. DOM decreased by 13% to 14 days, and the bid-up percentage decreased by 5% to 36.6%. MRI decreased by 33% to 1.1 months, and active listings decreased by 19% to 22.

What Happened in Oahu Condo Markets in December 2024?

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 6% to 146, while the median price fell by 4% to $425,000. Days on Market (DOM) rose by 93% to 27 days, and the bid-up percentage increased by 1%. Months of Remaining Inventory (MRI) rose by 160% to 4.6 months, and active listings grew by 143% to 56 condos.

Downtown-Nuuanu Condos

Downtown-Nuuanu condo sales remained stable at 255, while the median price decreased by 2% to $400,000. DOM increased by 39% to 32 days, and the bid-up percentage fell by 11%. MRI increased by 76% to 4.7 months, with active listings up by 77% to 99 condos.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako condo sales declined by 12% to 601, while the median price rose by 5% to $780,000. DOM increased by 53% to 49 days, and the bid-up percentage dropped by 48%. MRI rose by 65% to 9.3 months, with active listings up by 45% to 468 condos.

Makiki Condos

Makiki condo sales increased by 1% to 280, while the median price remained steady at $395,000. DOM rose by 93% to 39 days, and the bid-up percentage decreased by 30%. MRI rose by 50% to 5.4 months, with active listings increasing by 51% to 125 condos.

Waikiki Condos

Waikiki condo sales decreased by 7% to 1,002, while the median price increased by 6% to $450,000. DOM rose by 18% to 33 days, and the bid-up percentage fell by 21%. MRI increased by 35% to 6.0 months, with active listings up by 25% to 505 condos.

Kapiolani-University Condos

Kapiolani-University condo sales rose by 2% to 229, while the median price decreased by 3% to $405,000. DOM increased by 47% to 25 days, and the bid-up percentage dropped by 15%. MRI rose by 48% to 5.6 months, with active listings up by 51% to 106 condos.

Diamond Head-Kahala Condos

Diamond Head-Kahala condo sales rose by 31% to 114, while the median price decreased by 3% to $658,000. DOM increased by 18% to 17 days, and the bid-up percentage fell by 29%. MRI rose by 68% to 5.8 months, with active listings increasing by 120% to 55 condos.

Hawaii Kai Condos

Hawaii Kai condo sales declined by 2% to 139, while the median price fell by 3% to $820,000. DOM decreased by 24% to 17 days, and the bid-up percentage increased by 19%. MRI rose by 143% to 4.3 months, with active listings up by 138% to 50 condos.

Kailua Condos

Sales of Kailua condo sales decreased by 2% to 96, while the median price rose by 8% to $817,000. DOM increased by 12% to 19 days, and the bid-up percentage fell by 44%. MRI increased by 2% to 2.3 months, with active listings remaining steady at 18 condos.

Kaneohe Condos

Kaneohe condo sales rose by 22% to 164, while the median price increased by 1% to $686,000. DOM remained stable at 15 days, and the bid-up percentage fell by 27%. MRI rose by 46% to 3.0 months, with active listings up by 78% to 41 condos.

Leeward Condos

Leeward condo sales declined by 10% to 137, while the median price decreased by 3% to $242,500. DOM increased by 59% to 46 days, and the bid-up percentage dropped by 60%. MRI rose by 95% to 7.4 months, with active listings up by 75% to 84 condos.

Ewa Condos

condo sales decreased by 12% to 337, while the median price remained unchanged at $678,000. DOM increased by 50% to 27 days, and the bid-up percentage rose by 1%. MRI rose by 136% to 4.6 months, with active listings up by 106% to 128 condos.

Makakilo Condos

Makakilo condo sales fell by 7% to 99, while the median price increased by 2% to $560,000. DOM rose by 45% to 29 days, and the bid-up percentage decreased by 26%. MRI rose by 34% to 2.5 months, with active listings up by 24% to 21 condos.

Waipahu Condos

Waipahu Waipahu condo sales decreased by 1% to 150, while the median price rose by 1% to $505,000. DOM fell by 12% to 15 days, and the bid-up percentage decreased by 20%. MRI rose by 204% to 3.6 months, with active listings up by 200% to 45 condos.

Mililani Condos

Mililani condo sales increased by 1% to 296, while the median price rose by 1% to $515,000. DOM increased by 43% to 22 days, and the bid-up percentage fell by 21%. MRI rose by 72% to 2.2 months, with active listings up by 74% to 54 condos.

Pearl City-Aiea Condos

Pearl City-Aiea condo sales increased by 11% to 273, while the median price rose by 1% to $469,000. DOM increased by 72% to 25 days, and the bid-up percentage fell by 23%. MRI rose by 90% to 4.2 months, with active listings up by 111% to 95 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.

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