Oahu Real Estate Market Returns to Typical Seasonal Patterns in November 2024

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

“After a bump in sales activity last month, the Oahu real estate market returned to a typical downward seasonal trend in November 2024,” said Chief Sales Officer for Locations Chad Takesue. “We expect to end the year with single-family home sales up by around six percent and condo sales down six percent. With a continued low supply of single-family homes, the median price will end the year four percent higher than last year. On the other hand, Oahu’s condo supply is at a 15-year high and rising, holding the median price flat.”

Takesue went on to say that the outlook for the Oahu market is positive, though somewhat tempered by uncertainty. “Rising mortgage rates have over the past two years have contributed to some hesitation from homebuyers and sellers. However, as rates in the mid-six-percent range become the norm, I think we will see more movement in the market as new condominiums come online in Honolulu’s urban core and personal factors, like a new job or an expanding family, draw buyers from the sidelines,” he added.

Locations also notes that while the Oahu single-family home market was steady in November 2024, the condominium market showed more signs of softening. For-sale condo inventory increased, and sales fell short, pushing Months of Remaining Inventory (MRI) to 5.7 months, approaching the tipping point to a buyer’s market. Condos are staying on the market longer this year, as market activity is further impacted by recent challenges to affordability and availability of property insurance, coupled with growing maintenance issues in older condo buildings.

Oahu’s luxury condo market—which is also made up of newer housing stock—has been less affected by these issues. The median price per square foot for luxury condos is increasing, while it remains flat for the rest of the condo market. Months of supply for condos priced at $1M or more is less than 10 months, and market times are at historic lows. Nearly one in 10 condos priced at $1M or more was sold for more than the asking price, a result of competitive bidding. Competition was a bit softer in higher price ranges, but even seven percent of condos priced at $5M or more was bid up over the asking price.

The Oahu luxury single-family home market is showing even stronger indicators. The median price per square foot is also increasing, while it's flat for the rest of the home market. Months of supply for homes in the $2M or greater range is 8.5 months—what would have been an unheard-of low prior to 2021. The median market time for luxury homes is comparable to the rest of the market, an historic low. Demand for luxury homes is at a record high, outside of the 2021-2022 surge period, with more than a quarter of all homes priced at $2M or more bid up over the asking price. Moving up the luxury home price spectrum, conditions soften as market times increase and buyer competition decreases. For homes priced above $10M, there is 38 months of supply with an average market time of 300 days.

Key Takeaways from the November 2024 Locations Oahu Real Estate Report

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

• In November 2024, the median single-family home price declined by one percent from a year ago to $1,110,000. The median condo price increased by two percent to $526,750. Year to date, median prices are up four percent for homes and one percent for condos. 
• Single-family home sales rose by 10 percent from November a year ago, while condo sales grew by five percent. After a slight bump in sales in October 2024, sales are again following the typical downward seasonal trend. 
• There were 790 single-family homes and 2,103 condos available for sale at the end of November, an increase of 10 percent and 51 percent, respectively, from last year. Single-family home inventory remains flat, while condo inventory is rising again. 
• At the end of November, there were 3.4 Months of Remaining Inventory (MRI) for single-family homes—the same as the previous month—and 5.7 months for condos, a slight increase from October 2024. MRI for condos is still in seller’s market territory but approaching the balance point of six months. 
• In November, homes were on the market for a median of 22 days, while condos were on the market for a median of 33 days. Market times increased from October 2024, returning to the typical seasonal trend. 
• After rising last month, bid-ups continued to decline in November, another typical seasonal trend. In November 2024, 26.6 percent of homes and 15.3 percent of condos sold were bid-up over asking price.

What Happened in Oahu Single-Family Home Markets in November 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 saw an 8% increase in sales, with 131 homes sold. The median price increased by 5% to $1,025,000. Days on Market (DOM) rose by 12% to 19 days, while the bid-up percentage climbed by 17% to 32.8%. Months of Remaining Inventory (MRI) slipped slightly to 3.5 months, and active listings increased by 6% to 38 homes.

Nuuanu-Makiki Homes

Nuuanu-Makiki homes experienced a 25% increase in sales, with 119 homes sold. The median price rose by 5% to $1,242,000. DOM dropped significantly by 29% to 15 days, while the bid-up percentage declined by 12% to 26.1%. MRI decreased by 15% to 4.9 months, and active listings rose by 7% to 49 homes.

Manoa Homes

Manoa saw a 6% decrease in sales to 67 homes sold. The median price increased by 10% to $1,680,000. DOM rose by 33% to 20 days, and the bid-up percentage fell by 26% to 23.9%. MRI decreased by 4% to 3.6 months, and active listings dropped by 9% to 20 homes.

Kaimuki Homes

Kaimuki experienced a 17% increase in sales, with 126 homes sold. The median price rose by 8% to $1,295,000. DOM increased by 21% to 17 days, while the bid-up percentage dropped by 26% to 29.4%. MRI decreased by 17% to 3.1 months, and active listings dropped by one to 33 homes.

Waialae-Kahala Homes

Waialae-Kahala saw a 10% increase in sales, with 78 homes sold. The median price declined by 10% to $2,200,500. DOM dropped by 48% to 16 days, while the bid-up percentage surged by 61% to 38.5%. MRI fell by 30% to 3.7 months, and active listings decreased by 23% to 24 homes.

East Oahu Homes

East Oahu experienced a 7% rise in sales to 72 homes sold. The median price increased by 12% to $1,868,750. DOM rose by 32% to 19 days, while the bid-up percentage dropped by 35% to 29.2%. MRI decreased by 27% to 3.7 months, and active listings declined by 21% to 22 homes.

Hawaii Kai Homes

Hawaii Kai had an 8% increase in sales, reaching 142 homes sold. The median price rose by 11% to $1,675,000. DOM increased by 24% to 18 days, while the bid-up percentage decreased by 16% to 26.8%. MRI declined by 26% to 2.0 months, and active listings fell by 20% to 24 homes.

Kailua Homes

Kailua experienced a 7% decrease in sales, with 225 homes sold. The median price increased slightly by 2% to $1,675,000. DOM decreased by 13% to 14 days, while the bid-up percentage remained stable at 31.6%. MRI increased by 29% to 2.9 months, and active listings rose by 20% to 55 homes.

Kaneohe Homes

Kaneohe saw a 16% increase in sales to 208 homes sold. The median price rose by 3% to $1,225,000. DOM increased by 14% to 16 days, while the bid-up percentage fell by 26% to 26.9%. MRI rose by 12% to 2.7 months, and active listings increased by 31% to 47 homes.

North Shore Homes

North Shore home sales declined by 11%, with 58 homes sold. The median price fell by 4% to $1,537,500. DOM decreased by 23% to 25 days, and the bid-up percentage increased by 27% to 29.3%. MRI grew by 92% to 9.9 months, and active listings rose by 71% to 48 homes.

Leeward Homes

Leeward homes saw a 5% decline in sales to 239 homes sold. The median price fell slightly by 1% to $675,000. DOM decreased by 5% to 36 days, while the bid-up percentage dropped by 23% to 21.3%. MRI increased by 6% to 5.1 months, and active listings rose by 1% to 101 homes.

Ewa Homes

Ewa experienced a 2% increase in sales, reaching 492 homes sold. The median price rose slightly by 1% to $891,000. DOM fell by 34% to 21 days, while the bid-up percentage rose by 5% to 31.7%. MRI increased by 11% to 3.0 months, and active listings grew by 13% to 122 homes.

Makakilo Homes

Makakilo saw an 8% decline in sales, with 84 homes sold. The median price decreased by 1% to $1,012,750. DOM increased by 4% to 25 days, and the bid-up percentage dropped by 38% to 17.9%. MRI rose by 40% to 4.4 months, and active listings increased by 29% to 31 homes.

Waipahu Homes

Waipahu experienced a 5% rise in sales, reaching 168 homes sold. The median price increased by 5% to $957,500. DOM dropped by 30% to 16 days, while the bid-up percentage increased by 31% to 41.7%. MRI rose by 5% to 2.4 months, and active listings grew by 10% to 33 homes.

Mililani Homes

Mililani saw a 12% increase in sales, with 144 homes sold. The median price decreased slightly by 1% to $1,065,000. DOM declined by 6% to 16 days, while the bid-up percentage remained steady at 33.3%. MRI rose by 26% to 2.0 months, and active listings increased by 41% to 24 homes.

Pearl City-Aiea Homes

Pearl City-Aiea experienced a 27% increase in sales, with 237 homes sold. The median price rose by 9% to $1,065,000. DOM decreased by 15% to 14 days, while the bid-up percentage declined slightly by 3% to 37.1%. MRI fell by 9% to 1.8 months, and active listings grew by 16% to 36 homes.   

What Happened in Oahu Condo Markets in November 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 declined by 1% to 150, as the median price fell by 4% to $426,250. Days on Market (DOM) rose by 108% to 27 days. The bid-up percentage increased by 4%. Months of Remaining Inventory (MRI) more than doubled, rising by 103% to 5.1 months, while active listings doubled to 64 condos.

Downtown-Nuuanu Condos

Downtown-Nuuanu condo sales dropped by 2% to 254, while the median price remained stable at $398,944. DOM increased by 28% to 32 days, and the bid-up percentage fell by 6%. MRI nearly doubled to 5.5 months, with active listings up by 90% to 116 condos.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako saw decline in condo sales of 11% to 602. The median price increased by 9% to $784,500. DOM rose by 47% to 47 days, while the bid-up percentage dropped by 35%. MRI increased by 63% to 9.5 months, and active listings grew by 45% to 477 condos.

Makiki Condos

Makiki condo sales fell by 7% to 270, with the median price rising slightly by 1% to $395,000. DOM increased by 108% to 40 days, and the bid-up percentage dropped by 35%. MRI rose by 50% to 5.6 months, while active listings increased by 39% to 125 condos.

Waikiki Condos

Sales of Waikiki condos decreased by 8% to 1,001, with the median price up by 3% to $440,000. DOM increased by 27% to 33 days, and the bid-up percentage fell by 27%. MRI rose by 39% to 6.4 months, with active listings up by 28% to 535 condos.

Kapiolani-University Condos

Kapiolani-University experienced a decrease in condo sales of 3% to 229, with no change in the median price at $410,000. DOM increased by 29% to 22 days, and the bid-up percentage dropped by 11%. MRI rose by 60% to 5.9 months, while active listings increased by 55% to 113 condos.

Diamond Head-Kahala Condos

Sales of condos in Diamond Head-Kahala rose by 17% to 110, while the median price declined by 4% to $652,500. DOM decreased by 13% to 17 days, while the bid-up percentage fell by 25%. MRI more than doubled, increasing by 104% to 6.8 months. Active listings grew by 138% to 62 condos.

Hawaii Kai Condos

Hawaii Kai condo sales declined by 8% to 132, with the median price down by 2% to $832,500. DOM fell by 27% to 16 days, and the bid-up percentage increased by 12%. MRI rose by 166% to 4.9 months, and active listings increased by 145% to 54 condos.

Kailua Condos

Sales of Kailua condos dropped by 11% to 91, as the median price increased by 6% to $791,000. DOM rose by 6% to 18 days, while the bid-up percentage fell by 28%. MRI rose by 17% to 3.0 months, with active listings up by 5% to 23 condos.

Kaneohe Condos

Kaneohe condo sales increased by 12% to 155, with the median price up by 3% to $698,000. DOM fell by 12% to 15 days, while the bid-up percentage decreased by 23%. MRI rose by 24% to 3.1 months, as active listings increased by 38% to 40 condos.

Leeward Condos

Leeward experienced a decline in condo sales of 16% to 135, while the median price fell by 4% to $245,000. DOM increased by 67% to 45 days, and the bid-up percentage dropped by 55%. MRI rose by 80% to 7.4 months, while active listings grew by 51% to 83 condos.

Ewa Condos

Sales of condos dropped by 17% to 333 in Ewa, as the median price increased by 1% to $685,000. DOM rose by 59% to 27 days, while the bid-up percentage fell by 4%. MRI more than tripled to 5.1 months, and active listings grew by 117% to 141 condos.

Makakilo Condos

Sales Makakilo condos decreased by 13% to 101, while the median price increased by 2% to $560,000. DOM rose by 37% to 26 days, while the bid-up percentage dropped by 25%. MRI fell slightly by 4% to 2.3 months, and active listings decreased by 10% to 19 condos.

Waipahu Condos

Waipahu condo sales increased by 1% to 149. The median price remained stable at $499,000, as DOM dropped by 12% to 15 days. The bid-up percentage fell by 24%. MRI rose by 158% to 3.1 months, and active listings increased by 160% to 39 condos.

Mililani Condos

Mililani experienced a decline in condo sales of 2% to 293, as the median price decreased by 1% to $510,000. DOM increased by 50% to 21 days, and the bid-up percentage fell by 16%. MRI rose by 82% to 2.6 months, with active listings up by 78% to 64 condos.

Pearl City-Aiea Condos

Pearl City-Aiea condo sales increased by 8% to 270, as the median price was unchanged at $469,000. DOM increased by 68% to 24 days, and the bid-up percentage fell by 20%. MRI rose by 68% to 4.2 months, and active listings increased by 81% to 94 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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