Oahu Single-Family Home and Condo Median Prices Remain Near Record Highs in April 2022

Single-family home sales are slightly below last year’s levels for the third month in a row; however, this is mostly a reflection of the extraordinary surge in home sales that we saw in 2021. Low inventory and a competitive bidding environment fueled by low rates and strong demand have been a boon to homeowners over the past two years. There were 51 percent fewer single-family homes for sale last month than in April 2020. During that same time, the single-family home median price has increased by 37 percent—giving homeowners a significant boost in equity.

Although borrowing costs are greater now than in recent years, Locations does not anticipate a drop in home prices, due to continued strong demand from local buyers and off-shore buyers alike. With the Oahu single-family home median price above $1M and mortgage rates greater than 5%, competition for condos and townhomes—which are typically priced lower than homes—has surged. There are 20 percent fewer condos for sale than a year ago, and more than four in 10 condos sold for above the list price in April—an increase of 38 percent from last year.