Oahu Single-Family Home Median Price Up Four Percent in October 2023

What Happened in the Oahu Real Estate Market in October 2023?

“In our current interest rate environment, it’s important to keep in mind that the Oahu real estate market is stronger now than it was in the years leading up to the pandemic,” said Chief Operating Officer for Locations Chad Takesue. “Although both homebuyer and seller activity have been dampened somewhat by higher mortgage rates and recent increases in home prices, Oahu is still a competitive market due to low housing supply and broad, high demand.”

At the local market level, demand for single-family homes—as measured by Months of Remaining Inventory (MRI)—is greatest in Mililani, Waipahu and Pearl City-Aiea, as well as Kailua and Kaneohe. Demand for condos is strongest in Mililani, Waipahu and Hawaii Kai.

“We are optimistic that we won’t see further mortgage rate increases this year and that rates will land below 7% as we head into 2024. Locations will be watching closely the effect of borrowing rates on the Oahu residential real estate market, as a drop in rates has been correlated with an increase in prices, historically,” Takesue added.

Key Takeaways from the October 2023 Locations Oahu Real Estate Report

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

• The Oahu single-family home price increased by four percent over the previous year in October 2023 to $1,090,000, while the median condo price dipped by one percent to $513,200. Median prices for both homes and condos have risen by about six percent from the beginning of the year.
• Both single-family home and condo sales were lower in October 2023 compared to a year ago, with two percent fewer home sales and 10 percent fewer condo sales. Sales trends are continuing to follow typical seasonal patterns and are expected to end the year about one-quarter lower than last year.
• At the end of October 2023, 660 homes and 1,353 condos were available for sale—six percent fewer homes and six percent more condos than last year. Inventory is rising slightly in the last half of 2023 but is still at historically low levels.
• Months of Remaining Inventory was up slightly at the end of October 2023 to three months for homes and 3.4 months for condos. This measure has been trending up due to constrained sales; however, MRI is still firmly in sellers' market territory.
• Single-family homes were on the market for a median of 19 days in October 2023, while condos took a median of 22 days to enter into escrow. This measure is also settling into seasonal trends, rising into the end of the year but still historically low.
• Competitive pressures continued in October 2023, with 31.3 percent of homes and 19.7 percent of condos sold above the asking price in a competitive bidding situation. Bid-ups on single-family homes are rising this year, intersecting with last year’s downward trend.

What Happened in Oahu Single-Family Home Markets in October 2023?

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

West Honolulu home sales decreased by 32% compared to the previous year. The median price also fell by 5%, settling at $1,002,500. Days on Market (DOM) increased by 23%, reaching a median of 16 days, while bid-ups fell to 30.2%, down 39% from the previous year. Months of Remaining Inventory (MRI) increased by 47%, reaching 3.1 months. Active listings remained stable at 33, with no change from 2022.

Nuuanu-Makiki Homes

In Nuuanu-Makiki, home sales fell by 42% compared to the previous year, with 92 homes sold. The median price decreased by 8% to $1,181,000. Days on Market (DOM) increased by 75%, reaching a median of 25 days, while bid-ups dropped by 28%, settling at 29.3%. Months of Remaining Inventory (MRI) rose by 109% to 6 months, indicating a shift towards a more balanced market. Active listings increased by 21%, to 46 homes.

Manoa Homes

The Manoa home market saw a decline in sales, with 71 homes sold, representing a 28% decrease from the previous year. Additionally, the median price decreased by 8% to $1,510,000. Days on Market (DOM) increased by 15%, reaching a median of 15 days, while bid-ups dropped by 39%, settling at 35.2%. Months of Remaining Inventory (MRI) increased by 56% to 3.2 months. Lastly, there was an increase in active listings, rising by 12% to a total of 19 homes.

Kaimuki Homes

Kaimuki home sales declined by 7%, with 117 homes sold, compared to the previous year. The median price remained relatively stable, with no significant change from 2022, holding at $1,249,000. There was an 8% increase in Days on Market (DOM), with homes taking a median of 14 days to sell. Bid-ups decreased by 16%, settling at 41.9%, while Months of Remaining Inventory (MRI) climbed by 93% to 3 months. Additionally, active listings increased by 21% to a total of 29 homes.

Waialae-Kahala Homes

The Waialae-Kahala home market experienced a 28% decrease in sales, with 73 homes sold. The median price fell by 12%, settling at $2,350,000. Days on Market (DOM) doubled from the previous year, reaching a median of 26 days. Bid-ups decreased by 41% to 27.4%. Months of Remaining Inventory (MRI) increased by 20% to 3.9 months. Active listings decreased by 14% to 24 homes. These changes reflect a slower-paced and slightly less competitive market in comparison to the previous year.

East Oahu Homes

East Oahu home sales dropped 21%, with 75 homes sold, while the median price increased by 7% to $1,800,000. Additionally, Days on Market (DOM) increased by 8% to a median of 14 days, while bid-ups saw a slight 2% decrease, settling at 45.3%. Months of Remaining Inventory (MRI) increased by 63% to 4.3 months. Active listings increased by 29% to 27 homes.

Hawaii Kai Homes

The Hawaii Kai home market had a 34% decrease in sales, with 131 homes sold, and a 7% decrease in the median price, which settled at $1,500,000. Days on Market (DOM) increased by 17% to a median of 14 days, and bid-ups dropped by 42%, settling at 32.8%. Months of Remaining Inventory (MRI) surged by 75% to 3.4 months. Active listings increased by 16% to 37 homes.

Kailua Homes

Kailua home sales decreased by 30%, with 233 homes sold, and a slight 3% increase in the median price, reaching $1,649,000. Days on Market (DOM) increased by 33% to a median of 16 days, while bid-ups decreased by 36% to 32.2%. Months of Remaining Inventory (MRI) increased by 30% to 2.2 months. Active listings decreased by 9% to 43 homes.

Kaneohe Homes

The Kaneohe home market saw a 27% decrease in sales, with 175 homes sold. The median price remained relatively stable, with only a 1% change from the previous year. Days on Market (DOM) increased by 45% to a median of 16 days, while bid-ups decreased by 42% to 34.9%. Months of Remaining Inventory (MRI) increased by 37% to 2.3 months. Active listings remained consistent at 34 homes, showing no change from the previous year.

North Shore Homes

North Shore home sales fell by 37%, with 64 homes sold. The median price remained relatively stable, with only a 2% decrease. Days on Market (DOM) increased by 35% to a median of 27 days, while bid-ups decreased by 25%, settling at 25%. Months of Remaining Inventory (MRI) increased by 5% to 4.3 months, suggesting a more balanced market. Active listings decreased by 34% to 23 homes.

Leeward Homes

Leeward home sales slipped by 19% compared to the previous year, with 245 homes sold, and a 4% decrease in the median price, which landed at $680,000. Days on Market (DOM) increased by 153%, with homes taking a median of 38 days to sell. Bid-ups also dropped by 43%, settling at 27.8%. Months of Remaining Inventory (MRI) increased by 18% to 4.2 months, suggesting a more balanced market. Active listings decreased by 4% to 86 homes.

Ewa Homes

Home sales in Ewa dropped by 37%, with 485 homes sold, and a 4% decrease in the median price to $885,000. Days on Market (DOM) increased by 191%, with homes taking a median of 32 days to sell. Bid-ups fell by 52%, settling at 28.9%. Months of Remaining Inventory (MRI) increased by 14% to 2.5 months. Active listings decreased by 28% to 100 homes.

Makakilo Homes

Makakilo home sales decreased by 45%, with 93 homes sold in October 2023. The median price increased by a slight 4%, reaching $1,025,000. Days on Market (DOM) increased by 100%, with homes on the market for a median of 24 days.Bid-ups fell by 48%, settling at 29%, while Months Remaining Inventory (MRI) increased by 75% to 3.4 months. Active listings decreased by 4% to 26 homes.

Waipahu Homes

In Waipahu, home sales decreased by 30%, with 169 homes sold. The median price fell by 4% to $910,000. Days on Market (DOM) increased by 91%, reaching a median of 21 days, while bid-ups dropped by 51%, settling at 30.8%. Months of Remaining Inventory (MRI) increased by 31% to 2.2 months. Active listings decreased by 9% to 31 homes.

Mililani Homes

The Mililani homes market saw a 38% decrease in sales, with 133 homes sold. The median price remained relatively stable, with no significant change from the previous year. Days on Market (DOM) increased by 45%, reaching a median of 16 days, while bid-ups dropped by 40%, settling at 35.3%. Months of Remaining Inventory (MRI) increased by 7% to 1.4 months. Active listings decreased by 33% to 16 homes.

Pearl City-Aiea Homes

Pearl City-Aiea home sales decresed by 23%, with 186 homes sold. The median price decreased by 7% to $972,500. Days on Market (DOM) increased by 45% to a median of 16 days, while bid-ups dropped by 39%, settling at 40.3%. Months of Remaining Inventory (MRI) increased significantly by 192% to 1.9 months. Active listings decreased by 12% to 30 homes.

What Happened in Oahu Condo Markets in October 2023?

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

Salt Lake Condos

The Salt Lake condo market experienced a 45% decrease in sales, with 149 condos sold, and a 2% drop in median price, now at $435,000. Days on Market (DOM) increased by 13%, settling at a median 13 days. However, bid-ups decreased by 31%. Months of Remaining Inventory (MRI) increased by 156%, reaching 2.5 months, while the number of active listings decreased by 13% to 35 condos.

Downtown-Nuuanu Condos

Sales of Downtown-Nuuanu condos dropped by 38%, with 262 condos sold. The median price decreased by 2%, settling at $400,000, and Days on Market increased by 73% to a median of 26 days. Bid-ups also decreased by 59%, while Months of Remaining Inventory increased by 39% to 3.1 months. Active listings increased by 41% to 67 condos.

Ala Moana-Kakaako Condos

The Ala Moana-Kakaako condo market saw 31% fewer sales, with 681 condos sold, and a 9% drop in median price to $710,000. Days on Market increased by 30%, reaching a median of 30 days. Bid-ups also decreased by 43%, indicating slightly reduced competition. Months of Remaining Inventory increased by 37% to 5.4 months, while active listings decreased by 5% to 306 condos.

Makiki Condos

Makiki condo sales decreased by 37%, with 280 units sold. However, the median price increased by 2%, reaching $386,200. Days on Market increased by 27% to a median of 19 days, while bid-ups decreased by 37%. Months of Remaining Inventory increased by 124%, reaching 4 months. Active listings increased by 40% to 94 condos.

Waikiki Condos

Sales of Waikiki condos fell by 22%, with 1,079 condos sold, and median prices decreased by 2% to $420,000. Days on Market increased by 35%, reaching a median of 27 days. Bid-ups decreased by 25% while Months of Remaining Inventory increased by 36%, reaching 4.7 months. Active listings increased by 6% to 420 condos.

Kapiolani-University Condos

Kapiolani-University condo sales decreased by 36%, with 242 condos sold, while the median price remained stable at $415,000. Days on Market increased by 29%, reaching a median of 18 days. Bid-ups decreased by 31%, while Months of Remaining Inventory increased by 73%, reaching 3.1 months. Active listings increased by 11% to 63 condos.

Diamond Head-Kahala Condos

The Diamond Head-Kahala condo market experienced a 33% decrease in sales, with 96 condos sold, and a 10% increase in median price, reaching $622,500. Days on Market increased by 21%, settling at a median of 18 days. Bid-ups decreased by 45%. Months of Remaining Inventory grew by 37% to 2.6 months, while active listings increased by 9% to 21 condos.

Hawaii Kai Condos

Sales of Hawaii Kai condos decreased by 33%, with 145 condos sold, and the median price increased by 5% to $810,000. Days on Market doubled, reaching a median of 22 days. Bid-ups decreased by 53%. Months of Remaining Inventory decreased by 9%, reaching 1.4 months, and active listings decreased by 39% to 17 condos.

Kailua Condos

Kailua condo sales only decreased by 2%, with 105 condos sold. The median price also remained relatively stable, with just a 1% decrease. Days on Market increased by 70% to a median of 17 days, and bid-ups decreased by 49%. Months of Remaining Inventory increased by 2%, reaching 2.1 months, while active listings remained consistent at 18 condos.

Kaneohe Condos

Sales in Kaneohe condos decreased by 33%, with 145 units sold, while the median price decreased by 6% to $717,500. Days on Market rose by by 60%, settling at a median of 16 days. Bid-ups decreased by 43%, as Months of Remaining Inventory grew by 56% to 1.9 months. Active listings increased by 5% to 23 condos.

Leeward Condos

The Leeward condo market experienced a 31% decrease in sales, with 166 condos sold, and a 6% increase in the median price, now at $245,000. Days on Market increased significantly by 125%, reaching a median of 27 days. Bid-ups decreased by 37%. Months of Remaining Inventory increased by 86%, reaching 4.2 months, while active listings increased by 29% to 58 condos.

Ewa Condos

Sales of Ewa condos decreased by 39%, with 397 units sold, and the median price decreased by 3%, reaching $688,500. At a median of 17 days, Days on Market increased by 89%, and bid-ups dropped by 50%. Months of Remaining Inventory increased by 70%, reaching 2.1 months, and active listings increased by 3% to 71 condos.

Makakilo Condos

Condo sales in Makakilo decreased by 33%, with 119 condos sold, while the median price remained stable. Days on Market increased by 80%, reaching a median of 18 days, while bid-ups dropped by 33%. Months of Remaining Inventory grew by 75% to 2 months. Active listings increased by 18% to 20 condos.

Waipahu Condos

With 150 condos sold, Waipahu condo sales slipped by 36%, as the median price remained stable. At a median of 17 days, Days on Market increased by 65%. Bid-ups fell by 37%, and Months of Remaining Inventory increased by 90% to 1.8 months. Active listings increased by 22% to 22 condos.

Mililani Condos

Mililani condo sales decreased by 25%, with 304 units sold, as the median price decreased by 2% to $525,000. Days on Market climbed by 56%, reaching a median of 14 days. Bid-ups decreased by 38%, as Months of Remaining Inventory increased by 42%, reaching 1.2 months. Active listings increased by 7% to 31 condos.

Pearl City-Aiea Condos

The Pearl City-Aiea condo market experienced a 36% decrease in sales, with 258 condos sold, and a 2% increase in median price to $465,000. At a median of 14 days, Days on Market increased by 40%, as bid-ups decreased by 31%. With a 192% increase, Months of Remaining Inventory reached 2.6 months. Active listings increased by 87% to 56 condos. 

Summary

In conclusion, Oahu's real estate market conditions in 2023 can vary greatly among market areas. It's imperative for potential buyers and sellers to be aware of these market conditions when weighing their individual real estate goals and preferences.

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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