Oahu Single-Family Home Prices Up, Condo Prices Down, in September 2024

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

“The Oahu real estate market continued to follow stable seasonal patterns in September 2024,” said Chief Sales Officer for Locations Chad Takesue. “Sales are following typical trends, prices are flat to slightly rising and homes are on the market for about 3 to 4 weeks.”

“Lower mortgage rates and a generally positive economic outlook could drive increased sales activity in the coming months, as buyers and sellers regain confidence in the market. Buyers also have greater purchasing power and more inventory to choose from compared to last year,” Takesue added.

For-sale housing inventory, which has risen throughout 2024—particularly in the condo market—is now flattening. As inventory typically rises in the fall, this shift signals possible increased buyer demand heading into 2025. Oahu remains a seller’s market, with less than six months of remaining inventory.

In the condo market, the pace of sales has been slowest in town, where many aging condo towers have insurance and maintenance issues. Over the past 12 months, time on market has been greatest in Ala Moana-Kakaako at 43 days, as older resale inventory competes with new projects. Condo sales in Leeward Oahu have also been slow, at 41 days, due to location and condo quality. Condo sales have been swiftest in Hawaii Kai, Kailua, Kaneohe, and Waipahu at 17 to 19 days, across the price spectrum.

In the single-family home market, the pace of sales has been slower outside the urban core, regardless of price. At 30 to 35 days, the slowest home markets in the past 12 months have been Leeward, North Shore and Makakilo. The fastest condo markets, at less than 15 days, have been Kailua, Kaneohe and Kaimuki. Market times have also been low in Waipahu, Mililani and Pearl City-Aiea, at 15 to 17 days.

Key Takeaways from the September 2024 Locations Oahu Real Estate Report

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

• The September 2024 single-family home median price of $1,130,000 is eight percent higher than a year ago, while the condo median price of $515,000 is three percent lower. Home prices have been trending slightly upward, while condo prices have remained flat. 
• Compared to last year, single-family home sales were seven percent lower in September, and condo sales were four percent lower. Year-to-date, home sales are up six percent, and condo sales are down six percent from last year. Both sectors are largely following the seasonal trend. 
• At the end of September 2024, 803 single-family homes and 1,956 condos were available for sale—an increase of 30 percent for homes and 57 percent for condos from last year. Inventory is leveling off for both homes and condos, after rising 35 percent from the beginning of the year. 
• There were 3.6 Months of Remaining Inventory (MRI) for single-family homes and 5.3 MRI for condos at the end of September 2024. Months of Remaining Inventory for condos is still in seller’s market territory and leveling off after an increase earlier this year. 
• The median Days on Market (DOM) in September was 19 days for homes and 31 days for condos. The pace of sales is slowing, following the typical seasonal trend. 
• In September, 31.3 percent of single-family homes and 18.1 percent of condos sold were bid up over the list price, about one in every three homes sold and one in every five condos sold. Competitive pressures continue but have eased in recent years.

What Happened in Oahu Single-Family Home Markets in September 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 experienced a 5% drop in sales, and the median price increased by 3% to $1,035,000. Days on Market (DOM) decreased by 6% to 16 days, while the bid-up percentage increased by 8%. Months of Remaining Inventory (MRI) increased by 27% to 3.9 months, and active listings increased by 21%.

Nuuanu-Makiki Homes

Nuuanu-Makiki homes saw a 37% increase in sales, and the median price increased by 1% to $1,200,000. DOM decreased by 35% to 16 days, while the bid-up percentage decreased by 22%. MRI decreased by 5% to 4.8 months, and active listings increased by 31%.

Manoa Homes

In Manoa, home sales increased by 3%, and the median price rose by 6% to $1,650,000. DOM increased by 79% to 25 days, while the bid-up percentage dropped by 40%. MRI increased by 7% to 3.5 months, and active listings increased by 11%.

Kaimuki Homes

Kaimuki experienced an 18% increase in home sales, and the median price was flat at $1,245,000. DOM decreased by 9% to 15 days, while the bid-up percentage fell by 15%. MRI increased by 9% to 2.9 months, and active listings rose by 28%.

Waialae-Kahala Homes

Waialae-Kahala home sales declined by 1%, and the median price dropped by 3% to $2,350,000. DOM decreased by 2% to 24 days, while the bid-up percentage increased by 11%. MRI was down by 3% to 3.6 months, and active listings decreased by 4%.

East Oahu Homes

East Oahu saw a 15% decrease in sales, and the median price rose by 11% to $1,950,000. DOM increased by 21% to 17 days, as the bid-up percentage declined by 41%. MRI increased by 17% to 5.0 months, and active listings remained flat.

Hawaii Kai Homes

Hawaii Kai experienced a 10% increase in sales, and the median price rose by 9% to $1,650,000. DOM increased by 36% to 19 days, while the bid-up percentage decreased by 24%. MRI dropped by 6% to 2.6 months, and active listings increased by 3%.

Kailua Homes

Kailua saw a 1% increase in sales, and the median price increased by 3% to $1,674,500. DOM decreased by 13% to 14 days, as the bid-up percentage increased by 4%. MRI rose by 33% to 2.9 months, and active listings increased by 35%.

Kaneohe Homes

Kaneohe experienced a 17% increase in sales, and the median price rose by 1% to $1,200,000. DOM decreased by 18% to 14 days, while the bid-up percentage dropped by 27%. MRI increased by 18% to 2.6 months, and active listings increased by 38%.

North Shore Homes

North Shore home sales declined by 3%, and the median price decreased by 2% to $1,556,000. DOM increased by 15% to 31 days, while the bid-up percentage increased by 10%. MRI rose by 98% to 9.4 months, and active listings increased by 92%.

Leeward Homes

Leeward homes saw a 1% decrease in sales, and the median price fell by 2% to $670,000. DOM decreased by 8% to 35 days, as the bid-up percentage dropped by 22%. MRI increased by 46% to 5.4 months, and active listings rose by 44%.

Ewa Homes

Ewa home sales decreased by 4%, while the median price remained flat at $889,500. DOM fell by 28% to 23 days, as the bid-up percentage increased by 7%. MRI rose by 29% to 3.1 months, and active listings increased by 24%.

Makakilo Homes

Makakilo experienced a 14% drop in sales, and the median price increased by 2% to $1,012,500. DOM increased by 30% to 30 days, as the bid-up percentage dropped by 48%. MRI increased by 46% to 5.0 months, while active listings rose by 26%.

Waipahu Homes

Waipahu saw an 8% decrease in sales, and the median price rose by 5% to $952,500. DOM decreased by 11% to 17 days, as the bid-up percentage increased by 28%. MRI increased by 101% to 2.9 months, and active listings increased by 86%..

Mililani Homes

Mililani experienced a 5% drop in sales, with the median price remaining flat at $1,072,500. DOM decreased by 9% to 16 days, while the bid-up percentage dropped by 10%. MRI increased by 12% to 1.6 months, and active listings rose by 6%.

Pearl City-Aiea Homes

Pearl City-Aiea saw a 15% increase in sales, with the median price rising by 8% to $1,050,000. DOM decreased by 6% to 15 days, while the bid-up percentage fell by 4%. MRI increased by 5% to 2.0 months, and active listings increased by 20%.

What Happened in Oahu Condo Markets in September 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 increased by 3%, with the median price decreasing by 1% to $430,000. Days on market (DOM) increased by 92% to 25 days, while the bid-up percentage rose by 3%. Months of remaining inventory (MRI) increased by 107% to 5.3 months, and active listings rose by 113%.

Downtown-Nuuanu Condos

Downtown-Nuuanu condo sales decreased by 10%, with no change in the median price at $400,000. DOM increased by 15% to 31 days, and the bid-up percentage rose by 6%. MRI increased by 78% to 4.7 months, while active listings grew by 60%.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako saw an 11% decline in condo sales, while the median price increased by 6% to $780,000. DOM rose by 39% to 43 days, and the bid-up percentage decreased by 38%. MRI increased by 62% to 8.4 months, and active listings were up by 44%.

Makiki Condos

Makiki condo sales fell by 7%, with the median price rising by 1% to $395,000. DOM increased by 89% to 34 days, as the bid-up percentage dropped by 30%. MRI rose by 88% to 5.9 months, and active listings increased by 75%.

Waikiki Condos

Waikiki experienced a 3% decrease in condo sales, while the median price rose by 5% to $440,000. DOM increased by 23% to 32 days, and the bid-up percentage dropped by 34%. MRI rose by 35% to 6 months, and active listings increased by 31%.

Kapiolani-University Condos

Kapiolani-University saw an 8% drop in condo sales, with the median price decreasing by 5% to $402,500. DOM increased by 24% to 21 days, and the bid-up percentage decreased by 24%. MRI more than doubled, rising by 108% to 5.6 months, with active listings increasing by 91%.

Diamond Head-Kahala Condos

Diamond Head-Kahala condo sales decreased by 1%, and the median price dropped by 5% to $647,500. DOM rose by 18% to 23 days, while the bid-up percentage fell by 44%. MRI surged by 172% to 7.8 months, and active listings grew by 170%.

Hawaii Kai Condos

Hawaii Kai experienced a 14% decrease in condo sales, and the median price dropped by 3% to $819,500. DOM decreased by 21% to 17 days, and the bid-up percentage dropped by 2%. MRI increased significantly by 193% to 4.4 months, and active listings surged by 153%.

Kailua Condos

Kailua saw a 16% decrease in condo sales, with the median price increasing by 5% to $785,000. DOM increased by 15% to 19 days, and the bid-up percentage dropped by 24%. MRI rose by 102% to 3.7 months, with active listings increasing by 69%.

Kaneohe Condos

Kaneohe experienced a 7% increase in condo sales, with the median price rising by 5% to $712,500. DOM increased by 10% to 17 days, while the bid-up percentage dropped by 17%. MRI increased by 42% to 2.3 months, with active listings rising by 53%.

Leeward Condos

Leeward condo sales fell by 22%, and the median price decreased by 4% to $245,000. DOM increased by 86% to 41 days, while the bid-up percentage dropped by 48%. MRI increased by 76% to 5.9 months, with active listings up by 38%.

Ewa Condos

Ewa experienced a 19% decrease in condo sales, with the median price rising by 3% to $689,500. DOM increased by 25% to 23 days, and the bid-up percentage decreased by 8%. MRI rose by 130% to 4.3 months, and active listings grew by 87%.

Makakilo Condos

Makakilo saw an 18% decrease in condo sales, with the median price remaining stable at $549,000. DOM increased by 28% to 23 days, while the bid-up percentage decreased by 33%. MRI increased by 13% to 1.5 months, and active listings decreased by 8%.

Waipahu Condos

Waipahu experienced a 3% decline in condo sales, with the median price rising by 3% to $515,000. DOM remained flat at 17 days, and the bid-up percentage dropped by 22%. MRI increased by 23% to 2 months, and active listings rose by 20%.

Mililani Condos

Mililani saw a 7% decline in condo sales, with the median price remaining flat at $514,483. DOM increased by 62% to 21 days, while the bid-up percentage decreased by 18%. MRI rose by 103% to 2.7 months, with active listings increasing by 88%.

Pearl City-Aiea Condos

Pearl City-Aiea experienced a 6% decline in condo sales, with the median price falling by 1% to $469,000. DOM increased by 92% to 25 days, and the bid-up percentage dropped by 17%. MRI increased by 117% to 3.8 months, and active listings rose by 105%.

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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