One in Three Oahu Single-Family Homes Sold for Above Asking Price in March 2024

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

“As we head into the busy spring and summer season, the Oahu real estate market is stable and largely following typical seasonal trends,” said Chief Operating Officer for Locations Chad Takesue. “We continue to see strong demand, especially for single-family homes, and can expect to see moderate price increases in the coming months.

Takesue noted that while the supply of homes relative to demand is tightening, the condo market is showing signs of easing. For-sale condo inventory is at a four-year high, and sales have fallen short of the typical seasonal trend. Softness in the condo market is likely to be temporary, he added, noting that the challenges of affordability and availability in the single-family home market will continue to fuel demand for Oahu condos.

Housing supply varies across the island. On the single-family home side, supply is greatest on the North Shore, with 6.8 months of remaining inventory, followed by Leeward, Manoa and Nu’uanu-Makiki. Markets with fewer than two months of remaining inventory for homes include Mililani, Pearl City-Aiea, Kailua and Hawaii Kai. On the condo side, supply is greatest in Ala Moana-Kakaako, with seven months of remaining inventory, followed by the Leeward, Waikiki and Diamond Head-Kahala markets, with more than five months of inventory. Condo markets with less than two months’ supply include Salt Lake, Kailua and Waipahu.

Key Takeaways from the March 2024 Locations Oahu Real Estate Report

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

• In March 2024, the median single-family home price of $1,100,000 was two percent higher than last month and even with last year. At $500,000, the median condo price was two percent below last month and seven percent below last March. Flat-to-slightly-rising price trends are expected to continue throughout this year, although the condo market is beginning to soften.
• Single-family home sales fell by one percent from a year ago, while condo sales dropped by 23 percent—slightly below the seasonal trend.
• At the end of March 2024, 628 single-family homes and 1,568 condos were available for sale—a nine percent increase in homes and a 31 percent increase in condos from last year. Rising condo inventory is a signal of easing demand.
• There were 2.9 Months of Remaining Inventory (MRI) for single-family homes and 4.1 MRI for condos at the end of March 2024. Although condo MRI is rising, the market continues to favor sellers—underscoring low supply and strong demand.
• The median Days on Market (DOM) in March was 31 days for single-family homes and 29 days for condos. This measure is expected to decrease in the second and third quarters of this year, following usual seasonal trends.
• In March 2024, 29.4 percent of single-family homes and 19.8 percent of condos sold were bid-up over the list price, about one in every three home sales and one in every five condo sales.

What Happened in Oahu Single-Family Home Markets in March 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: 

West Honolulu Homes

Sales in West Honolulu dropped by 29% compared to the previous year, with a 2% decrease in median price, settling at $1,025,000. Days on Market (DOM) increased by 8% to 14 days, reflecting a slightly slower sales pace. Active listings increased by 32%, boosting for-sale inventory.

Nuuanu-Makiki Homes

The Nuuanu-Makiki housing market saw 1% a decline in sales, with an 11% decrease in median price to $1,147,250. Days on Market (DOM) increased by 22%, while the Bid-Up percentage decreased by 25%, indicating reduced competitive conditions. Active listings increased by 11%.

Manoa Homes

Manoa home sales declined by 39% compared to the previous year. The median price of homes also decreased by 6% to $1,510,000. Days on Market (DOM) increased by 60% to 20 days, and the Bid-Up percentage decreased by 29%, indicating slightly reduced competition among buyers. Notably, Months of Remaining Inventory (MRI) increased by 134%, suggesting more opportunities in this market area. Active listings increased by 44%, providing slightly more options for potential buyers in Manoa.

Kaimuki Homes

Kaimuki saw a 22% decline in home sales compared to the previous year. The median price rose by 2% to $1,240,000. Days on Market (DOM) dipped by 10% to 13 days, indicating a swifter selling pace. The Bid-Up percentage decreased by 7%, indicating a continued competitive market environment. Active listings ticked up by 29%. Demand conditions are strong for Kaimuki homes.

Waialae-Kahala Homes

Waialae-Kahala home sales experienced a 29% decrease compared to the previous year, along with a 2% decrease in the median price, settling at $2,400,000. Days on Market (DOM) rose by 63% to 26 days, while the Bid-Up percentage dropped by 47%, suggesting significantly reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 104% to five months, indicating a more balanced market. Active listings also increased by 44%, leaving 26 available homes in Waialae-Kahala.

East Oahu Homes

There was a 16% decline in home sales in East Oahu compared to the previous year. The median price also decreased by 14% to $1,612,500. Days on Market (DOM) increased by 18% to 17 days. The Bid-Up percentage increased by 9% to 45.6%, indicating a continued competitive market environment. Months of Remaining Inventory (MRI) fell by 7%, while active listings fell by 22%, offering fewer choices for buyers in East Oahu.

Hawaii Kai Homes

Hawaii Kai experienced a 14% decrease in home sales compared to the previous year, with a 4% decrease in the median price, settling at $1,540,800. Days on Market (DOM) increased from 13 days to 17 days, reflecting a slightly slower pace in property sales. The Bid-Up percentage dropped significantly by 35%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) grew by 44%, while active listings rose by 24%, leading to more choices for buyers in Hawaii Kai.

Kailua Homes

Kailua home sales decreased by 13%, with a 5% increase in the median price to $1,672,500. Days on Market (DOM) increased by 8% to 14 days, while the Bid-Up percentage decreased by 24%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) grew by 12%, while active listings dropped by 3% to 37 available homes in Kailua.

Kaneohe Homes

Kaneohe experienced a 5% decline in home sales compared to the previous year, accompanied by a 1% increase in the median price to $1,200,000. Days on Market (DOM) increased by 8% to 14 days, while the Bid-Up percentage dropped by 29%, suggesting reduced competition among buyers. Active listings increased by 33%, providing slightly more options for potential buyers in Kaneohe.

North Shore Homes

There was a 37% decline in home sales in the North Shore market compared to the previous year, as well as a 5% increase in the median price, settling at $1,700,000. Days on Market (DOM) decreased by one day to 27 days, while the Bid-Up percentage slipped by 27%, signaling slightly reduced competition among North Shore buyers. Months of Remaining Inventory (MRI) increased by 138% to 6.8 months, indicating more of a buyer's market; active listings also rose by 50%.

Leeward Homes

Leeward experienced a 11% decline in home sales compared to the previous year, with a 3% decrease in the median price to $680,000. Remarkably, Days on Market (DOM) surged to 36 days, indicating a slower market in the Leeward area. The Bid-Up percentage decreased significantly by 48%, signaling reduced competition among buyers. Active listings increased by 23% to 97 available homes.

Ewa Homes

Ewa home sales fell by 21% compared to the previous year, accompanied by a 4% decrease in the median price to $879,950. Days on Market (DOM) doubled to 30 days, suggesting reduceded buyer competition, while the Bid-Up percentage decreased by 33%. Months of Remaining Inventory (MRI) grew by 13%, as active listings dropped by 11%.

Makakilo Homes

Makakilo experienced a 29% decrease in home sales compared to the previous year, with a 5% increase in the median price to $1,030,000. Days on Market (DOM) more than doubled to 28 days, indicating a slower market. The Bid-Up percentage decreased significantly by 43%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) ticked by 24%, giving buyers more options for buyers than a year ago. Active listings decreased by 13% in Makakilo.

Waipahu Homes

Waipahu saw a 19% decline in home sales compared to the previous year, accompanied by a 3% decrease in the median price to $917,500. Days on Market (DOM) increased by 86% to 26 days, suggesting a slightly slower market. The Bid-Up percentage decreased by 30%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 3% to 2.0 months, while active listings decreased by 16%.

Mililani Homes

Mililani home sales declined by 17% compared to the previous year, with a 2% decrease in the median price to $1,070,000. Days on Market (DOM) increased by 38% to 17 days, and the Bid-Up percentage decreased by 36%. Months of Remaining Inventory (MRI) decreased by 29% to just 1.5 months, as active listings dropped by 41% to 17 available homes.

Pearl City-Aiea Homes

Pearl City-Aiea witnessed a 10% decline in home sales compared to the previous year, along with a slight 1% decrease in the median price to $1,011,500. Days on Market (DOM) increased to by 58% to 19 days, suggesting a slightly slower pace in property sales. The Bid-Up percentage decreased by 30%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) grew by 11% to 1.6 months, as active listings remained flat at 26 homes.

What Happened in Oahu Condo Markets in March 2024?

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

Salt Lake Condos

Salt Lake experienced a 17% decline in condo sales compared to the previous year, with the median price just 1% lower than a year ago at $436,000. Days on Market (DOM) increased slightly by 13% to 17 days, while the Bid-Up percentage decreased by 17%, indicating slightly reduced competition among buyers. Months of Remaining Inventory (MRI) rose by 9% to just 1.5 months, as active listings decreased by 9% to just 21 condos for sale in Salt Lake.

Downtown-Nuuanu Condos

Downtown-Nuuanu witnessed a 30% decline in condo sales compared to the previous year, with the median price essentially flat at $409,500. Days on Market (DOM) increased by 56% to 25 days, indicating a slower pace in property sales. The Bid-Up percentage decreased by 45%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 66%, as active listings increased by 16%.

Ala Moana-Kakaako Condos

Ala Moana-Kakaako condo sales declined by 24% from the previous year, accompanied by a 2% decrease in the median price to $745,000. Days on Market (DOM) increased by 23% to 32 days, suggesting a slightly slower pace in property sales. The Bid-Up percentage decreased by 22%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 51% to 7 months, while active listings ticked up 15% to 366 listings.

Makiki Condos

Condo sales in Makiki declined by 17% from the previous year, with the median price up 2% to $393,500. Days on Market (DOM) increased by 38% to 22 days, indicating a slightly slower pace in property sales. The Bid-Up percentage decreased by 41%, signaling reduced competition among buyers. Months of Remaining Inventory (MRI) nearly doubled to 4.2 months, as active listings grew by 54%.

Waikiki Condos

Waikiki experienced a 12% decline in condo sales compared to the previous year, while the median price held steady at $428,000. Days on Market (DOM) increased by 33% to 28 days, suggesting a slower pace in property sales. The Bid-Up percentage fell by 33%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 34% to 5.3 months, while active listings grew by 18%.

Kapiolani-University Condos

Sales of Kapiolani-University condos decreased by 23% compared to the previous year, as the median price declined slightly by 1% to $415,000. Days on Market (DOM) increased by 6% to 17 days, while the Bid-Up percentage dropped by 32%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased notably by 117%, and active listings surged by 57%.

Diamond Head-Kahala Condos

Diamond Head-Kahala witnessed a 17% decline in condo sales from to the previous year and a 3% increase in the median price to $667,000. Days on Market (DOM) dropped by 23% to 15 days. The Bid-Up percentage increased by 2%. Months of Remaining Inventory (MRI) surged by 147% to 5.3 months, while active listings rose by 105%.

Hawaii Kai Condos

Hawaii Kai condo sales fell by 29% compared to the previous year, as the median price dipped by 3% to $810,000. Days on Market (DOM) increased significantly by 85% to 24 days, indicating a slightly slower market. The Bid-Up percentage dropped by 27%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) was flat at 2 months, and active listings declined by 27%.

Kailua Condos

Kailua experienced a 5% decrease in condo sales compared to the previous year and a 1% increase in median price to $759,500. Days on Market (DOM) decreased by 9% to 15 days, while the Bid-Up percentage decreased by 36%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) remained low at just 1.7 months. Active listings increased by 18% to 13 Kailua condos for sale.

Kaneohe Condos

Sales of condos in Kaneohe declined by 29% from to the previous year, as the median price dipped slightly by 1% to $690,000. Days on Market (DOM) increased by 68% to 19 days, as the Bid-Up percentage decreased by 39%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) surged by 134% to 2.3 months, as active listings grew by 67% to 25 Kaneohe condos.

Leeward Condos

Leeward saw a 27% decrease in condo sales compared to the previous year, as the median price rose by 1% to $259,500. Days on Market (DOM) surged by 107% to 31 days, signifying a significantly longer period for property sales. The Bid-Up percentage dropped by 22%, indicating slightly reduced competition among buyers. Months of Remaining Inventory (MRI) rose significantly by 120% to 5.8 months, and active listings increased by 60%.

Ewa Condos

Ewa experienced a 28% decline in condo sales compared to the previous year, as the median price rose by 1% to $680,000. Days on Market (DOM) increased by 33% to 16 days, while the Bid-Up percentage decreased by 38%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 111% to 3 months, and active listings increased by 52%.

Makakilo Condos

Sales of Makakilo condos decreased by 31% from the previous year, as the median price dipped slightly by 1% to $550,000. Days on Market (DOM) increased by 46% to 19 days. The Bid-Up percentage decreased by 31%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) increased by 65% to 2 months, while active listings increased by 13% to 17 condos for sale in Makakilo.

Waipahu Condos

Waipahu observed a 20% decline in condo sales from the previous year, and the median price decreased slightly by 2% to $500,000. Days on Market (DOM) increased by 42% to 19 days, indicating a longer period for property sales. The Bid-Up percentage decreased by 35%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) slipped by 1% to just 1.3 months, as active listings dropped by 20% to just 16 for-sale units in Waipahu.

Mililani Condos

Mililani experienced a 12% decrease in condo sales compared to the previous year, with a slight 2% decrease in the median price to $515,000. Days on Market (DOM) increased by 55% to 17 days. The Bid-Up percentage decreased by 21%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) surged by 236% to 2 months, as active listings soared by 194% to 50 condos for sale.

Pearl City-Aiea Condos

Condo sales in Pearl City-Aiea saw a 28% decline from the previous year, with a 3% decline in the median price to $460,000. Days on Market (DOM) increased by 70% to 17 days, indicating a slightly longer period for property sales. The Bid-Up percentage dropped by 21%, indicating reduced competition among buyers. Months of Remaining Inventory (MRI) rose significantly by 126% to 2.3 months. Active listings increased notably by 63%.

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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