Single-family homes and condos recorded double-digit increases in the median sales price on Oahu in April as compared to April 2021, even as the cost of financing goes up. According to Freddie Mac, the average 30-year fixed-rate mortgage was up nearly two full points in one year — from 3.06% in April 2021 to 4.98% last month.

Though the recent rate hike is not earth-shattering (in 1981, 30-year fixed-rate mortgages hit 16.63%, and rates haven’t been much over 5% since 2010) it is worth noting.

So far, the rising rates haven’t seemed to slow things down much. But if rates continue to bump up, as projected, some buyers may face future challenges in financing their dream home.

For buyers who plan to borrow money, interest rates directly impact affordability, and may limit how much a person can borrow. As the cost of financing goes up, some buyers may be priced out of their dream-home range, or may find it challenging to qualify for a loan at all. If the number of qualified buyers in the market were to shrink, the ripple effect could impact demand, and sellers.

“We recommend buyers consider how rates may affect their future home-buying plans,” says Mike James, president of Coldwell Banker Realty. “We have gotten so used to rates dropping and staying low. Many have almost forgotten what higher rates can do to affordability. So, it’s a good time to evaluate your risk tolerance related to rising rates.”

According to the Honolulu Board of Realtors®, most of the properties sold in April were in escrow before mid-March, when 30-year fixed mortgage rates averaged below 4%, before the swift spike up to the 5% range.

Consider closing on a home — or listing your home — before mortgage interest rates rise significantly from the historic lows.


Sales of Single-Family Homes and Condos | April 2022
Source: Honolulu Board of REALTORS®, compiled from MLS data



Condominium sales volume was up again for the 18th consecutive month. April condo sales outpaced April 2021 sales by 4.2% — up from 645 to 672 last month. Single-family homes sales volume was down 2.7% — from 375 a year ago, to 365 last month.

The most significant increase in sales volume was in the single-family homes priced between $1 million to $1,399,999, up 46%, while homes in the $700,000 to $999,999 range made up nearly one-third of April’s sales, despite seeing a 26% drop, year-over-year. The Ewa Plain accounted for the bulk of sales in both price ranges.

In the condo market, sales in the $700,000 to $999,999 price range doubled from a year ago — up 101.6%. Condos that sold in the $1 million to $1,999,999 range made up the next highest gain, up 54.8%. The Metro region accounted for 60% of sales in April and the largest increase in volume, up 16.5% year-over-year. The Waipahu and Ewa Plain regions accounted for the most significant decline in sales, down 46.7% and 20%, respectively.


Median Sales Price of Single-Family Homes and Condos | April 2022
Source: Honolulu Board of REALTORS®, compiled from MLS data


The median sales price for a single-family home was up 19.1% — from $928,000 in April 2021 to $1,105,000 last month. This was the ninth straight month the median price of a SF home has been $1 million or more. Since September 2020, the percent of the original list price received for a single-family home on Oahu has been at 100% or more.

Condo prices are also up from a year ago — up 13.3%. A year ago April, the MSP of a condo on Oahu was $450,000, and last month, the median is up to $510,000.



While prices continue to rise, even in neighborhoods typically considered more affordable, there are properties on Oahu where prospective buyers can find prices that remain within reach. Below is the March 2022 median sales price data, compared to the month prior, for neighborhoods where SF prices are available below MSP of $1 million and condos below $500,000.

SF MSP MAR 2022 MSP FEB 2022
Ewa Plain $935,000 $907,500
Kalihi- Palama $985,000 $1,055,000
Makaha – Nanakuli $739,000 $670,000
Makakilo $990,000 $1,020,000
Wahiawa $950,000 $876,000
Waipahu $950,000 $974,986


Condos MSP MAR 2022 MSP FEB 2022
Kalihi – Palama $415,000 $402,500
Makaha – Nanakuli $225,000 $215,000
Makiki – Moiliili $426,500 $402,500
Moanalua – Salt Lake $470,000 $450,000
Pearl City – Aiea $480,000 $435,000
Wahiawa $260,000 $130,000
Waikiki $442,500 $382,500
Windward Coast $465,000 $220,000


To find out the MSP for your neighborhood, ask your Coldwell Banker Realtor®.

SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.