O‘ahu’s housing market wrapped up 2024 with positive gains, as both single-family home and condo sales saw year-over-year increases.
While affordability is a key consideration in home buying, year-end housing statistics released this week by the Honolulu Board of Realtors® reveal market indicators are mostly positive.
Annual single-family sales on Oahu in 2024 rose by 9.1% — from 2,560 closed sales in 2023 to 2,793 homes sold in 2024. The annual median price of a single-family home increased by 4.8%, from $1,050,000 in 2023 to $1,100,000 in 2024.
Affordability challenges — rising maintenance fees and insurance premiums — were evident in the recent annual condominium sales volume data. Condos sold in 2024 were down 2.5% — from, 4,573 in 2023 to 4,459 last year. Remarkably however, the annual MSP of a condo by year-end 2024 increased by 1.3%, from $508,500 a year ago to $515,000.
“While a 1.3% increase in the median sale price of a condo may not sound significant, the annual median sales price of $515,000 is an all-time high, breaking the previous record, set in 2022 of $510,000,” says Mike James, president of Coldwell Banker Realty. “Given all the obstacles the condo segment has encountered this past year, demand for these units, as well as their perceived value and desirability are strong.”
James notes that the HBR’s year-end report included a comparison of average monthly condo fees on Oahu from 2022 to 2024, which increased by 28% for studios, 17% for 1-bedroom units, 18% for 2-bedroom units, and 23% for a 3-bedroom.
The statistics for the month of December 2024, compared to December 2023 were encouraging as well — both single-family and condo sales volume increased, and median sales prices rose.
Seller activity increased in 2024, with new listing risings 13% for single-family homes and 18.9% for condominiums, over 2023, offering more choices for buyers.
Sales of Single-Family Homes and Condos | December 2024
Source: Honolulu Board of REALTORS®, compiled from MLS data
By year-end, single-family home sales volume increased by 9.1% (2,793 homes sold) and condo sales decreased 2.5% (4,459 condos sold) from 2023 sales.
For historical reference, this will be the fifth time in 24 years — since 2000 — that the annual single-family home sales volume has dropped below 3,000 homes sold. During the same 24-year period, the annual condos sales count was below 5,000 twelve times.
While home sales during the holidays typically decline as buyers and sellers opt to take a break from open houses to celebrate the holidays, last month’s sales volume took an out-of-the-ordinary bump-ups in both segments. Condo sales were up 18.8% — from 272 condo sales in December 2023 to 323 last month. And single-family sales shot up by 25.3% — from 182 homes closed a year ago in December to 228 last month.
Median Sales Price of Single-Family Homes and Condos | December 2024
Source: Honolulu Board of REALTORS®, compiled from MLS data
The median sales price (MSP) is the price at which, half the homes/condos sold for more, and half sold for less. Throughout 2024, median sales prices remained stable, despite numerous financial challenges. By year-end, the annual MSP for single-family homes increased to $1,100,000, up 4.8% from $1,050,000 in 2023. For condos, the MSP hit an all-time annual high of $515,000. The previous annual record high was $510,000, set in 2022.
The December stats are impressive. The MSP of a single-family home in December rose 5.8% to $1,054,500, up from $996,500 in December 2023. December condo prices reached a record high, as the monthly MSP shot up to $540,000, from $510,000 in 2023. The previous record-high, sent in March 2023, was $536,000. Condo sales in December priced at $500,000-and-above were up by 30%, while sales below $499,999 grew by 6.1%.
MARKET SPOTLIGHT
This month’s spotlight is on Oahu’s more affordable neighborhoods. Specifically, where homes and condos remain near or below Oahu’s median sales prices. Check it out.
| Median Sales Price | ||
| Single Family | Year-To-Date (NOV 2024) |
Year-To-Date (NOV 2023) |
| Ewa Plain | $892,000 | $888,000 |
| Kalihi – Palama | $949,000 | $900,000 |
| Makaha – Nanakuli | $670,000 | $675,000 |
| Wahiawa | $825,000 | $840,000 |
| Waipahu | $950,000 | $910,000 |
| Median Sales Price | ||
| Condos | Year-To-Date (NOV 2024) |
Year-To-Date (NOV 2023) |
| Kalihi – Palama | $400,000 | $405,000 |
| Makaha – Nanakuli | $245,000 | $249,500 |
| Makiki – Moiliili | $405,000 | $405,000 |
| Moanalua – Salt Lake | $427,500 | $445,000 |
| Pearl City – Aiea | $469,000 | $465,000 |
| Wahiawa | $336,500 | $319,500 |
| Waikiki | $442,500 | $425,000 |
| Waipahu | $499,000 | $499,500 |
| Windward Coast | $354,950 | $200,000 |
SOURCE: Honolulu Board of REALTORS®, compiled from MLS data.
