Everything you need to know about the O'ahu Real Estate Market in December 2024.
O‘ahu’s housing market closed 2024 with positive momentum, as both single-family home and condo sales experienced year-over-year growth. Single-family home sales rose 25.3%, while condo sales grew 18.8% in December compared to the previous year.
Median sales prices saw modest increases. Single-family homes reached a median price of $1,054,500, reflecting a 5.8% increase from December 2023. Condos reached a new record median price of $540,000, a 5.9% rise from one year ago, and a fractional increase over the previous record of $536,000 set in March 2023.
Seller activity was on the rise throughout the year, with new listings for single-family homes up 12.2% and condo listings rising 29.2% in December. Additionally, there was a 6.6% increase in contract signings for single-family homes and 6.9% for condos.
2024 Year-End Stats
In 2024, O‘ahu’s housing market showed a mix of positive growth and persistent affordability concerns:
• Total sales increased by 1.7% from the previous year, driven primarily by a 9.1% rise in single-family home transactions, although condo sales saw a slight decline of 2.5%.
• Median sales prices for single-family homes rose 4.8% to $1,100,000, while condos saw a modest 1.3% increase to $515,000.
• New listings for single-family homes and condos grew by 13% and 18.9%, respectively, reflecting increased seller confidence despite affordability pressures.
• Active inventory levels were higher than a year ago, with 675 single-family home listings, a 12.5% year-over-year increase, and 1,928 condo listings, up 56.2% from the previous year.
A significant portion of the market’s activity in 2024 was driven by single-family homes priced at $999,999 and below, which accounted for about 40% of total sales. Meanwhile, the higher-end market, with homes priced at $1 million and above, saw a 19.2% increase in sales. Condo sales also saw growth in the $500,000 and above range, surpassing sales at lower price points.
In 2024, 29% of single-family home sales closed above the asking price, consistent with 2023, while the share of condos exceeding the asking price dropped to 16%, down from 21% in 2023. Additionally, average monthly condo fees saw significant increases over the last two years. Annual sales statistics from 2022 and 2024 indicate average monthly condo fees climbing 28% for studios and 17% to 23% for 1-bedroom, 2-bedroom, and 3+ bedroom units.
O'ahu Real Estate: December's Insights - Information courtesy of Honolulu Board of Realtors.
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