The O‘ahu real estate market concluded 2024 on a positive note, as reported by the Honolulu Board of REALTORS®. Overall sales saw a modest 1.7% increase compared to the previous year, a figure bolstered by a significant 9.1% surge in single-family home transactions. A total of 2,793 single-family homes changed hands throughout the year, demonstrating robust buyer interest in this segment. In contrast, the condo market experienced a slight contraction, with sales dipping by 2.5%, totaling 4,459 units sold. This divergence highlights the nuanced dynamics within O‘ahu’s housing market.

Annual Comparison: 2024 Versus 2023

Single-Family Home Resales

Condominium Resales

Source: HiCentral

Despite the contrasting performance between single-family homes and condos, both sectors demonstrated increased activity in the final quarter of the year. Single-family home sales jumped by an impressive 20% year-over-year in the fourth quarter, while condo sales also saw a healthy 9% increase. This late-year surge suggests a potential shift in market momentum and could indicate renewed buyer confidence. Median sales prices remained relatively stable throughout 2024, contributing to a sense of predictability in the market. The median sales price for single-family homes reached $1,100,000, reflecting a 4.8% increase from the previous year’s $1,050,000. Similarly, the median condo price rose to $515,000, a modest 1.3% gain from $508,500 in 2023.

Increased seller activity played a significant role in shaping the 2024 market. New listings saw substantial growth, with a 13% increase for single-family homes and an even more pronounced 18.9% increase for condos. This influx of inventory provided buyers with more options, potentially influencing negotiation dynamics. However, despite the positive trends, affordability remains a persistent challenge for many prospective homebuyers. Elevated mortgage rates and rising homeownership costs, including maintenance fees and insurance, continue to be significant factors influencing buyer behavior and overall market dynamics.

Approximately 40% of single-family home sales in 2024, totaling 1,130 transactions, were for properties priced under $1 million. This segment of the market saw a slight decrease of 3% compared to the previous year. However, the higher-end market experienced substantial growth, with sales of homes priced at $1 million or more increasing by 19.2% to 1,663 transactions. This surge indicates robust activity in the luxury Hawaii real estate market, particularly for Honolulu luxury homes. While condo sales generally decreased compared to 2023, the segment of condos priced at $700,000 and above saw a 6.6% increase in sales.

December provided a strong finish to the year, with both single-family home and condo sales showing substantial gains compared to December of the previous year. Single-family home sales soared by 25.3%, while condo sales increased by 18.8%. This strong closing performance underscores the resilience of the O‘ahu real estate market and sets a positive tone for the year ahead.

December 2024 Real Estate Statistics

Single-Family Home Resales

Condominium Resales

The Hawaii real estate market continues to exhibit a dynamic and complex landscape. Navigating this intricate market requires a deep understanding of local nuances, market trends, and current conditions. For both buyers and sellers, partnering with a knowledgeable and experienced real estate professional is crucial. A qualified agent can provide invaluable guidance, insights, and support throughout the entire real estate journey.

If you are considering buying or selling property in Hawaii, contact Sachi Hawaii to connect with a team of experts who can help you achieve your real estate goals.
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