Hawaii Real Estate Market Update: November 2024
Honolulu’s real estate market showed positive signs in November, with both single-family home and condominium sales experiencing double-digit growth compared to the same period last year. According to the Honolulu Board of REALTORS®, single-family home sales rose by 12.8% with 203 closings, while condo sales jumped 10% to 341 closings. Despite these increases in sales volume, median sales prices remained relatively stable. The median sales price for single-family homes was $1,115,000, a 1.4% increase year-over-year, and the median condo price reached $530,000, a 2.7% increase.
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| November 2024 | 203 +12.8% | $1,115,000 +1.4% |
| November 2023 | 180 | $1,100,055 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| November 2024 | 341 +10.0% | $530,000 +2.7% |
| November 2023 | 310 | $516,179 |
Source: HiCentral
This positive trend is attributed to a combination of increased seller activity and sustained buyer demand, leading to what the Honolulu Board of REALTORS® describes as a balanced market. Notably, the $900,000 to $1,199,999 price range for single-family homes saw significant growth, with a 66.7% increase in sales compared to November 2023. In the condo market, the $300,000 to $599,999 range dominated sales, accounting for over half of all transactions and showing a 25.5% increase in sales volume.
While more single-family homes sold above the original asking price this November (26% compared to 21% last year), fewer condos did so (12% compared to 19%). Single-family homes also spent slightly less time on the market, with a median of 24 days compared to 29 days last year, while condos saw a slight increase in median days on market, from 23 to 32 days. The number of new listings also increased year-over-year, with single-family home listings up 11.2% and condo listings soaring by 30.9%, particularly in the higher price range of $1,000,000 and above. Active inventory also saw increases compared to last year, indicating more options for prospective buyers.
As always, the Honolulu Board of REALTORS® recommends working with a qualified real estate agent to navigate the complexities of the Oahu market.
If you’ve been thinking about selling your Hawaii property, contact Sachi Hawaii today:
(808) 596-8801 | info@sachihawaii.com
