Honolulu Real Estate Market Update: June 2024
The Oahu real estate market continues to show its resilience in June 2024. Single-family home sales remained strong, with a 4% year-over-year increase, and median prices reached a healthy $1.12 million, reflecting a 6.7% rise. This indicates continued buyer interest in single-family homes.
The condo market is experiencing a period of adjustment, with sales volume moderating by 24.5% compared to last June. However, this presents a potential opportunity for condo buyers. Inventory levels are on the rise, particularly in the more affordable $300,000 to $499,999 range, which saw listings more than double year-over-year. This increased selection, coupled with a slight decrease in condo sales, could lead to more favorable buying conditions for condo seekers.
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| June 2024 | 258 +4.0% | $1,120,000 +6.7% |
| June 2023 | 248 | $1,050,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| June 2024 | 355 -24.5% | $530,000 +3.9% |
| June 2023 | 470 | $510,000 |
Source: HiCentral
Overall, the Oahu real estate market offers diverse opportunities for both buyers and sellers. With the help of a trusted REALTOR®, navigating the current market trends can lead to a successful transaction. The report by the Honolulu Board of REALTORS® also highlights the ongoing increase in new listings across both single-family homes and condos, suggesting a healthy market with room for growth.
