The number of homes sold on Oahu increased in 2024, but so did the median sale prices, according to the most recent market report from the Honolulu Board of Realtors.
According to the report, which was released earlier this month:
- Total home resales increased 1.7% last year compared to the prior year.
- Single-family home sales were up 9.1% while condominium sales declined 2.5%. There were 2,793 single-family homes sold in 2024 compared to 2,560 in 2023; and 4,459 condos sold last year, compared to 4,573 sales recorded in 2023.
- The median sale price for single-family homes was $1.1 million — or 4.8% higher than than the $1,050,000 median price recorded in 2023.
- The median price for condos increased 1.3% year-over-year, from $508,500 in 2023 to $515,000.
- In December alone, single-family home sales increased 25.3% — 228 sales recorded last month compared to 182 sold in December 2023 — while condo sales were up 18.8% — 323 sales compared to 272 during the same periods.
- The median sales price for single-family homes last month — $1,054500 — was 5.8% higher than the median sales price of $996,500 reported in the prior December, while the median sales price for condos was up 5.9%, climbing from $510,000 in December 2023 to $540,000 last month.
- 32% of single-family homes closed above asking price in December while 70% of condominium sales closed below asking price.
“While the positive sales momentum in 2024 highlights a resilient market, affordability challenges remain a significant hurdle for many buyers,” Trevor Benn, president of the Honolulu Board of Realtors, said in a statement. “Elevated mortgage rates and rising homeownership costs, including maintenance fees and insurance, continue to shape buyer behavior and influence the dynamics of the market.”
Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
