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NEWS

March 8, 2024

Honolulu Real Estate Market Shows Steady Growth in February

The Honolulu real estate market continued its positive trajectory in February 2024, according to data released by the Honolulu Board of REALTORS®. Both single-family home and condo sales saw modest gains compared to February 2023, with single-family homes up 3.5% and condos up 2.8%.

Single-Family Home Resales

Number of Sales Median Sales Price
February 2024 179 +3.5% $1,075,000 +8.9%
February 2023 173 $987,000

Condominium Resales

Number of Sales Median Sales Price
February 2024 334 +2.8% $512,500 +6.8%
February 2023 325 $480,000

Source: HiCentral

Prices followed a similar trend, with median sales prices increasing for both property types. Single-family homes experienced a significant jump of 8.9%, reaching $1,075,000, while condos rose 6.8% to $512,500. Notably, the inventory situation also improved year-over-year, with active listings for both single-family homes and condos growing by 9.5% and 17.9% respectively.

Looking deeper into the data, we see some interesting shifts within each market segment. The luxury single-family home market ($1 million and above) thrived, accounting for nearly 60% of total sales compared to 49% last year. Conversely, sales of sub-$1 million homes dipped slightly. The condo market also saw movement within price ranges, with the $500,000 to $699,999 segment experiencing the most significant growth.

Overall, the Honolulu real estate market in February 2024 suggests continued stability and growth. While some price segments show more dynamism than others, both sales volume and inventory levels point towards a healthy market environment.

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