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Honolulu Real Estate Market Update: June 2024 |

NEWS

July 10, 2024

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.

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