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Honolulu Real Estate Market Update: May 2024 |

NEWS

June 18, 2024

Honolulu Real Estate Market Update: May 2024

The Honolulu Board of REALTORS® reported encouraging trends in the Oahu housing market for May 2024. This update highlights positive developments for both buyers and sellers.

Increased Affordability: A notable trend is the emergence of more affordable options in both condo and single-family home markets. Condo sales in the $300,000 to $399,999 range saw a significant increase, while single-family home sales below $899,999 also showed positive movement. This is welcome news for first-time homebuyers and those seeking more accessible options.

Expanding Inventory: Market inventory for both single-family homes and condos continued to rise in May. This growth provides buyers with a wider range of properties to consider, potentially leading to a more balanced market in the coming months. Notably, condo inventory has seen a substantial 47.7% year-over-year increase.

Efficient Market for Sellers: Despite rising interest rates, sellers continue to benefit from a relatively quick sales cycle. Single-family homes are going under contract in a median of 14 days, with condos selling in approximately 25 days.

Single-Family Home Resales

Number of Sales Median Sales Price
May 2024 249  -5.0% $1,085,000  -2.2%
May 2023 262 $1,109,000

Condominium Resales

Number of Sales Median Sales Price
May 2024 478  +9.1% $495,000  -2.0%
May 2023 438 $505,000

Source: HiCentral

The May 2024 Oahu housing market exhibits positive signs for both buyers and sellers. The emergence of more affordable options and an expanding inventory offer promising opportunities for buyers, while sellers continue to enjoy a market that facilitates efficient transactions and stable prices when measured against May 2023.

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