Oahu Real Estate Market Report – April 2025

Both single-family home and condo sales declined in April. Single-family home sales fell 8.0% year-over-year with 241 closed sales, while condo transactions dropped 8.4% to 395. Year-to-date, sales volume remains behind 2024 levels, down 5.3% for single-family homes and 2.3% for condos.

The median sales price for a single-family home rose 6.4% year-over-year to $1,170,000, a 0.9% uptick from March. Meanwhile, the condo median price dipped 4.4% to $505,000 year-over-year, up 1.0% month-over-month. Properties also spent more time on the market in April. The median days on market for single-family homes increased to 29 days, up from 17 a year ago, while condos rose to 43 days, up from 29.

In the single-family market, sales declined across most price points, with the $700,000 to $999,999 range experiencing the sharpest drop, falling 28.1% from 96 to 69 transactions. Condos saw the largest decrease in the $400,000 to $499,999 range, down 33.3% from 78 to 52 sales. In contrast, the $200,000 to $399,999 condo range was one of the few to see an increase, rising 31.0% from 84 to 110 transactions.

Affordability remains top of mind for many condo buyers, who continue to weigh financing and rising monthly maintenance fees alongside listing prices. The 30-year fixed-rate mortgage averaged 6.76% as of May 1, while the first quarter average stood at 6.83%, according to Freddie Mac.

Buyers faced a growing selection of listings in April as new listing volume continued to climb across both markets. In the single-family home segment, 366 new listings were added, up 4.9% year-over-year. Of these new listings, homes priced in the $600,000 to $999,999 range increased 26.8% year-over-year to 123 listings. In contrast, new listings in the $1,000,000 to $1,299,999 range declined 20.9%, falling from 91 to 72. New condo listings rose more significantly, with 851 units in April—a 29.7% year-over-year increase. Nearly 60% of those condo listings were priced at $599,999 and below.

Active inventory grew in both markets, ending the month with 805 single-family homes and 2,512 condos available for sale—up 30.3% and 59.4%, respectively, compared to April 2024.

Fewer properties closed above the original asking price in April, reflecting a shift in buyer and seller dynamics. Among single-family home sales, 27% closed above asking, down from 33% in April 2024. In the condo market, just 9% of transactions sold above the original asking price, compared to 15% a year ago.

Courtesy of the Honolulu Board of Realtors

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