Oahu Real Estate Market Report – November 2024

In November 2024, single-family home sales rose 12.8% with 203 closings and condo sales jumped 10% to 341 closings, compared to November 2023. Both markets experienced nominal changes in median sales prices. The single-family home median sales price for November was $1,115,000, up 1.4% from a year ago, while the condo median sales price was $530,000, a year-over- year increase of 2.7%.

In the single-family home market, the $900,000 to $1,199,999 price range accounted for approximately one-third of sales in November and also saw the largest growth in sales volume from a year ago. Seventy single-family homes sold in that price range compared to 42 in November 2023, a 66.7% increase. In the condo market, more than 50% of November sales occurred in the $300,000 to $599,999 price range. Sales volume in this range increased 25.5% from a year ago with 182 sales compared to 145 in November 2023.

A slightly larger share of single-family home sales closed for more than the original asking price this November – 26% compared to 21% in November 2023. However, fewer condos sold above the original asking price, accounting for just 12% of sales this November compared to 19% at the same time last year.

Single-family homes that sold in November spent slightly less time on the market, marking a median of 24 days compared to 29 days in November 2023. The condo median days on market lengthened to 32 days compared to 23 a year ago.

Throughout November, the single-family home market brought on 297 new listings, rising 11.2% from a year ago, while the condo market rose 30.9% to 598 new listings. The condo market welcomed new listings at all price points and saw a notable rise in new listings priced at $1,000,000 and above. New listings in that range increased by 93.8%, with 124 new listings compared to 64 a year ago.

Compared to one month ago, active inventory for single-family homes saw a modest increase of 1.1% and 4.7% for condos. November ended with 749 active single-family home listings and 2,049 active condo listings. Compared to one year ago, single-family home inventory was up 11.5%, while condo inventory was 53.3% higher.

Courtesy of the Honolulu Board of Realtors

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