The Oahu real estate market is off to a mixed start this year, with moderate increases in home and condo sales in January, along with modest rises in median prices. However, other market indicators, like growing months of supply and declining competitive bid-ups, point to softer conditions. Despite these factors, Locations anticipates steady growth in home sales and prices in 2025, particularly if mortgage rates drop to the mid-sixes in the coming months as expected.

After a bump in sales activity last month, the Oahu real estate market returned to a typical downward seasonal trend in November 2024. Locations expects single-family home sales to end the year up by around six percent, and condo sales to end the year down six percent. With a continued low supply of single-family homes, the median price will end the year four percent higher than last year. On the other hand, Oahu’s condo supply is at a 15-year high and rising, holding the median price flat.

The Oahu real estate market saw strong sales activity in October 2024, bucking typical seasonal trends. Both home and condo sales increased month-over-month and year-over-year, while market times dropped from the previous month and the percent of sales bid up over the asking price rose to a 13-month high for homes.