Wondering what 2020 will bring for Oahu's residential real estate market? Locations' Research Department analyzed the market and offers the following insights to keep your real estate goals on track in the new year.
Favorable market conditions
Although competition for homes will be greater in 2020 than the previous year, median prices will rise at a moderate rate, while interest rates are expected to remain low, at least in the early part of the year. New condominium projects that opened in late 2019 will offer more choices, as well as more affordable units. First-time homebuyers, investors and those looking to plan for their future housing needs should act on these opportunities.
Opportunities for homebuyers and sellers
2020 will be an ideal time for real estate investors to start, add to, or exchange within their portfolios, as increased condo inventory will afford investors more choices and even brand-new units. Those in the market for a condo will have more choices in the coming year, thanks in part to new (and affordable!) condos in the Kaka‘ako neighborhood. Home sellers will see more prospective buyers while interest rates remain historically low. Single-family home sales are expected to rise by two percent, as are median home prices.
Interest rates are likely to rise
Interest rates will rise in 2020, so prospective homebuyers should keep a close eye on rates and act while rates are still historically low. Condo sellers may need to temper their expectations this year, as buyers will have more choices. Median condo prices are expected to fall by two percent in 2020.
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