Hawaii Real Estate Market Report

June saw a modest increase in single-family home sales, up by 4% year-over-year, totaling 258 transactions. However, June condo sales experienced the largest year-over-year decline this year, dropping 24.5% from last year, with 355 units sold. In the first half of the year, single-family home sales grew 6.7% compared to the same period in 2023, while condo sales declined by 5.8%.

Median sale prices for single-family homes and condos increased modestly year-over-year, with single family homes reaching $1,120,000 and condos ending June at $530,000, up by 6.7% and 3.9%, respectively.  Year-to-date, median sales prices saw moderate changes from a year ago.  The single-family home year-to-date median price rose by 3.3% to $1,085,000, while condos experienced 2.0% uptick to $510,000 compared to the previous year.

"While O'ahu's residential real estate market has remained relatively stable through the first half of the year, we saw a significant drop in condo sales last month, which the threat of rising insurance costs may have influenced," said the president of the Honolulu Board of Realtors.  "As our community seeks opportunities to increase inventory, affordability and housing opportunities for all, buyers and sellers can benefit from working with a trusted REALTOR who can guide them through the complexities of the real estate market."

Single-family homes moved swiftly, marked by a median of 15 days on the market, compared to 17 days in June 2023. In contrast, condos took longer to sell, with a median days on market of 26 days, up from 18 days last year.

There were 334 new single-family home listings and 622 new listings in the condos market, marking 3.1% and 16.3% year-over-year increases, respectively.  Year-to-date, both markets saw new listings rise by 10.5% for single-family homes and 16.8% for condos compared to last year.