Oahu Real Estate Market Update: 2024 Trends & Outlook
The Oahu real estate market continues to be one of the most dynamic in the nation. Here is our analysis of current conditions and outlook for 2024.
Market Overview
Current Conditions
The Oahu market has shown resilience despite broader economic headwinds:
- Median single-family home price: Holding above $1 million
- Inventory: Still below historical averages
- Days on market: Increasing slightly, indicating a more balanced market
- Interest rates: Stabilizing after 2023 increases
Year-Over-Year Trends
- Single-family home sales: Moderate decrease
- Condo sales: Slight increase
- Price appreciation: Modest gains in most areas
- New listings: Gradual increase
Regional Highlights
Honolulu Metro
The urban core remains desirable for its convenience and amenities. Condo market seeing renewed interest from both investors and first-time buyers.
Windward Side
Kailua and Kaneohe continue to attract families seeking more space. Strong demand for single-family homes with yards.
North Shore
Vacation rental regulations have impacted the investor market, but owner-occupant demand remains strong. Premium properties holding value.
West Side
Ko Olina and Kapolei seeing development activity. More affordable options attracting mainland buyers.
Vacation Rental Market
The short-term rental landscape has evolved:
- Regulatory clarity: Increased understanding of permitted areas
- Premium pricing: Legal vacation rentals commanding strong rates
- Professional management: Growing importance for compliance and optimization
2024 Outlook
For Buyers
- More negotiating power than recent years
- Increased inventory expected
- Interest rate changes could impact affordability
- Strong fundamentals for long-term investment
For Sellers
- Realistic pricing important
- Property condition matters more
- Staging and presentation valuable
- Longer marketing times expected
For Investors
- Focus on permitted vacation rental areas
- Professional management essential
- Long-term appreciation outlook positive
- Cash flow analysis critical
Working With Us
Our team stays current on market conditions to help clients make informed decisions:
- Buyers: Access to off-market opportunities
- Sellers: Strategic pricing and marketing
- Investors: Pro forma analysis and management
Contact us for a personalized market consultation.
