The O‘ahu Real Estate Market Shows Double-Digit Growth in November 2024

The November 2024 real estate market on O‘ahu demonstrated strong year-over-year growth, with significant increases in both single-family home and condo sales. Single-family home sales surged by 12.8% compared to the same period last year, reaching 203 transactions, while condos saw a 10% boost, totaling 341 closings. These numbers highlight a growing demand for properties across the island, supported by stable median prices.

The median sales price for single-family homes rose slightly to $1,115,000, a modest 1.4% increase, while condos experienced a 2.7% rise, with a median price of $530,000. Despite these gains, the market remains accessible, offering opportunities for both first-time buyers and seasoned investors.

New listings saw notable increases in November. Single-family homes had 297 new listings, up 11.2%, while condos reported a 30.9% jump with 598 new properties entering the market. The condo segment displayed an exceptional rise in luxury listings, with 124 properties priced at $1,000,000 or above—a 93.8% increase over last year.

The inventory levels also expanded, with active single-family home listings up 11.5% year-over-year, ending the month with 749 properties available. Condos saw an even greater jump in inventory, with 2,049 active listings—an impressive 53.3% increase compared to the previous year.

November's market performance signals a robust demand and a healthy flow of new inventory, setting a positive tone as the year concludes. For those exploring opportunities on O‘ahu, Hawaii Home Group offers expert guidance to navigate this dynamic market, ensuring that every client finds the perfect fit for their needs.

If this trend continues, the market is poised for sustained growth into 2025, solidifying O‘ahu’s position as a prime destination for homeowners and investors alike.