Oahu Real Estate Market Update: December 2023 Market Overview
The Honolulu Board of REALTORS® reports that O‘ahu home sales fell by more than a quarter in 2023, with single-family home sales falling 26.3% and condo sales falling 28.0%.
Median sales prices for single-family homes remained above $1 million while the median sales price for condos was $508,500, a decrease of 0.3%. President of the Honolulu Board of REALTORS®, Fran Gendrano stated, “In 2023, O‘ahu’s housing market felt the acute impact of rising mortgage rates and limited inventory. The cooling market activity we first experienced in 2022 carried over in 2023, as sales volume continued to mellow out compared to the frenzy we saw during the COVID-19 pandemic.”
Closed sales for single-family homes are down 9.9% when compared to this time last year, with 182 sales in December 2023. Homes were on the market for an average of 18 days in December, down 11 days from the previous month. The median sales price for single-family homes was $996,500 in December 2023, representing a decrease of 5.1% compared to this
time last year.
There were 272 condos sold last month, which is down by 24.4% when compared to December 2022. The average days on the market for condos was 26 days last month. The median sales price for condos in December 2023 was $510,000, representing an increase of 1.5% when compared to last December.