Oahu, HI

Oahu

The top sales in Oahu in 2023 had a staggering 934 average Days On Market (DOM), nearly double that of just two years prior. Although in 2024, Oahu (along with other Hawaii markets) returned to a more normalised environment, top sales had a longer-than-average time on the market with 411 DOM, with only a couple selling in less than 180 days. For these, DOM averaged only 56 days, whereas for the majority, DOM jumped to an average of over 500 days. Despite this, Oahu is achieving slightly above-average sales prices compared to list prices with only a 12% differential compared to a Hawaii state-wide average of 18%. For the properties that sold in less than 180 days, this delta was less than 3%.

• DOM normalized from 934 days last year, to 411 days this year, but remain the highest of all Hawaii markets

• Average sales prices are relatively stable

• Compared to other Hawaii markets, Oahu sees slower growth

Oahu is normalizing again In recent years, Oahu has experienced more frequent market lock-ups. For example, in 2018, before COVID, the market saw 981 Days On Market (DOM), which is over 2.5 years! In 2024, the market returned to its trend lines. However, we may see higher DOM again in the future compared to the rest of the region. 

The average sales prices over the last 3 years have been surprisingly constant, while other Hawaii markets have picked up. With an average sales price in the region of $14.4M in 2024, the top properties in Oahu are no longer comparable to markets like Kona, where average prices are around $20M. Despite not being a big growth market, Oahu is stable: prices see somewhat fewer fluctuations, and listing prices tend to be realistic. Compared to other Hawaii luxury markets, Oahu is the steady horse in the stable.