Oahu single-family home prices in February hit a record high for the first time in nearly three years while condominium activity softened as the housing market diverged.
The median price of $1,185,000 rose 10.2% from $1,075,000 a year ago and topped the previous peak for home prices at $1,153,500 set in May 2022, according to data released Thursday from the Honolulu Board of Realtors. Sales, though, fell 6.7% to 167 from 179 a year earlier.
Condos showed decreases in the two primary metrics with the median sales price of $494,000 in February down 3.6% from $512,500 a year earlier and sales off 12.3% to 293 from 334.
A median price means half the prices were above and half below the given price.
“With the single-family home median price reaching a record high and condo inventory expanding across the island, market conditions are shifting, creating different opportunities for buyers and sellers,” Honolulu Board of Realtors President Trevor Benn said in a statement.
Single-family home inventory remained low and flat, with 770 homes for sale by the end of February, according to real estate brokerage Locations. In contrast, condo inventory saw a significant increase, rising by 54% from the previous year to 2,231 condos available for purchase.
The supply-demand measure, known as months of remaining inventory, showed that the single- family home market remained tight, with 3.3 months of inventory. In comparison, MRI for condos increased to 6.0 months, signaling a shift from a sellers’ market to a balanced market. A balance in condo inventory has led to more opportunities for local buyers, though increased maintenance fees remain an issue for some.
Single-family homes were on the market for a median of 23 days, consistent with the typical seasonal trends.
Condos, however, lingered on the market longer, with a median of 48 days — marking a 12-year high. In February, 1 in 4 single-family homes and 1 in 7 condos sold for more than the asking price, although competition in the condo market appeared to ease.
“The Oahu real estate market showed more signs of diverging home and condo markets in February,” Locations Chief Sales Officer Chad Takesue said in a statement. “The single-family home market remains steady and strong, with rising prices and several indicators of competitive demand. The condo resale market, on the other hand, continues to show more signs of softening.”
Oahu’s housing market continues to face significant challenges, especially in terms of affordability, according to Locations.
The median price for single-family homes has risen dramatically, and the availability of homes considered affordable for median- income families is primarily confined to certain areas of Leeward Oahu, including Waianae and Makaha.
Additionally, more than half of Oahu’s resale condos are still considered affordable for median-income families, offering some opportunities for buyers in this price range.
Despite these opportunities, mainland and international investors have been particularly active in markets like Waikiki, Kakaako and oceanfront properties.
The investors are mainly focused on the luxury and high-end segments of the market, while local buyers are more prevalent in midmarket condo segments, particularly in Kakaako. The lack of available supply, which has been a significant issue for decades, continues to put upward pressure on prices for single-family homes.
While there are signs of opportunity in the condo market, inventory levels for condos surged in February, reaching a 15-year high. Increased supply in the condo market has shifted the balance from a seller’s market to a buyer’s market, especially as condos remain on the market longer and competition eases.
In contrast, the inventory of single-family homes remains low and flat, with West Oahu continuing to show some of the most competitive markets, particularly in areas like Pearl City-Aiea, where the supply-demand ratio is extremely tight, at just 1.5 months.
“The condo market continues to be affected by recent challenges to insurance and maintenance costs,” Takesue said. “Condos are staying on the market longer, and competition has eased. As a result, condo supply has increased significantly from a year ago, and prices have flattened. Many local condo resale markets now favor buyers.”
Takesue also noted that the condo inventory is particularly high in urban areas like Ala Moana and Kakaako, where continued new condo development has contributed to increased supply, with 8.9 months of inventory in the area.
Other parts of Oahu, like Leeward Oahu, have seen similar increases in condo inventory.
However, condo markets in areas such as Kailua, Mililani and Kaneohe continue to experience tight supply, with just 3.1, 3.3 and 3.5 months of remaining inventory, respectively.
In the single-family home market, the West Oahu region is also experiencing high demand, with areas like Waipahu and Mililani showing tight supply, at around 2 months of inventory. Rural markets, such as the North Shore and Leeward Oahu, have higher inventory levels, but demand remains softer in these areas.
As single-family home prices continue to rise, the rental market in Oahu is also experiencing pressure, with rents typically increasing alongside home prices. As a result, many potential homebuyers are opting to remain in the rental market, as homeownership becomes increasingly out of reach.
However, with more condo inventory and declining prices in some segments, the market could present more opportunities for first-time buyers, especially as the condo market continues to shift toward a buyer’s market.
The mortgage rate environment is improving, with the 30-year fixed mortgage rate declining from above 7% at the start of the year to 6.76% in February.
Experts predict that rates could continue to fall to around 6.5%, which might make homeownership more affordable for some buyers. However, increased sales activity could be tempered by reduced consumer confidence due to ongoing economic and political uncertainties.
HOME SALES
The number of homes sold on Oahu in February with the median price and percentage change from the same month last year:
HOMES
SALES MEDIAN PRICE
2025 167 $1,185,000
2024 179 $1,075,000
Change -6.7% 10.2%
CONDOS
SALES MEDIAN PRICE
2025 293 $494,000
2024 334 512,500
Change -12.3% -3.6%
Source: Honolulu Board of Realtors
