O‘ahu Housing Market Sees Mixed Activity in March
Single-family home sales slowed and condo sales saw modest growth
According to figures released today by the Honolulu Board of REALTORS®, O‘ahu’s housing market closed out the first quarter of 2025 with mixed results. In March, single-family home sales dipped 10.4% year-over-year, with 206 sales, while condo sales rose 7.3%, with 369 units sold.
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
Single-Family Home Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| March 2025 | 206 -10.4% | $1,160,000 +5.5% |
| March 2024 | 230 | $1,100,000 |
Condominium Resales
| Number of Sales | Median Sales Price | |
|---|---|---|
| March 2025 | 369 +7.3% | $500,000 0.0% |
| March 2024 | 344 | $500,000 |
The median sales price for a single-family home rose 5.5% year-over-year to $1,160,000, up from $1,100,000 in March 2024. The condo median price remained unchanged at $500,000. While the average sales price for single-family homes reached $1,819,326—a figure influenced by a single transaction in the Kāhala area for $65.75 million—excluding this sale results in an adjusted average of $1,507,469 and no change to the median sales price. Average condo prices experienced a 6.1% uptick year-over-year to $614,751.
“We continue to see a balanced, stable O‘ahu real estate market,” said Trevor Benn, President of the Honolulu Board of REALTORS®. “There are modest ups and downs in sales and median prices, but interest rates are playing a larger role in affordability than any single month’s price point.”
Year-to-date sales in the single-family home market were 4.0% lower than the same period in 2024, with 569 total sales through the first quarter of 2025. Condo sales held nearly even, up 0.4% year-over-year with 974 total sales. Compared to 2024, the year-to-date median sales price for single-family homes rose 7.5% to $1,150,000 while the condo median ticked up 1.0% to $510,000.
Despite fewer home sales, median days on market for single-family homes remained under one month at 15 days, compared to 31 days a year ago. In contrast, condo properties spent more time on the market, with a median of 40 days, up from 29 days in March 2024.
New listing volume rose across both markets in March, providing buyers with more options. The single-family home market added 377 new listings, a 29.6% year-over-year increase, while condo listings grew 21.9% to 789. A greater share of new listings remained active at the end of the month, with 73% of single-family home listings and 82% of condo listings still on the market—up from 58% and 73%, respectively, in March 2024.
“As inventory builds and fewer properties move quickly, we’re starting to see a shift in how homes are positioned and priced,” added Benn. “Sellers are adjusting to a market with more competition, where attracting strong interest may take more time than in recent years.”
Active inventory continued to grow in March, ending the month with 773 single-family home and 2,302 condo listings, reflecting year-over-year increases of 33.0% and 54.2%, respectively. For single-family homes, inventory grew across all regions, with the largest unit gain in ‘Ewa Plain, where active listings increased to 144, up 73.5% from a year ago. The Central region also experienced strong growth, with listings more than doubling to 67. Condo inventory also grew in every region, driven by increased listing volume, longer days on market and a slight decline in contract activity. Several areas offered more than double the number of condo listings compared to March 2024, including Hawai‘i Kai with 78 listings, Kailua with 28, Makakilo with 34, Pearl City with 111 and Waipahu with 42.
“Patience is critical in this market and working with a REALTOR® can help buyers and sellers make informed decisions based on short- and long-term trends,” said Benn.
Contract signings declined year-over-year in both markets, down 5.4% for single-family homes and 4.3% for condos. In the single-family home market, the largest drops occurred in the ‘Ewa Plain and Pearl City regions, which recorded 41 and 15 pending sales, respectively. For condos, most of the decline was concentrated in the Metro region, where pending sales fell from 264 to 223—a 15.5% decrease.