Key considerations for 2024

Hawaii Housing Market Report | December 2023

By REAL. Updated Jan 18, 2024. | Hawaii Housing Market Reports | 6 min. read
  1. OahuJump
  2. MauiJump
  3. Big IslandJump
  4. KauaiJump

As we leave 2023 behind, we reflect on Hawaii's real estate market. It was a year of soaring interest rates, limited inventory, and a decrease in residential transactions. The devastating wildfire in Lahaina, which exacerbated our housing crisis and increased insurance costs, marked a significant low point.

However, the year ended on a hopeful note as interest rates began to fall, offering a glimpse of optimism for the future.

Despite the ups and downs, it's important to remember that real estate markets are inherently cyclical. Hawaii's market remains resilient, and savvy investors know that the overall strength of the market is not easily undermined by short-term fluctuations. It's crucial to look beyond generalizations and stay proactive in pursuing real estate goals.

As we step into 2024, here are some key considerations:

These perspectives are intended to guide and inspire your real estate decisions in the coming year. Let's make 2024 a year of smart, informed, and successful real estate endeavors in Hawaii! For detailed market reports by island, continue reading below, or if you're interested in buying pre-sale, check out our latest New Homes Hawaii Report.

Oahu Market Report

In December 2023, the single-family home market marked its 23rd consecutive month of declining sales, with median prices dropping to $996,500, a 5.1% decrease from the previous year. Sales over $1 million decreased by 21.1%, while homes under $1 million saw a modest 4.5% uptick. The market experienced faster sales, with median days on the market decreasing to 18 days, and witnessed a slight increase in new listings but minimal growth in active inventory.

Oahu Housing Market Report - December 2023

Recently listed homes on Oahu

The condo market, enduring its 19th month of sales decline, showed a contrasting 1.5% increase in median prices to $510,000. Sales of condos priced below $699,999 plummeted by 30.3%, while higher-priced units remained relatively stable. The market saw a slower sales pace, with median days on the market rising to 26 days, and experienced a decrease in new listings but a notable increase in active inventory, offering more options for buyers.

Recently listed condos for sale in Kakaako

OPEN: 06/23, 2pm - 5pm
Enjoy expansive ocean harbor and mountain views from this rarely available preferred “06” stack 2 bedroom 2 bath residence. New carpet, fresh paint, 8’6” ceilings, motorized blinds, huge walk in closet, large private lanai, spacious walk in shower and more. Keauhou Place affords contemporary urban living with spacious floor plans, stainless steel appliances, exquisite finishes and endless views. Located in the heart of Kaka'ako, Down to Earth, H-Mart and Ya Ya's are right downstairs and all the wonderful restaurants of SALT and Restaurant Row just a step away. Perfect location for the eat, work, and play lifestyle. Pet friendly with up to two 50 lbs dogs allowed. Property to be sold AS-IS. Please see 3D tour.
Condo in keauhou place
$999,999 | 2 bd, 2 ba | 925 sqft
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Maui Market Report

The single-family home market on Maui saw a 19.0% decrease in new listings, contrasting with a significant 26.3% increase in pending sales. The inventory for these homes declined by 23.6%, indicating a tighter market. There was an 11.0% rise in the median sales price, reaching $1,200,000. Additionally, the market experienced a notable decrease in days on the market by 29.4%, suggesting a faster sales pace. However, the months' supply of inventory slightly decreased by 5.1%, pointing to a sustained demand.

Maui Housing Market Report - December 2023

Featured Single-family homes on Maui

OPEN: 06/23, 9am - 3pm
Welcome to your dream oasis! This stunning 3-bedroom, 2-bath home, accompanied by a charming 1-bedroom ohana, is a true paradise nestled in a lush, tropical landscape. Located in a serene neighborhood, this property offers a unique blend of comfort, beauty, and tranquility. Step inside the main home to discover an open-concept living space, filled with natural light and designed for modern living. The spacious living room flows seamlessly into the dining area and gourmet kitchen. The primary bedroom is a true retreat, with large sliding doors that open to the garden, effortlessly blending indoor and outdoor living. Enjoy waking up to the sights and sounds of nature each morning. Two additional bedrooms are perfect for family or guests. The attached 1-bedroom ohana is an ideal guest house, in-law suite, or rental opportunity, featuring its own private entrance, a fully equipped kitchen, and a cozy living area. The true magic of this property lies in its breathtaking outdoor spaces. The meticulously landscaped yard is an oasis of tropical plants, colorful flowers, and mature trees, creating a haven for birds and wildlife. Relax on the spacious lanai, listen to the soothing sounds of nature, and enjoy the vibrant colors and fragrances of the garden. This property is more than just a home; it's a lifestyle. Don't miss your chance to own a piece of paradise. Schedule a viewing today and experience the beauty and tranquility of this exceptional oasis.
Home in waimahaihai
$1,600,000 | 3 bd, 2 ba | 1,882 sqft
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Maui's condominium market presented a drastically different scenario with a remarkable 109.5% increase in new listings and a 51.9% surge in pending sales. The inventory for condos rose significantly by 65.5%, offering more options to buyers. Condos also saw an increase in median sales price, up by 10.4% to $850,000. However, the market experienced a slower sales pace, with days on the market increasing by 16.5%. The months' supply of inventory for condos substantially increased by 138.1%, indicating a shift towards a more buyer-friendly market.

Featured condos in Maui

Big Island Market Report

In the Big Island single-family home market, the median price was observed at $550,000, indicating the current market valuation. The number of new listings reached 225, providing a reasonable influx of homes for potential buyers. The market experienced a slight decrease in sales activity with 142 sold listings, a reduction from the 153 sold in the previous year. Homes typically stayed on the market for an average of 43 days, suggesting a moderately quick sales pace, reflecting buyer demand and market movement.

Hawaii Housing Market Report - December 2023

Single-family homes in Hawaii County

The condo market on Big Island presented a median price slightly higher at $598,500. Condos experienced a brisker sales pace, with an average of 28 days on the market, indicating a faster turnover compared to single-family homes. The market had a total of 129 active listings, offering a varied range of options for buyers. There were 59 new listings introduced to the market, indicating ongoing activity and options for prospective buyers. The total number of condos sold was 30, representing the current sales activity in this segment.

Condos for sale in Kailua-Kona


In Kauai's single-family home market, the median price stood at $1,292,500. There were 38 new listings and 28 homes sold, against a backdrop of 123 active listings. The average days on market for these homes was 69 days, indicating the time taken for sales to close.

Kauai Housing Market Report - December 2023

Recently listed homes for sale on Kauai

For the condo market in Kauai, the median price was $760,000. Condos spent an average of 64 days on the market. The market had 96 active listings, with 22 new listings added. A total of 16 condos were sold, reflecting the sales activity in this sector.

Recently listed condos for sale on Kauai

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