For the first time in 19 months, the median price for an Oahu home is under $1M

The current median price of a single-family home dipped below $1M for the first time since the...
The current median price of a single-family home dipped below $1M for the first time since the summer of 2021.(Hawaii News Now)
Published: Feb. 6, 2023 at 4:30 PM HST|Updated: Feb. 6, 2023 at 4:54 PM HST
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HONOLULU (HawaiiNewsNow) - Good news for prospective Oahu homeowners: The median price of a single-family home dipped below $1 million for the first time since the summer of 2021.

The median price for a single-family home on Oahu is $985,500, which fell by 6% from January 2022.

The median price for condos also fell from last year, but by 4%, to $490,000.

Experts say this is a sign of reduced buyer competition.

“After 12 months of declining sales, we’re seeing more of the effects of the slowing market on median home prices,” said Chief Operating Officer for Locations Chad Takesue.

Single-family home sales were down by 52% from January 2022, while condo sales declined by 50% — although January sales are typically among the lowest of the year.

Single-family homes were on the market for a median of 25 days in January, echoing pre-pandemic market conditions. Condos sold in a median of 23 days—an increase of nine days from a year ago.

Experts say buyer competition continues to soften from the peak in 2021, as one in three single-family homes and one in four condos sold for above asking in January.

Months of Remaining Inventory (MRI) was at 2.1 months for single-family homes — more than double that of the previous January — and 2.5 months for condos.

Despite increasing from a year ago, Months of Remaining Inventory remains historically low, indicative of continued sellers-market conditions.