For the first time since July 2021, the median price for a single-family home in Oahu has fallen below $1 million.
The suburban residential districts of Honolulu, Hawaii, along the coastline just outside of downtown from about 1,000 feet over the Pacific Ocean.island of Oahu has seen the median price of a single-family home drop below $1 million for the first time in 19 months, according to a local real estate firm.
“The Oahu single-family home median price fell by six percent from January 2022 to $986,000 — the second month-to-month decline and the first time the median was below $1M since July 2021,” Locations Hawaii noted inThe median price of condos in Oahu also saw a decrease, from $510,000 in January 2022 to $492,500 in January 2023.
“After 12 months of declining sales, we’re seeing more of the effects of the slowing market on median home prices,” Chad Takesue, chief operating officer for Locations, said in a statement. “For the first time since the summer of 2021, the single-family home median price dipped below $1M — a sign of reduced buyer competition.”
Takesue notes that Oahu remains a seller’s market, with low inventory available on the market and “continued strong demand from both local and overseas buyers.”a similar decrease . The median sale price for a single-family home was $1,160,000 in January 2022. A year later, the median sale price has risen to $1,175,000. The median price of condos, however, decreased from $735,000 in January 2022 to $680,000 in January 2023.
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