Oahu Luxury Home Market Report For Q1 2024

Aerial shot of the Oahu coastline

Welcome to the Q1 2024 update for Oahu’s luxury real estate market, presented by HiEstates with List Sotheby’s International Realty. There were signs of recovery across different price segments and there has also been a healthy increase of inventory compared to the same period a year ago. Meanwhile, foreign investment in Oahu real estate continues to be led by Japanese investors.

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The Oahu luxury real estate market is typically divided into the following price segments for single-family homes and condos. The data for the first quarter of 2024 reveals some interesting dynamics, and provides a glimpse of how the market might perform throughout the remainder of this year.

Image of a mountain reflecting in an Oahu lake

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Luxury Single-Family Homes

Interior of an Oahu luxury single family home

Single-family homes priced between $2 million and $3 million are the first price segment. They’ve registered a solid recovery following a substantial decline in Q4, 2023. Sales of single family homes priced from $2 million to $3 million in Q1 2024 increased 29.7% compared to Q1 2023. 48 homes were sold during the quarter compared to 37 a year ago. The months' supply of inventory also increased 67.4% to 7.2 months this quarter from 4.3 months during the same period last year.

Oahu Single family home interior

Sales continue to decline in the $3 million to $5 million range, with 10 properties being sold this past quarter compared to 14 in Q1 2023. This 28.6% decrease is accompanied by a 42.5% increase in months' supply of inventory to 11.4 months from eight months in Q1 2023.

Luxury Market A living room opening to a courtyard on right, market stats on left

Seven single-family homes priced in the $5 million to $10 million range were sold in Q1 2024, just one fewer than the eight sold during the same period last year. There was also a substantial reduction in inventory by 35.7% from 18.2 months in Q1 2023 to 11.7 months in Q1 2024.

Ocean view from an Oahu luxury single family home

Lastly, the price segment of $10 million and up saw five single-family homes being sold this past quarter, a 150% increase from the two homes sold in Q1 2023. The five properties included homes located in Kahala, Diamond Head, Beachside, and two on the North Shore. Inventory decreased 16.8% to 11.4 months from 13.7 months.  The top sale went to a $14.4 million home on the North Shore.

Luxury Condos

Luxury condo sales have remained under pressure in recent quarters, and it was a similar story in Q1 2024. Condos in the $1 million to $2.5 million range saw a 35.1% decrease in sales with 61 transactions versus 94 in the first quarter of last year. The months' supply of inventory did increase 27.7% to 10.6 months from 8.3 months.

Living view of the ocean from Oahu luxury condo

Condos priced at $2.5 million and up saw a 25% increase in sales as ten units were sold in the period under review compared to eight previously. The supply of inventory has also increased by 12.4% to 17.2 months from 15.3 months in the same period last year. 

Living room and kitchen of an Oahu luxury condo

Top Luxury Sales

For single-family homse, the top sale crown went to a $14.4 million home on the North Shore.

Aerial view of Oahu's north shore

There was only one condo sold in the at or above $5 million price segment in Q1 2024. It was a unit in Waiea that was sold for $7 million. 

Reach Out

Interested in buying or selling a single-family home or condo on Oahu? Get in touch with us today to receive professional advice backed by over two decades of experience. There's no substitute for personalized real estate investment advice that's tailored specifically to your goals. 

Leverage our team of highly experienced real estate professionals to properly assess current market conditions and make an investment decision that has the potential to generate significant returns. Give us a call at 1-(808) 698-6100 for your free consultation.

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