The Hawaii Real Estate Market has calmed across the board, but demand for homes remains steady.


Properties are sitting the market for notably longer before closing. Single family homes are spending nearly 4 times as long on the market compared to last year while condos are spending twice as long. Only 32% of single-family home sales received full asking price or more compared to 73% last February. In the condo market, 36% of the sales received full asking price or more compared to 56% last year. Median sales prices in both markets declined, dipping 12.3% for single-family homes from $1,125,000 to $987,000 compared to 2022. The condo market experienced a modest 3.4% decline from $497,000 to $480,000. Roughly 189 O‘ahu properties sold for under $500,000 in February.


What does this mean for you? Buyers still hold the power in the Hawaii market. The opportunity for buyers to come into the market and get a great deal on property is strong. Even with increasing mortgage rates, buyers are able to request credits from sellers to buy down interest rates. 


If you have been waiting for a great deal in Hawaii, the best time could be right now!