December 2023 Honolulu real estate stats

DECEMBER 2023

House

Single-Family Market

$996,500Median Single-Family Price

182Home Sales

Condo / Townhome Market

$510,000Median Condo Price

272Closed Sales

Honolulu Board of Realtors

SOURCE: HONOLULU BOARD OF REALTORS® RESIDENTIAL RESALES DATA COMPILED FROM HICENTRAL MLS, LTD.

Rising Mortgage Rates, Limited Inventory Cool O‘ahu’s Housing Market in 2023

MEDIAN PRICE FOR SINGLE FAMILY HOME ON O’AHU DIPS BELOW $1 MILLION IN DECEMBER
Elevated mortgage rates and limited inventory continue to have the most outsized impact on our local market. Our latest report summarizes the newest residential real estate data, looking back at 2023 and the latest from December 2023.

In December 2023:

“Average mortgage rates peaked early in the fourth quarter of 2023 and dipped in November and December,” said Fran Gendrano, president of the Honolulu Board of REALTORS®. “Though the rates are still higher than this time last year, we saw slight increases in contract signings for both markets, which tells us that buyers are still optimistic and active in their pursuit of a new home.”

Compared to 2022:

“In 2023, O‘ahu’s housing market felt the acute impact of rising mortgage rates and limited inventory. The cooling market activity we first experienced in 2022 carried over in 2023, as sales volume continued to mellow out compared to the frenzy we saw during the COVID-19 pandemic,” Gendrano added.

The information contained in this report is provided to the National Association of REALTORS® and the Hawaiʻi State Department of Economic Development, Business and Tourism for its official reports. This report reflects information about resales of existing properties only and does not include new home sales. All of the MLS information is compiled from sales reported during the cited months; this data is known only after closing of escrow. This report is provided as a service to HBR members.