O‘ahu Housing Market Closes 2025 with Gains in Sales
Mortgage rates, insurance costs, and broader economic conditions influenced O‘ahu’s housing market in 2025
HONOLULU —According to resale figures released today by the Honolulu Board of REALTORS®, Oʻahu’s housing market closed 2025 with steady sales activity, as moderate price changes and higher inventory levels shaped buyer behavior throughout the year.
Compared to 2024, single-family home sales increased 3.5% in 2025, while condo sales declined 1.1%. A total of 2,890 single-family homes and 4,408 condos were sold, resulting in a combined 0.6% increase in residential resale activity. Median sales prices reflected modest movement, with single-family home prices rising 3.5% to $1,139,000 and condo prices declining 1.5% to $507,250.
“In 2025, O‘ahu’s housing market was shaped by a combination of economic, financial, and policy-related factors that influenced how buyers and sellers approached the market,” said Aaron Tangonan, president of the Honolulu Board of REALTORS®. “While overall activity remained steady, increased inventory, shifting costs, and broader uncertainty changed the pace and dynamics of transactions across both markets.”
Overview of 2025 Statistics
Various factors shaped O‘ahu’s housing market in 2025. Unlike prior years, 30-year fixed mortgage rates showed no abrupt swings, declining gradually in the second half of the year and ending at an average rate of 6.15%, the lowest level recorded during the year. At the same time, rising insurance premiums in the condominium market placed added strain on associations, owners, and buyers, contributing to higher monthly fees and an increase in condo inventory. Consumer uncertainty related to shifts in federal policies, workforce reductions, and a government shutdown lasting from October into mid-November also influenced buyer and seller sentiment.
Single-family homes recorded a median of 23 days on market, up from 19 days in 2024, while condos remained on the market longer, with median days on market growing from 30 to 44 days.
With buyer competition spread across a larger pool of inventory, more sellers settled for less than their original asking price in 2025. For single-family homes, the median price received fell to 98.3% of the original asking price, down from 99.0% in 2024, while the median price received for condos slipped from 98% to 96.6%.
In contrast, sellers faced increased competition throughout the year as new listings and active inventory rose in both markets. New single-family home listings rose 4.8% year-over-year, totaling 3,935 listings in 2025, while condo new listings grew 8.8% to 7,918 for the year. Throughout the year, active inventory exceeded 2024 levels at an average of 15.7% for single-family homes and 37.7% for condominiums.
Overview of December 2025 Statistics
Using data collected from its computerized Multiple Listing Service (MLS) system, the Board reported the following statistics:
O‘ahu’s residential markets closed out 2025 on a positive note, with December transactions rising by double digits in both markets. Single-family home sales jumped 18.4% year-over-year, with 270 transactions compared to 228 in December 2024. The condo market ended the month with 360 units sold, an 11.5% increase from 323 units a year ago.
The median sales price for single-family homes rose 4.3% year-over-year to $1,100,000, while the condo median sales price dropped to $512,000 from last December’s record high. In the single-family home market, sales priced at $1 million and above increased 28.0% year-over-year in December, while sales priced at $999,999 and below grew by 6.8%. In the condo market, December sales growth occurred primarily in the $200,000 to $399,999 range, which surged by 52.2% year-over-year.
“December activity shows there continues to be demand across both markets, particularly in specific price ranges,” said Aaron Tangonan, president of the Honolulu Board of REALTORS®. “At the same time, pricing and buyer behavior reflect the broader conditions that shaped the market throughout 2025.”
Buyer demand in the single-family home market concentrated in the $700,000 to $1,399,999 price range in December, which accounted for nearly two-thirds of contract signings for the month. Pending sales in that range totaled 129 transactions, representing 64.5% of December activity.
Single-family homes moved into contract at nearly the same pace as a year ago, with a median of 22 days on market compared to 20 days in December 2024. Condos spent more time on the market, as the median days on market rose from 36 to 44 days.
New listings declined in both markets in December. Single-family home listings decreased 7.9% year-over-year to 186 new listings, while condo listings dipped 1.3% to 445. Active inventory for single-family homes declined 5.9% from year-end 2024 levels to 635 listings, while condo active inventory climbed 12.3% year-over-year to 2,165 units.
Buyer activity in the single-family home market remained consistent with last December, with 200 pending sales compared to 194 a year ago, a 3.1% increase. Condo buyer activity softened, with pending sales dropping 9.0% year-over-year from 310 to 282. In December, 24% of single-family home transactions closed above the original asking price, down from 32% a year ago, while 8% of condo transactions closed above asking price, compared to 12% in December 2024.
Media Kit
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 MLS data is compiled from sales reported during the cited months and is known only after the closing of escrow.
The public is encouraged to visit www.hicentral.com to see what’s happening in the housing market. Consumers can browse O‘ahu single-family home and condominium listings, available for sale and for rent, and see a comprehensive guide of homes open for viewing on Sunday. All searches can be filtered by geographic location and/or price range, with resources available for buyers and sellers alike.
About the Honolulu Board of REALTORS®
Established in 1922, the Honolulu Board of REALTORS® is one of the largest of 1,100 boards of REALTORS® in the nation and, with 6,500 members, is one of the largest trade organizations on O‘ahu. Membership is available to licensed real estate brokers, agents, property managers, appraisers, counselors, and others engaged in all aspects of the real estate industry who pledge to adhere to a strict Code of Ethics and Standards of Practice. The Honolulu Board of REALTORS® and its members are committed to serving as housing advocates, community builders and good neighbors. For more information, call (808) 732-3000 or visit www.hicentral.com.
