Median price of single-family home on Oahu inches closer to $1M

HONOLULU (HawaiiNewsNow) - With “historically” low inventory and strong demand, the median price of a single-family home on Oahu is inching closer to $1 million.

Real estate firm Locations reported that in May, the median price of an Oahu home reached another new high of $985,000 ― a 23% increase from a year ago.

Meanwhile, the median price of a condo hit $460,000.

The median price means half of homes are going for above that price and half are going for below it.

In a news release, Locations said single-family home prices were at a 17-year high in May. Homes were also being snapped up quickly, remaining in escrow for a median of just 10 days.

Additionally, 56% of homes went for over asking price.

“The Oahu real estate market continues to set new records in 2021, as historically low inventory and strong demand fueled by low interest rates pushed the single-family home median price closer to $1M in May,” said Jason Lazzerini, president and CEO of Locations, in a news release.

“The market will continue to favor sellers this summer.”

After a dip during the start of the pandemic, the housing market in the islands has stayed hot. Nationally, housing prices are also soaring.