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Oahu Housing Market Update – March 2022

Whether you rent or own a home, it is important to keep an eye on the housing market. At the end of Quarter 1 of 2022, Oahu home values are at a record-high and median days on market remains low. So what does this mean for you?

Honolulu Hawaii Skyline

Single Family Homes (SFH)1

  • Median Sales Price: $1,150,000 (+21.1% compared to March 2021)
  • Median Number of Days on the Market: 9 (0% change compared to March 2021)
  • Number of Closed Sales: 321 (-11.1% compared to March 2021)

Condos2

  • Median Sales Price: $515,500 (+14.3% compared to March 2021)
  • Median Number of Days on the Market: 9 (-35.7% compared to March 2021)
  • Number of Closed Sales: 672 (+7.3% compared to March 2021)

Rentals3

  • Median Rental Rate: $2,300 (+15.0% compared to March 2021)
  • Median Number of Days on the Market: 19 (-9.5% compared to March 2021)

Takeaway for Homeowners: Home prices on Oahu are at a record-high, making this a great time to be a homeowner in Hawaii. With interest rates on the rise, now could be the perfect time to sell to maximize your profit. If you do decide to sell now, you can expect for your home to sell quickly. However, just because homes are selling quickly and for a lot of money, does not mean that you should skimp on preparations if you want to maximize your net gain. See my tips for selling your home for top dollar here.

Takeaway for Renters and Buyers: With rental rates significantly increased from March 2021 to March 2022 (+15% median rental price) and interest rates on the rise, now could be a great time to purchase a home (even with high sales prices)! Schedule a free consultation to discuss your options!

Have a question about what this information means for you?

Julie Principe - Oahu Realtor

Written By: Julie Principe

REALTORASSOCIATE® RS-84789

Julie Principe is a real estate agent based out of Honolulu, Hawaii. She began her real estate career in San Diego, California and moved to Oahu with her husband, Adam.

Since then, Julie has specialized in helping educate and empower active duty service members as they transition to and from the island of Oahu.


Sources

1Local monthly market updates statistics provided by the Honolulu Board of Realtors.

2Local monthly market updates statistics provided by the Honolulu Board of Realtors.

3Data provided by HiCentral MLS. Summary provided by InfoSparks © 2022 ShowingTime.

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