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West Oahu Housing Market Updates (January 2022)

Regardless of whether you plan to rent or own your home, it is important to stay up-to-date on the local real estate market. Let’s take a look at some neighborhood markets on West Oahu:

  1. Makakilo
  2. Ewa Plain
  3. Waianae (Makaha to Nanakuli)

Makakilo

Neighborhood Overview

Located on the west side of Oahu in the Ewa District, Makakilo is a growing neighborhood. About 30 minutes (without traffic) from Honolulu, the Joint Base Pearl Harbor-Hickam, Schofield Barracks and Wheeler Army Airfield, Makakilo is conveniently located just off of the H-1 West freeway.

Makakilo boasts numerous parks and is in close distance to several large shopping centers in Kapolei.

Aerial Map View of Makakilo

Market Statistics – January 2022

Single Family Houses1

  • Median Sales Price: $994,000 (+26% compared to January 2021)
  • Median Number of Days on the Market: 15 (+ 6% compared to January 2021)
  • Number of Closed Sales: 16 (-6% compared to January 2021)

Condos2

  • Median Sales Price: $537,500 (+26% compared to January 2021)
  • Median Number of Days on the Market: 9 (-25 % compared to January 2021)
  • Number of Closed Sales: 16 (+78 % compared to January 2021)

Rentals

  • Median Rental Price: $3,450 (+53.3% compared to January 2021)3

Take Away: With the rapidly rising homes values and high rental rates, it is great to be a homeowner in Makakilo right now. Additionally, we are seeing a big increase in closed condo sales in Makakilo compared to January of last year, suggesting Makakilo condos are in high demand.


Ewa Plain

Neighborhood Overview

Located on the west side of Oahu, the Ewa Plain boasts the convenience of plentiful drivable neighborhood amenities – large shopping centers with bountiful options, 15 minutes to the beach, 30-40 minutes (without traffic) from Joint Base Pearl Harbor-Hickam and Schofield Barracks, and only 40-45 minutes to Waikiki.

Ewa Plain is also where you are more likely to find “newer” homes (built in the 90s and 2000s) with many of the interior features (central AC, in-unit washer and dryer) you may be used to if you’re coming from the mainland.

Aerial Map View of Ewa Plain - Ewa Beach, Kapolei

Single Family Houses4

  • Median Sales Price: $920,000 (+18% compared to January 2021)
  • Median Number of Days on the Market: 10 (+43% compared to January 2021)
  • Number of Closed Sales: 75 (+32% compared to January 2021)

Condos5

  • Median Sales Price: $687,500 (+17% compared to January 2021)
  • Median Number of Days on the Market: 9 (+13% compared to January 2021)
  • Number of Closed Sales: 48 (+7% compared to January 2021)

Rentals

  • Median Rental Price (96706 Zip Code): $3,050 (+5.2% compared to January 2021)6

Take Away: Home values have risen significantly in the last year in the Ewa Plain, but homes are taking longer to sell than at this same times last year. Additionally, the number of single family homes sold took significant jump compared to January 2021. In terms of rentals, it’s not surprising that median rental rates have also risen.


Waianae (Makaha to Nanakuli)

Neighborhood Overview

Located along the leeward coast of the island, most homes in the neighborhoods between Makaha and Nanakuli are no more than a few minutes from the water and have up-close views of the Waianae Mountain Range. Yet, homes prices remain shockingly low compared to other areas on Oahu due to the distance from many military based and town (Honolulu), as well as heavy traffic in and out of this area.

Aerial Overview of Waianae

Single Family Houses7

  • Median Sales Price: $720,000 (+27% compared to January 2021)
  • Median Number of Days on the Market: 16 (+167% compared to January 2021)
  • Number of Closed Sales: 35 (+46% compared to January 2021)

Condos8

  • Median Sales Price: $237,500 (+11% compared to January 2021)
  • Median Number of Days on the Market: 8 (-72% compared to January 2021)
  • Number of Closed Sales: 16 (-11% compared to January 2021)

Rentals

  • Median Rental Price (Leeward side of island): $2,400 (+50% compared to January 2021)9

Take Away: Single Family Homes (SFH) values in Waianae and its neighborhoods have significantly gone up this past year, as have the number of closed sales. This could suggest that as prices continue to climb along the more centralized areas in west Oahu, more and more people are pushing further and further Northwest to find affordable housing options. Additionally, condo values have increased significantly (although nowhere near as drastically as SFH). For those who are currently renting, median rental rates have gone up by a shocking 50% compared to January last year, representing a huge jump.


Have a question about what this information means for you? Want to know your current home value? Contact me!

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.

4Local monthly market updates statistics provided by the Honolulu Board of Realtors.

5Local monthly market updates statistics provided by the Honolulu Board of Realtors.

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

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

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

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

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