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Oahu Real Estate in 2021 – What’s Happening Now?

2021, what a year for Oahu real estate. Just when we all thought that 2020 was a busy year, 2021 rolled in, and the market took off again, and it really hasn’t stopped. Month after month, new price and sales records were coming in, crushing the previous month’s numbers. All of us in real estate, buyers and sellers, could see that $1,000,000 price point approaching, and then in August it happened. Oahu’s median single-family price hit $1,050,000. As we move into the final months of 2021, will the upward trend continue?

new record housing prices on oahu

Scroll through the slides for a market update.

Resale Market

While some mainland markets are seeing the market stabilizing, Oahu is still competitive, although huge price escalations are cooling off a bit. The inventory is low, and there are plenty of buyers in the market trying to take advantage of the low interest rates. Buyers who are in the market are still experiencing multiple offer situations. With the higher prices, some would be single-family home buyers are also switching to townhomes and condos, which can be just as competitive. With condos, it depends on the area and the buildings, as some are more popular than others.

New Construction Market

The new construction home and condo markets on Oahu are experiencing huge demand for properties. West side home/townhome lotteries have upwards of 230 lottery applications for 30+ available properties. New condos in Honolulu, while sold on a first come first serve basis, are also in short supply of pre-sale condos, and the inventory is shrinking.

As of right now, Oahu is busy. Many homes and condos are still selling over asking prices. Of course, every property is different, and certain price points are way more competitive than others. Overall, however, it’s a busy real estate market, but not as crazy as it was a few months ago.

Despite the price gains of 2021, is it still a great market for Buyers and Sellers? Absolutely! The demand is high and interest rates are low.

If you have any questions about Oahu real estate, please don’t hesitate to contact me.

Kinga Mills | 808-722-3985 | kingamills@hawaiilife.com

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About the Author

Kinga Mills

Kinga Mills is a REALTOR Associate, Forbes Global Properties, Luxury Portfolio Affiliate, & Military Relocation Professional with Hawai'i Life. I adore Hawaii, its people, and the natural beauty that surrounds me. I live on Oahu. It's a pretty incredible place to call home. There is a little bit of everything here. From pristine beaches and quiet neighborhoods to the trendiest of restaurants in the urban Honolulu. I simply love Oahu and the variety it offers. My real estate career allows me to enjoy the Island life, and to work with some amazing people. With over a decade of experience and hundreds of closed sales, I provide my clients with expert buying and selling advice. My goal for clients is to enjoy the process, while my team and I handle the details. As a member of the Hawaii Life Military Specialized Team, I regularly provide real estate assistance to active-duty military personnel who are PCSing to Hawaii, to the mainland, or overseas. For the Luxury Real Real Estate buyers and sellers, I am affiliated with Luxury Portfolio International and Forbes Global Properties. These exclusive affiliations extend an even greater reach, exposure, and effectiveness within the global luxury marketplace. In my time off, I love walking along the beach, enjoying meals out on the town, and taking family vacations. Sign up for my Oahu Hawaii Life blog updates and follow my journey. You can also find me on HGTV "Hawaii Life" Season 14. I look forward to helping in making your Hawaii Life real estate dreams happen! You can email me at KingaMills@HawaiiLife.com or via phone at (808) 722-3985.

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