Honolulu

HIHonolulu (Oahu)

Real Estate Market Analysis

Q3 2025 Report
$713,500 (June 2025, all property types); $1,175,000 (May 2025, single-family); $500,000 (May 2025, condos)
Median Home Price
~1,000,000 (Oahu, 2024 estimate)
Population
$94,000 (Honolulu County, 2024 estimate)
Median Income
Honolulu District: B+ (Niche 2025)
School District Rating

Market Overview

Property Values

$713,500 (June 2025, all property types); $1,175,000 (May 2025, single-family); $500,000 (May 2025, condos)
Median Home Price
$712 (June 2025)
Price per Sq Ft
+6.5% overall (June 2025); +8.3% single-family (May 2025); +1% condos (May 2025)
YoY Change

Market Performance

Days on Market21 days (single-family, May 2025); 39 days (condos, May 2025)
Market TypeSingle-family: tight, seller-favored; Condos: shifting to buyer's market
Months of SupplyNot specified, but inventory up 11.1% MoM (June 2025) and 27% YoY for single-family (May 2025)

Sales Activity

Sales Volume2,460 homes for sale (June 2025); 235 single-family homes sold (May 2025, -5.6% YoY); 374 condos sold (May 2025, -21.8% YoY)
Metro AreaHonolulu (Oahu)
Population~1,000,000 (Oahu, 2024 estimate)

Economic Indicators

Employment & Growth

Unemployment Rate~2.8% (Honolulu County, May 2025 estimate)
Job Growth Rate~1.2% (2024-2025 estimate)
Median Household Income$94,000 (Honolulu County, 2024 estimate)

Major Employers

  • Hawaii State Government
  • U.S. Military (Joint Base Pearl Harbor-Hickam)
  • Hawaiian Airlines
  • Queen’s Health Systems
  • University of Hawaii

Demographics

~1,000,000 (Oahu, 2024 estimate)
Population
41.5 years (2024 estimate)
Median Age
Stable to slight decline (-0.2% YoY, 2024-2025)
Population Growth
92% high school graduate or higher; 36% bachelor’s degree or higher (2024)
Education Level

Family Composition

Mixed: 32% families with children, 25% single-person households, 43% couples/other

Key Industries

TourismMilitary/DefenseHealthcareEducationConstruction

Education

School District

Honolulu District: B+ (Niche 2025)
District Rating

Top Schools

  • President William McKinley High School
  • Henry J. Kaiser High School
  • Moanalua High School

Higher Education

  • University of Hawaii at Manoa
  • Chaminade University
  • Hawaii Pacific University

Infrastructure & Development

Major Projects

  • Honolulu Rail Transit (Skyline) expansion
  • Ala Moana Center redevelopment
  • Kaka‘ako mixed-use developments

Transportation

  • Skyline rail line (East Kapolei to Ala Moana, ongoing)
  • H-1 freeway upgrades

Planned Developments

  • Ward Village (Kaka‘ako)
  • Ho‘opili master-planned community (West Oahu)

Lifestyle & Amenities

Recreation

  • Waikiki Beach
  • Diamond Head State Monument
  • Ala Moana Beach Park

Dining & Entertainment

  • Chinatown Honolulu
  • Ala Moana Center
  • Kaka‘ako SALT district

Cultural Attractions

  • Bishop Museum
  • Honolulu Museum of Art
  • Iolani Palace

Investment Analysis

Investment Opportunities

  • Single-family homes in desirable neighborhoods (Hawaii Kai, Kailua, East Honolulu)
  • Value-add condo investments (Kaka‘ako, Ala Moana)
  • Short-term vacation rentals (where permitted)

Growth Outlook

Moderate appreciation for single-family homes; flat to slight growth for condos in 2025

Market Risks

  • Rising interest rates
  • Increasing condo inventory and longer days on market
  • Strict vacation rental regulations

Rental Market

Strong demand, especially for single-family homes; stable rents, but some softening in condo rents due to higher supply

Marketing Intelligence

Target Demographics

  • Local families
  • Mainland U.S. relocators
  • International buyers (Japan, Canada, Korea)
  • Military personnel

Marketing Channels

  • Zillow, Realtor.com, local MLS
  • Instagram and Facebook ads
  • WeChat and Line (for international buyers)

Pricing Strategies

Price single-family homes at or slightly above comps; price condos competitively to stand out in higher inventory segments

Common Objections & Response Strategies

Objection: Homes are too expensive for my budget.

Response Strategy:

Show lower-priced condos or neighborhoods with better value; discuss mortgage options and potential for future appreciation.

Objection: Interest rates are too high.

Response Strategy:

Highlight potential for refinancing later; compare monthly payments to local rent costs.

Objection: Condo fees are too high.

Response Strategy:

Break down what fees cover (maintenance, amenities, security); compare to single-family home maintenance costs.

Professional Recommendations

1

Educate clients on the two-track market (single-family vs. condos) and set realistic expectations.

2

Leverage digital marketing and virtual showings to reach off-island and international buyers.

3

Advise sellers to price competitively, especially in the condo segment with rising inventory.

4

Highlight lifestyle amenities and proximity to beaches, schools, and transit in all marketing.

5

Stay updated on zoning, vacation rental regulations, and new development pipelines.

Competitive Analysis

Comparable Markets

  • San Diego, CA
  • Seattle, WA
  • Miami, FL

Market Positioning

Premium, lifestyle-driven market with global appeal

Competitive Advantages

  • Year-round warm climate
  • Unique island lifestyle
  • Limited land supply supports long-term values

Price Comparison

Honolulu median prices are higher than most U.S. metros but lower than San Francisco or Manhattan

Investment Metrics

2.8%–4.2% (2025, varies by property type and location)
Cap Rates
3.5%–4.5% (single-family); 3.0%–4.0% (condos)
Rental Yields
~25–28 (2025)
Price-to-Rent
Generally positive for single-family rentals; condos may be neutral or slightly negative after fees
Cash Flow
Single-family: +3% to +5% in 2025; Condos: flat to +2%
Appreciation

Buyer Journey Insights

First-Time Buyers

Often opt for condos or smaller single-family homes; need education on financing and local market nuances.

Move-Up Buyers

Targeting larger homes in top school districts; motivated by lifestyle upgrades.

Downsizers

Prefer newer condos with amenities and walkability; value low-maintenance living.

Investors

Focus on cash flow and appreciation in high-demand neighborhoods; cautious on condos with high fees.

Relocators

Seek guidance on neighborhoods, schools, and commute; value virtual tours and remote transaction support.

This city analysis was generated using comprehensive market data and AI intelligence.

Market conditions change rapidly - consult with local real estate professionals for the most current information.

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