Waikiki Homes For Sale

In November 2024, Waikiki home prices experienced a slight decline, down 1.1% compared to the previous year, with a median sale price of $470K. Homes in Waikiki are taking longer to sell, averaging 86 days on the market compared to 73 days last year, indicating a cooling in buyer activity. Additionally, the number of homes sold dropped to 214, a noticeable decline from 259 in November 2023. These trends suggest a shift toward a slower-paced market, potentially offering more opportunities for buyers to negotiate favorable terms.

The Waikiki housing market is relatively subdued, with homes typically taking around 86 days to sell. Multiple offers are uncommon, reflecting the market's lower competitiveness. On average, properties sell for about 4% below the listing price, with most going pending within the 86-day timeframe. However, "hot homes" — those in high demand — can sell at or near the list price and tend to go pending much faster, often within about 54 days. This indicates that while the overall market is slower, well-priced or particularly desirable homes still attract swift attention.

As of November 2024, Waikiki is firmly in a buyer's market, indicating that the supply of available homes exceeds the current demand. This market condition often gives buyers more leverage in negotiations, as sellers may need to make concessions to close deals. Factors such as longer days on the market and reduced competition suggest that prospective buyers in Waikiki can take their time to evaluate options and potentially secure properties at favorable prices. This environment can be advantageous for first-time buyers or investors seeking to enter the market, especially as sellers adjust to align with shifting demand.