Median price of single-family home in Oahu approaches $ 1 million
HONOLULU (HawaiiNewsNow) – With “historically” low inventories and strong demand, the median price of a single-family home in Oahu is approaching $ 1 million.
Real estate company Rentals reported that in May, the median price of a home in Oahu hit a new high of $ 985,000, a 23% increase from a year ago.
During this time, the median price of a condo has reached $ 460,000.
The median price means that half of the houses go above that price and half go below.
In a press release, Rentals said single-family home prices hit a 17-year high in May. Homes were also quickly foreclosed, remaining in receivership for a median of just 10 days.
In addition, 56% of homes have exceeded the asking price.
“The Oahu real estate market continues to set new records in 2021, as historically low inventories and strong demand fueled by low interest rates pushed the median single-family home price closer to $ 1 million. dollars in May, ”said Jason Lazzerini, President and CEO of Locations, in a press release.
“The market will continue to favor sellers this summer. “
After declining at the start of the pandemic, the housing market in the islands has remained warm. Nationally, house prices are also skyrocketing.
Copyright 2021 Hawaii News Now. All rights reserved.