Understanding Oahu Real Estate in 2023 | Neighborhood Guides & Trends

oahu real estate 2023

Welcome to the ultimate guide to Oahu real estate in 2023! As you explore homes for sale on Oahu, it's essential to understand the island's diverse housing market. From luxurious beachfront properties to affordable single-family homes, Oahu offers a variety of options to suit every buyer's needs. In this comprehensive guide, we'll cover all of the most buzzworthy Oahu real estate topics, everything from current market trends, investing in Airbnb, Oahu New Homes and Condos, to the best places to live. Let's dive into the Oahu real estate market and discover what makes this Hawaiian island a true paradise.

Moving to Oahu? Let's get you oriented first.

Oahu Real Estate News 2023 | Forecast & Trends

Record home prices, rising interest rates, and tightening economic conditions have started to have a chilling affect on the Oahu real estate market in 2023 but don't expect a freefall anytime soon. Oahu has long been plagued by an intense housing shortage and with nearly 1,000,000 residents, the law of supply and demand will continue to prop up the Oahu real estate market. Yes, sales are down and prices have started to slip on the macro level, but the real story is in how Oahu behaves on the micro level. 

oahu real estate market february 2023

Check out our most recent Oahu Real Estate Market Report

As of February 2023, the Oahu median single family home price was d $985,000 with condos at $490,000. Our team remains one of the most active in the state so should you ever need real-time market guidance, we would love to hear from you!

  • Single family homes are still performing extremely well, especially if they're fully renovated, compared to condos.
  • Any home with multi-family potential i.e. a home with an ADU or separate rental, is going to outperform homes without it. 
  • Neighborhoods seeing an influx of Oahu new homes are softening up faster than other neighborhoods due to the added inventory. For example, Kakaako has added hundreds of New Honolulu condos in the last year while Hoopili in Ewa Beach continues to add brand new homes nearly every month. 
  • The luxury market has softened up substantially as well via the pullback of remote buyers during COVID as well as majority of homeowners having locked in record low interest rates in 2022 and prior. 

Oahu Real Estate & Living VLOG

The NEW Cost of Living in Hawaii | Finding Hope & Home in 2023
There's no way to sugar coat the high cost of living in Hawaii, and the impact it's had on our families and friends over the last few years. Join us as we discuss the new heights of Hawaii's cost of living as well as pointing you to various loan products, concepts, and mindsets that many of our clients use to secure homeownership in Hawaii, despite the mounting obstacles.
10 Things To Know About Living in Hawaii
Join us as we discuss local insights on living in Hawaii! If you're thinking about moving to Hawaii then you should know that it isn't always sunshine and rainbows; especially depending on which island you live on. In this video, we'll touch on the differences between the Hawaiian islands, the differences between EACH side of the island of Oahu, an update on the Hawaii cost of living, critters, Hawaii real estate insights, jobs, and more!
Living in Ewa Beach, Hawaii
Join us as we explore the lifestyle and Homes For Sale in Ewa Beach; West Oahu's ever expanding Second City. We'll dive into the diverse range of homes and neighborhoods available in Ewa Beach, From affordable starter homes to luxurious resort style & beachfront properties, we'll help you navigate the Ewa Beach real estate market with ease. Be sure to also check out our various blogs about the Ewa Beach lifestyle including but not limited to the various beaches in Ewa Beach, things to do, best restaurants,
Living in Kailua
If you're looking for the best places to live in Hawaii then this is Windward Oahu Beach Town should be at the top of your list! Join us on a tour of Kailua, Hawaii (not to be confused with Kailua-Kona on the big island) Dwell Hawaii's top pick for the best lifestyle community on the island of Oahu. From the sleepy hillsides communities of Maunawili, Hillcrest, Keolu Hills, and Olomana Heights to the flat beachfront and beach adjacent streets of Kailua Beachside, Lanikai, Kalama Tract, Coconut Grove, Enc
Living in Kahala
Welcome to our video about living in Kahala, a luxurious neighborhood located on the island of O'ahu in Hawaii. In this video, we'll take a closer look at what it's like to call Kahala home, including its stunning beachfront properties, upscale homes, and abundance of recreational opportunities. We'll also explore the tight-knit community of residents who take pride in their neighborhood and work together to maintain its beauty and security. Whether you're considering a move to Kahala or just want to learn
Living in North Shore Oahu
Welcome to North Shore Hawaii; the mecca of surfing and one of Oahu's premier lifestyle communities offering quintessential island living within an idyllic tropical location. The North Shore real estate market has skyrocketed since the pandemic, with remote workers and lifestyle buyers flocking to region for isolation, surf, or just an overall change of pace and mindset. Living on Oahu's North shore is as close as Oahu gets to "Country Living" as development is severely limited in the area. Turtle Bay re
Ewa Beach & Waipio New Construction Update
While the Kakaako and Ala Moana neighborhoods transform the Honolulu skyline through new condos in urban Honolulu, developers DR Horton Hawaii, Castle, and Gentry Homes are redefining suburban living with Oahu New Homes projects of their own. With so much new construction happening in the Oahu Real Estate market it's hard to keep up with what's sold out, what's currently selling, and what's coming soon, and where each project is located. So with that said, join us for a tour and detailed 2022 update of the
Living in Ko Olina
Ko Olina is a lavish resort community in Kapolei, HI and arguably one of the best places to live in Oahu. Situated on the breathtaking leeward coastline of Oahu, providing an incredible island lifestyle with copious sunny days, and some of the most stunning sunsets on Oahu. In this video, we'll reveal the diverse elements that make Ko Olina a popular choice for both residents and travelers.
Living in Hawaii Kai
Join us as we journey through one of Oahu's premier lifestyle neighborhoods and where Maila Gibson calls home; Hawaii Kai in Honolulu, HI. From boating, stand-up paddling, to the infamous Koko Head hike, Hawaii Kai is the dream neighborhood for water sport enthusiasts and outdoorsman. Located just 20 minutes from Waikiki & Metro Honolulu, Hawaii Kai boasts ocean-urban vibes without sacrificing the benefits and convenience of living in Honolulu.
How to Blend and Live in Hawaii
Hawaii is undoubtedly the least familiar place you can choose to live in the United States. The Aloha State has an incredibly diverse culture, climate, and way of life -- the norms you're used to in the upper 48 may not apply here! With that, here's some of our best tips and insights on how to live, blend, and enjoy Hawaii life.
Living in Manoa Valley
Join us for a tour of Manoa Valley; a Honolulu bedroom community steeped in Hawaiian History and cultural significance. Manoa is quietly tucked above the Hawaii's capital city, offering premier convenience of living in "Town" whilst still maintaining that tropical island feel via the lush mountainous backdrop and frequent Hawaii rainbows poking through occasional drizzles. The neighborhood is anchored by the University of Hawaii at Manoa, as well as Mid Pacific Institute and Punahou School; two of the bes
Entry Level Honolulu Condos
Since COVID sounded the "all aboard" to the Moving to Hawaii train back in 2020, the Hawaii real estate market has soared. Buyers flocked from similarly high priced real estate markets on the west coast, namely Los Angeles and Bay Area, in hopes to carve out their own piece of Hawaii. Hawaii condos for sale saw a brief downturn in velocity during the lockdown period as many condo dwellers had to face the stark reality of living near hundreds of people in a building that shares elevators, amenities, and oth
Living in Portlock | Hawaii Kai Luxury Community
Many of our clients moving to Hawaii these days have expressed their desire to live in neighborhoods which best support their "Active Lifestyles." If you fit this mold, then living in Portlock Hawaii Kai should be on your Top 3 list of best lifestyle communities on Oahu to benefit from copious amounts of sunshine, convenient access to the ocean for watersports, nearby hikes, and the overall active nature of a community. If the budget allows, we definitely recommend giving a look to the Portlock neighborhoo
Hawaii Cost of Living in 2020
Depending on where you're from, the cost of living in Hawaii might shock you. Hawaii is a trophy destination, a never-in-a-lifetime or once-in-a-lifetime experience for too many. Some calculations suggest that the average Hawaii trip cost per person is roughly $1,899 a week for fun in the sun. Idyllic white sand beaches, mountainous backdrops, and the crystal blue Pacific Ocean are things of post cards and hard for some to imagine as every day lifestyles. Trust me when I say I wouldn't trade it for the worl
Living in Kaimuki
Kaimuki Trending! This hip Honolulu neighborhood has caught it's stride over the last decade and it's well deserved. If you've been living in Honolulu over the last 10 years you've watched the the city's urban core completely transform. Industrial districts have been revitalized to host nearly a dozen new luxury condo projects and with that comes a new level of congestion. While many have flocked to "New" Honolulu, Hawaii living, the pandemic has undoubtedly created an appetite for a quieter, less congested
Living in Mililani
Welcome to our in-depth video tour of Mililani, a thriving community nestled in the heart of Oahu, Hawaii. From its lush landscapes to family-friendly neighborhoods, Mililani offers a unique blend of tranquility, comfort, and convenience. In this video, we'll explore the exceptional lifestyle that Mililani offers to its residents. Get ready to discover the array of amenities, from recreational parks and top-rated schools to modern shopping centers and diverse dining options. We'll also take you through th
Best Places to Live in Oahu, Hawaii
So where are the best places to live in Oahu? It depends on your lifestyle! Join us as we explore the absolute best places to live in Oahu, Hawaii. Whether you're a sunrise chaser, a surfer, a night owl, a foodie, or about to PCS to Hawaii, Oahu's diverse neighborhoods have something in store for everyone.
Living in Waikiki
For more about Waikiki condos for sale and/or to connect with Maila and Koa visit: https://www.dwellhawaii.com/blog/why-waikiki-and-why-not/ or email us at [email protected]. #waikiki #livinginwaikiki #waikikicondosforsale Waikiki -- worth the hype? Join us as we explore this bustling beachfront neighborhood located on the South Shore of Honolulu. Known worldwide for iconic Waikiki beach and vibrant city life, Waikiki offers a unique fusion of local Hawaiian culture and global influences. In this vide
Living in Ho'opili
In this video, we delve into the heart of Ewa Beach, Hawaii to explore the Ho'opili Master Plan. This innovative, integrated, and eco-friendly neighborhood has transformed suburban living in Hawaii, offering a model for sustainable, community-focused development. We'll take you on tour of the neighborhood, the model homes, providing an in-depth look at the meticulously planned Ho'opili community that includes a blend of residential, commercial retail, agricultural spaces and the Honolulu Rail. We'll explai
Living in Kaneohe
In this episode, we explore the serene town of Kaneohe, located on the beautiful windward side of Oahu, Hawaii. This isn't just a travel vlog, it's a deep dive into what it's really like to live in this lush tropical paradise. From its stunning natural beauty, community spirit, to the gentle pace of life, Kaneohe is more than just a postcard scene. Our journey begins with a mesmerizing sunrise over the iconic Koolau Mountains. Watch as the sun peeks through the jagged peaks, casting a magical light over K
Living in Honolulu Pt. 1 | "Metro" Region
Join us for Part 1 of a tour and breakdown of the "Metro Honolulu" region bounded by Moanalua to the west, Waikiki to the East, and every neighborhood between. We'll spin by local favorite eatery, Liliha Bakery in Kalihi, show you the incredible views atop Makiki Heights and Tantalus, and help you gain a better understanding of what it really means to live in Honolulu, Hawaii. Stick around for Part 2 and 3 where we'll continue on to the Diamond and Hawaii Kai regions along Honolulu's southeast coastline.
Hawaii Kai | Living in Honolulu Pt. 3
Aloha everyone! Dive into the stunning neighborhood of Hawaii Kai in our third installment of the 'Living in Honolulu' series. Nestled between lush green mountains and azure seas, Hawaii Kai offers a vibrant lifestyle that's uniquely its own. Here's what we'll unveil: ?? Hawaii Kai Neighborhood Insights: Discover the hidden gems and popular spots that locals cherish. ????? Things to Do: From water adventures to tranquil nature walks, explore a plethora of activities that'll make every day feel like a vacat
Kailua, Hawaii Kai, & Waimanalo Compared
Oahu's Kailua, Waimanalo, and Hawaii Kai are undoubtedly some of the most picturesque places to live in Hawaii and with only a few miles between them, many may be shocked to know just how different they are. Join us as we navigate these captivating Oahu locales, highlighting their individual appeals: ?? Local Glimpses: Wander the serene avenues of Kailua, uncover Waimanalo's secret corners, and experience the marina-urban vibes of Hawaii Kai. ?? Beach Chronicles: Which beach beckons you? Delve into the con
Moving to Hawaii | 21 Things to Know Before You go
hinking of making the big move to Hawaii? Before you pack your bags and embrace the island life, there are some essential things you need to know. In this video, we dive deep into 21 misconceptions you may or may not have about Living in Hawaii; elements that will help you transition seamlessly to life in paradise. From understanding the unique Hawaiian culture and customs to getting a grip on some of the intangibles of island life- we've got you covered! #movingtohawaii #livinginhawaii #hawaiilife

Oahu Neighborhood Guides

As an Oahu real estate agent, I am often asked about the best neighborhoods on Oahu, and one of the most common factors that people consider is proximity to Beaches, Honolulu, the Airport, and most importantly the lifestyle. Below you will find arguably the most comprensive breakdown of each major Oahu community, a Lifestyle video tour of each, and local expertise to help you truly understand what it means to live here!

New Construction

where to find new homes in Oahu real estate marketSearching for brand new homes on Oahu? We're the experts and we mean it. Check out our New Construction Guide where we detail every community offering Oahu new homes. From the ever changing skyline of Kakaako, to sunny plains of Hoopili in Ewa Beach and every new Hawaii home community in between. Learn the benefits of buying new construction, along with valuable insights and tips from Oahu's New Construction Experts.  Click through to uncover the most sought-after developments and expert guidance to help you navigate the new home buying process with ease. 

Oahu is booming with New Honolulu Condos

new honolulu condos in oahu real estateExplore the exciting possibilities of purchasing brand new condos in Honolulu's vibrant Kakaako neighborhood. Delve into the benefits of investing in this urban oasis, learn about the luxurious amenities, and understand the promising potential for growth in this rapidly developing area. Make the most informed decision as you consider the perfect home or investment property in the heart of paradise. Click through to our in-depth blog post to learn more about the remarkable opportunities that await you in Kakaako's thriving real estate market!

Luxury Condos in Honolulu

luxury honolulu condos in oahu real estateHonolulu boasts several high-rise luxury condos, each with unparalleled amenities, concierge services, and breathtaking views of the Pacific Ocean and Diamond Head. The city has seen an influx of 10+ new condos in Kakaako and Ala Moana over the last decade, with more on the way, making it difficult to discern which condos are appointed with the best interiors, amenities, and designs. To help navigate this unique real estate landscape, Dwell Hawaii has curated a list of the Top 10 Luxury Condos in Honolulu. From the exclusive Park Lane to the cantilevered infinity pool of Anaha, the list includes details on each condo's location, floor plans, and average sales price. To learn more about these opulent condos, click through to the in-depth blog post.

PCS Guides

pcs to hawaiiPCS to Hawaii with ease via our comprehensive resource designed to help you seamlessly transition to your new duty station on Oahu. We cover essential topics like Hawaii Military Bases on Oahu, Hawaii BAH & COLA calculations, military hotels and lodging, on-post housing, neighborhood insights, and more. Learn about the culture, lifestyle, and things to do on Oahu, and make your move as smooth as possible. 

What it's like to live on Oahu

Dive into the world of Oahu and discover the unique blend of natural beauty, rich culture, and modern living that makes this island a true paradise. Find out how you can experience the laid-back lifestyle, exquisite cuisine, and thriving communities that are the hallmarks of Living on Oahu. Click through to learn more about the island's hidden treasures and how to make your dream of island life a reality.

Oahu Golf Course Homes

Immerse yourself into the best golf course communities in Oahu, where you can experience luxury living and world-class golfing on the Gathering Isle. From Ko Olina resort in Kapolei to on the Big Island to Turtle Bay on Oahu's North Shore, we've compiled a comprehensive list of prestigious communities that cater to the golf enthusiast's dream lifestyle. Unveil Oahu's most stunning golf courses, exclusive amenities, and exquisite homes by clicking through to our in-depth blog. Immerse yourself in paradise and find your perfect golf retreat today.

Oahu Luxury Homes

Uncover the most luxurious neighborhoods in Oahu with our captivating blog post that takes you on a journey through the Oahu most sought-after communities. Find out what makes these neighborhoods stand out with their stunning properties, pristine beaches, exclusive amenities, and exceptional lifestyles. Gain insights into the local culture, activities, and market trends to help you make an informed decision on where to find your dream home in paradise. Click through to our comprehensive blog and get ready to be inspired by the opulence and beauty of Oahu luxury homes for sale. 

Hillside Havens with Ocean Views

If you're looking for a hillside home with breathtaking ocean views on Oahu, look no further! This blog covers the best neighborhoods on the island for those seeking a tranquil and prestigious atmosphere. From Hawaii Loa Ridge to Pupukea, Oahu offers a diverse range of neighborhoods with stunning coastal panoramas. Whether you're looking for a luxurious retreat or a peaceful hideaway, these Oahu communities offer a diverse range of options to suit your needs. Click through to learn more about these captivating hillside treasures and find your perfect ocean view home in paradise.

Beachfront Homes

Dreaming of owning an Oahu beachfront condo or home in Oahu? Join us as we delve into the most desirable neighborhoods offering breathtaking oceanfront properties. From iconic North Shore  to the tranquil Windward Coast, we'll introduce you to the finest locations for beach living on the island. Click through to explore these picturesque neighborhoods and find your dream beachfront home in Oahu today!

Oahu Short Term Rental Laws & Airbnb

what to know about hawaii airbnb before buying oahu real estateNavigating Oahu's short-term rental laws can be challenging, but it's essential to be aware of the regulations to avoid potential issues. Our in-depth blog explores the rules governing Airbnb and other short-term rentals on Oahu and highlights prime locations for legal Airbnb investments, such as Waikiki, Turtle Bay, and Ko Olina. Discover the best opportunities for short-term rental properties and learn more about the market by clicking through to our comprehensive guide.

Honolulu Property Tax 

what to know about honolulu property tax before buying oahu real estateLearn about the various Honolulu property tax rates and how they can impact your real estate investment from a seasoned real estate agent's perspective. Learn the ins and outs of the tax system, exemptions, and strategies to navigate this essential aspect of owning property in paradise. Click through to gain valuable insights and tips to make informed decisions on your dream home or investment property in Honolulu.

Out-of-State Buyers & Foreign Investors

Are you a non-resident or foreign investor looking to purchase Oahu real estate? It's crucial to understand the tax implications of HARPTA and FIRPTA before you proceed. Our informative blog post provides a comprehensive overview of these taxes, their potential impact on your investment, and the necessary steps to ensure compliance. Click through to our detailed guide and gain the knowledge you need to confidently navigate the complexities of HARPTA and FIRPTA when investing in Oahu real estate.

Fee Simple vs. Leasehold

Understanding the differences between fee simple and leasehold property ownership is a unique element to consider when purchasing real estate in Oahu. Fee simple ownership provides the most comprehensive rights, while leasehold ownership comes with limited rights, additional costs, and potential risks. To make informed decisions about your property investment in Oahu, we encourage you to click through to our in-depth blog post, which explores the key aspects of fee simple and leasehold ownership, helping you navigate the unique real estate landscape in the Aloha State.

Oahu Real Estate FAQ's

Q: Can anyone buy real estate on Oahu?

In general, anyone can buy real estate on Oahu, regardless of their citizenship or residency status. Both U.S. citizens and non-U.S. citizens, including foreign nationals, are allowed to purchase property in Hawaii.

Q: Are Oahu real estate prices dropping?

A: The Oahu single-family home median price declined by 11% from February 2022 to $999,000--the third month-to-month decline and the second consecutive month that the median was below $1M since July 2021.  Real estate market trends fluctuate over time, and it's essential to consult a local real estate agent or monitor recent sales data to get the most accurate and up-to-date information on current Oahu real estate prices.

Q: What is the average price of a condo in Oahu?

A: The Oahu condo median price decreased by three percent from 2022 to $480,500. The average price of a condo in Oahu varies depending on the location and market conditions. As of my knowledge cutoff in September 2021, the average price was around $400,000 to $500,000. Please consult a local real estate agent for the most current data.

Q: What is the average cost of a home on Oahu?

A: As of September 2021, the average cost of a single-family home on Oahu was approximately $1 million. However, prices may have changed since then, so it's important to consult a local real estate agent for the most up-to-date information.

Q: What part of Oahu is best to live?

A: The best part of Oahu to live depends on individual preferences, lifestyle, and budget. Popular areas include Honolulu, Kailua, Kaneohe, and the North Shore. Each area offers unique amenities, recreational opportunities, and community vibes.

Q: What is the cheapest place to live on Oahu?

A: Some of the more affordable areas on Oahu include Waianae, Ewa Beach, and parts of Central Oahu. However, keep in mind that real estate prices are subject to change, and it's important to evaluate current market trends.

Q: What is the safest city in Oahu?

A: Oahu has several safe communities, including Kailua, Mililani, and Hawaii Kai. To determine the safest city for your specific needs, consider factors like crime rates, access to emergency services, and overall quality of life.

Q: Where do millionaires live in Oahu?

A: Wealthy individuals often live in upscale neighborhoods such as Kahala, Portlock, Diamond Head, and Kailua Beachfront. These areas typically feature luxurious homes, stunning views, and exclusive amenities.

Q: Is it cheaper to live in Maui or Oahu?

A: The cost of living in both Maui and Oahu can be high, but it generally depends on factors like housing costs, transportation, and daily expenses. As of 2021, the cost of living on Oahu was slightly higher, primarily due to housing costs. However, this may have changed, so it's essential to evaluate current data.

Q: Why is Oahu housing so expensive?

A: Oahu housing is expensive due to factors like limited land availability, high demand, and the island's desirability as a tourist destination. Additionally, the cost of construction materials and labor is typically higher in Hawaii compared to the mainland. The housing shortage on Oahu is a pressing issue that has been exacerbated by factors such as limited land availability, an increasing population, and a booming tourism industry. With the island's growing demand for residential spaces, the supply of affordable housing has struggled to keep pace, leading to skyrocketing prices and fierce competition in the real estate market.

Q: Is Oahu a good place to buy a house?

A: Oahu can be a great place to buy a house, depending on your goals and priorities. Factors to consider include the local economy, job opportunities, lifestyle preferences, and the potential for long-term appreciation which averages out to approximately 6% per year. 

Q: What are the most expensive areas to live on Oahu?

A: Some of the most expensive areas on Oahu include Kahala, Diamond Head, Portlock, and Kailua neighborhoods. These neighborhoods are close to some of the best private schools on Oahu, idyllic beaches, and offer stimulating lifestyles.

Q: Is Oahu or Big Island cheaper?

A: Generally, the cost of living and real estate on the Big Island is more affordable compared to Oahu. However, this can vary depending on the specific area and factors like housing costs, transportation, and daily expenses. It's important to evaluate current data and consider your personal preferences when choosing between the two.

Q: Do any celebrities live in Oahu?

A: Yes, several celebrities have homes or spend time in Oahu, drawn by the island's natural beauty and laid-back lifestyle. Some celebrities who have owned property on Oahu include Barack Obama, Jack Johnson, and Bette Midler. However, celebrities may value their privacy, so it's important to respect their space.

Q: Is Oahu a good place to retire?

A: Oahu can be an excellent place to retire, depending on individual preferences and needs. The island offers a warm climate, beautiful scenery, and a wide range of recreational activities. However, retirees should consider factors like the cost of living, access to healthcare, and proximity to family when deciding whether Oahu is the right fit for their retirement.

Q: What are the downsides to buying a home on Oahu? 

A: Aside from having some of the highest real estate prices in the nation, the island of Oahu has nearly 1,000,000 residents. Living on Oahu can feel more congested than you might prefer, not to mention the affect it has on Oahu traffic. 

Q: Why are Honolulu condo HOA's so high?

A: Honolulu condo HOA (Homeowners Association) fees are often higher than those in other areas due to a number of factors. Firstly, Hawaii is a remote island state, so much of the building materials, supplies, and equipment have to be imported from the mainland, resulting in higher costs.

Secondly, many Honolulu condos offer luxurious amenities and services, such as security, pools, and gyms, which require a significant amount of maintenance and upkeep. Additionally, the high demand for housing in Honolulu has led to the construction of many high-rise condo buildings, which also requires additional maintenance and upkeep. All of these factors contribute to the higher HOA fees in Honolulu condos.

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