Oahu Real Estate Market Update – May 2026
The Oahu real estate market delivered several surprises in May 2026, with certain neighborhoods posting remarkable gains in both sales activity and property values. While market conditions continue to vary across the island, recent data from the Honolulu Board of REALTORS® reveals encouraging signs for both homeowners and condo owners.
One neighborhood in particular stood out from the rest, recording the largest increase in condo appreciation and tying for the highest growth in condo sales volume.
Let's take a closer look at the biggest winners in Oahu's housing market this past month.
Single-Family Home Market Highlights
The single-family home market showed strong performance across much of Oahu. Of the 21 major neighborhoods tracked by the Honolulu Board of REALTORS®, 11 experienced year-over-year increases in home sales, one remained unchanged, and nine reported declines.
This means a majority of Oahu neighborhoods saw increased buyer activity compared to May 2025.
Largest Increase in Home Sales
The Moanalua to Salt Lake area recorded the largest year-over-year increase in home sales activity.
- May 2025: 3 home sales
- May 2026: 7 home sales
- Increase: 133%
While transaction counts remain relatively low, the growth indicates rising demand in this central Oahu community.
North Shore Leads Home Price Appreciation
When it comes to property value growth, the North Shore claimed the top spot among all Oahu neighborhoods.
North Shore Single-Family Home Appreciation
- May 2025 Median Sales Price: $1,290,500
- May 2026 Median Sales Price: $1,700,000
- Increase: 32%
This substantial gain highlights the continued desirability of North Shore properties, where limited inventory and strong buyer demand continue to support home values.
Oahu Condo Market Update
The condo market presented a mixed picture in May. Among the 21 neighborhoods analyzed:
- 10 neighborhoods experienced declines in condo sales volume
- 3 neighborhoods remained flat
- 8 neighborhoods recorded increases
Although more neighborhoods saw declining sales than increasing sales, the overall trend may indicate improving market conditions compared to previous months.
Largest Increase in Condo Sales
Two neighborhoods tied for the highest year-over-year increase in condo transactions:
Diamond Head to Kapahulu
- May 2025: 5 sales
- May 2026: 10 sales
- Increase: 100%
Waialae to Kahala
- May 2025: 2 sales
- May 2026: 4 sales
- Increase: 100%
While the total transaction counts remain relatively small, both neighborhoods demonstrated significantly stronger buyer activity than a year ago.
Waialae-Kahala Dominates Condo Appreciation
The biggest story of the month was Waialae-Kahala's remarkable condo price growth.
Waialae-Kahala Condo Appreciation May 2025
- Median Sales Price: $555,000
- May 2026 Median Sales Price: $922,500
- Increase: 66%
This was the highest condo appreciation rate recorded among all Oahu neighborhoods during May 2026.
Such a dramatic increase can often be influenced by the specific properties sold during a given month, particularly in luxury neighborhoods where transaction volume tends to be lower.
Kahala Beach Apartments and the Land Lease Question
One factor impacting the Waialae-Kahala condo market is the ongoing situation surrounding Kahala Beach Apartments.
As of July 2026, only one year remains on the property's current land lease agreement. Unless significant changes occur, many owners may face uncertainty regarding future occupancy rights after the lease expires in 2027.
This situation has contributed to unusually low asking prices for some units, with certain properties reportedly trading below $100,000 despite being located in one of Oahu's most desirable neighborhoods. Prospective buyers should carefully evaluate the risks and opportunities associated with leasehold properties before making purchasing decisions.
What This Means for Oahu Buyers and Sellers
May 2026 data suggests that Oahu's housing market continues to show resilience despite varying performance among neighborhoods. Key takeaways include:
- Home sales increased in the majority of Oahu neighborhoods.
- North Shore led single-family home appreciation with a 32% gain.
- Moanalua-Salt Lake recorded the largest increase in home sales activity.
- Diamond Head-Kapahulu and Waialae-Kahala tied for condo sales growth.
- Waialae-Kahala dominated condo appreciation with a 66% increase in median sales price.
As always, real estate remains highly localized. Buyers, sellers, and investors should focus on neighborhood-specific trends rather than island-wide averages when making decisions. For those considering buying or selling on Oahu, staying informed about local market conditions can provide a significant advantage in today's competitive environment.