Oahu, Hawaii's most populated and well known island has experienced a booming real estate market. While the median price of a single family home dropped 6.8% from February 2005 to February 2006, the average price for a home was still at a hefty $613,500. The high prices of Oahu homes has been affected by the island's increasing population and outside real estate investors which comprise mainly of California residents.
While houses in Honolulu are always a popular choice for home buyers, Oahu's leeward area has seen a steady increase single family home sales with a median price of $513,000. Inventory has continued to return to normal levels with completion of new subdivisions in Ewa Beach, Kapolei, Iroquois Point, and Waikele.
Because of Hawaii's exclusive location and high quality of life, the supply of homes for sale in some of Honolulu's most prestegious areas have been scarce in recent months. However, there are still a handful of luxury homes in the ritzy neighborhood of Kahala and Kailua on Oahu's east side.
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If you're looking for a typical suburban home on Oahu, your best bet is to research the leeward areas of the island including Waikele, Kapolei, Makakilo, Mililani, Ewa Beach, and Wapio Gentry. On the other hand, if a luxury home in one of the ritziest real estate markets on Oahu is more your style, Diamond Head, Kahala, Port Lock, Hawaii Loa, Waialae Ike, Kailua, and Lanikai will have much to offer you.
For more information, view our Oahu real estate resources section.