The Honolulu, HI metro area housing market in January 2025 presents a complex landscape characterized by both declines and growth across various metrics. The Median Sales Price has decreased by 3.0% year-over-year, settling at $749,000. This decline is mirrored by the Median List Price, which has fallen by 2.1% to $700,000. Despite these decreases, the median Price Per Square Foot has risen by 1.6%, reaching $656.11, indicating a nuanced shift in property valuations.

In terms of sales activity, the market has experienced a notable increase in the number of Homes Sold, which rose by 9.7% year-over-year to 511 units. However, Pending Sales have decreased by 6.8%, totaling 690, suggesting a potential slowdown in future transactions. New Listings have surged by 13.6%, with 925 properties entering the market, contributing to a significant 24.5% increase in inventory, now at 3,346 homes. This rise in inventory has resulted in a substantial 70.0% increase in Months of Supply, now standing at 6.5 months, indicating a shift towards a more balanced market.

The Median Days on Market have increased by 4.0% to 84 days, reflecting a slower pace in the market. The average sale to list ratio has slightly decreased by 0.7%, now at 97.9%, while the percentage of Homes Sold above list price has dropped by 6.3% to 16.0%. These figures suggest a cooling in competitive bidding scenarios. Additionally, the percentage of Price Drops has increased by 5.7% to 20.3%, indicating sellers' adjustments to align with market conditions.

Finally, the percentage of homes going off the market within two weeks has decreased by 2.9% to 22.9%, further highlighting the extended time properties are spending on the market. Overall, the Honolulu housing market in January 2025 reflects a period of adjustment, with increased inventory and slower sales dynamics, yet maintaining some areas of price resilience.