Hawaii Island Monthly Market Report


Real Estate Market Update


Hawai'i Island Median Prices Experience Decline Compared to January 2023

In January 2024, Hawai'i Island witnessed a decline in median sale prices compared to the same period in 2023. The median home price decreased by -3%, reaching $499,500, while the median condo price saw a 2% decrease, settling at $612,000.

The sales activity on Hawai'i Island exhibited mixed results in January 2024. Home sales demonstrated a positive trend with a 13% increase from the previous year, while condo sales experienced a decline of -18%.

The market times on Hawai'i Island displayed divergent patterns in January 2024. The Days on Market for homes decreased by -29%, reaching 27 days, indicating a quicker turnaround. In contrast, the Days on Market for condos increased by 10%, reaching 22 days, suggesting a slightly longer duration for condo sales compared to the previous year.

Hilo, Kea'au and Pāhoa Market Trends:

  • All three areas (Pahoa, Kea'au, and Hilo) experienced an overall increase in median home list prices and price per square foot.
  • The housing markets in Kea'au and Hilo saw positive growth in almost all bedroom categories, with notable increases in 4 and 5+ bedroom homes.
  • Pahoa's market showed mixed results, with some bedroom types experiencing increases and others showing slight decreases.
  • The general trend across the three areas reflects a healthy and growing real estate market with varying degrees of growth in different property categories.

This market report suggests a generally positive real estate environment with variations across regions and property types. Prospective buyers, sellers, and investors should consider these trends and consult with real estate professionals for a more detailed analysis tailored to their specific goals and circumstances.

Hamakua Coast Market Trends:

  • The Hamakua Coast real estate market has seen varying degrees of price changes in different areas.
  • Papaikou, Pepeekeo, and Ookala experienced moderate increases in median home prices.
  • Hakalau and 96773 showed significant increases, with the latter having the highest percentage change.
  • Laupahoehoe had more moderate changes but saw increases across all bedroom types.
  • The average increase in median home prices across all areas is approximately 16.9%.
  • The median price per square foot across the Hamakua Coast is $494.

The market report suggests a generally positive trend in the Hamakua Coast real estate market, with notable increases in various locations, reflecting the overall growth and demand in the area.

Overall, the real estate market on Hawai'i Island in January 2024 reflects a combination of declining median prices, mixed sales activity, and divergent trends in market times for homes and condos.

• The Duryea Team