Hawaii Island Monthly Market Report

February 2024

Real Estate Market Update

The real estate market on the Hawai'i Island of Hawaii in February 2024 exhibited significant shifts in various key indicators, reflecting a dynamic and evolving landscape for buyers, sellers, and investors.

Median Prices Surge: The median sale prices on the Hawai'i Island experienced a substantial increase compared to February 2023. The median sale price for homes surged by an impressive 10% to reach $499,000, while the median sale price for condos saw an even more substantial rise of 17%, reaching $650,000. This notable upward movement in median prices underscores the growing demand and value of properties on the Big Island.

 Mixed Sales Activity: The sales activity on the Hawai'i Island presented a mixed picture in February 2024. Home sales demonstrated a significant increase of 26% compared to the previous year, indicating a heightened level of interest and transactions in the residential real estate sector. Conversely, condo sales experienced a decrease of 15% from the previous year, reflecting a shift in the market dynamics for condominium properties.

Decrease in Market Time: One of the most notable developments in the Hawai'i Island's real estate market was the decrease in median days on the market. In February 2024, the median days on the market for homes saw a substantial decrease of 37%, dropping to just 26 days. Similarly, the median days on the market for condos also decreased by 15% to just 11 days. This reduction in market time signifies a heightened pace of real estate transactions and a potential indicator of increased buyer demand.

Outlook: The significant surge in median sale prices, coupled with the mixed sales activity and decreased market time, points to a dynamic and evolving real estate landscape on the Hawai'i Island. The heightened interest in residential properties, along with the notable decrease in market time, suggests a strong and competitive market environment. As the market continues to adapt to changing dynamics, both buyers and sellers can anticipate a dynamic and potentially rewarding real estate landscape on the Big Island.

In conclusion, the Hawai'i Island's real estate market in February 2024 showcased an upward trend in median prices, mixed sales activity, and decreased market time, reflecting an evolving and dynamic market environment. With the island's continued appeal as a real estate destination, the market presents both opportunities and challenges for participants in the real estate sector.