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Housing predictions for 2024

Hawaii Housing Market Report | November 2023

By REAL. Updated Dec 14, 2023. | Hawaii Housing Market Reports | 6 min. read
  1. OahuJump
  2. MauiJump
  3. Big IslandJump
  4. KauaiJump

As we approach the end of the year, it's that time when all the 2024 prediction articles are making their way into the spotlight. We've sifted through insights from Redfin, Zillow, Bankrate, and Forbes, and here's the consensus of what to expect on a national scale, presented in a straightforward manner:

  1. Home prices are expected to decrease.
  2. Inventory levels are anticipated to increase.
  3. Mortgage rates are projected to decrease.
  4. Demand for rentals is expected to rise.
  5. Foreclosures are likely to increase.

However, when we shift our focus to Hawaii, the local real estate landscape differs from the national market. While home prices may experience minimal decreases and inventory remains a persistent challenge, the demand for rentals is expected to remain relatively stable. Hawaii stands apart from other states due to its limited land availability and one of the highest costs of living in the nation. In fact, Forbes recently reported that Hawaii has the highest household debt per capita. If you're interested in delving deeper into Hawaii's cost of living, you can explore our dedicated article here.

We understand that the cost of living in Hawaii can be on the higher side, and our local real estate market doesn't always follow national trends precisely. However, what remains evident is that investing in Hawaii's real estate is a solid decision. Hawaii has a history of consistent annual appreciation in home values, a trend that not many states can boast. That said, we invite you to explore Hawaii's housing market across Oahu, Maui, Kauai, and the Big Island in this report, where you'll find valuable statistics and property listings. Alternatively, if you're in the market for a brand-new home that's yet to be constructed, don't miss our latest Hawaii New Homes Report here. We're here to be your trusted source for all things real estate in Hawaii.

Oahu Market Report

In November, Oahu's single-family home market experienced a 6.3% year-over-year decline in sales, with the median price at $1,100,055, a 4.3% drop. Notably, the $800,000 to $1,199,999 price range had a 28% decrease in sales volume, while properties spent a median of 29 days on the market, up from 18 days in November 2022.

Oahu Housing Market Report - November 2023

Recently listed homes on Oahu

OPEN: 06/30, 2pm - 5pm
Are you ready to expand your investment portfolio with a multi-unit property? This A-2 zoned property with 4 units and 3 separate dwellings could be just what you're looking for. This property features a 3bd/1ba, a duplex with two 2bd/1ba units, and another 2bd/1ba unit, all with their own carport, yard space, and individual electric meters.  Each unit has its own entrance ensuring privacy and convenience for all occupants. Live in one and rent the others to offset your mortgage or bring your contractor to unlock the true potential of this apartment-zoned lot.  Conveniently located in the historic town of Wahiawa, you or your tenants can explore everything it has to offer.  Gateway to the North Shore, this naturistic, rustic, community is just minutes from Wahiawa Botanical Gardens, Dole Plantation, and Lake Wilson for freshwater fishing.  Experience the perfect blend of simplicity and rich culture as you enter this neighborhood, reminiscent of old Hawaii. Please note that the property is being sold strictly As-Is, and the sellers will not make any repairs or offer credits.
Home in wahiawa area
$1,095,000 | 9 bd, 4 ba | 2,896 sqft
Save this listing
OPEN: 06/30, 2pm - 5pm
Welcome to your private oasis tucked away in the highly coveted Nuuanu Valley! This extraordinary residence, built 1997, features robust steel beam construction and high ceilings throughout. Perfectly situated down a long, private driveway, this home offers a harmonious mix of accessibility and privacy, with easy access to Pali Highway while enjoying the quiet, peaceful ambiance of the valley. As you enter, you'll notice the well-thought-out, customized layout that lets in tons of natural light and cool tradewinds. The versatile flex room on the lower level provides endless possibilities, whether a playroom, bedroom and bathroom on first floor, or home office. Upstairs, three generously sized bedrooms await your interior design dreams. Offset rising utility costs with 31 owned PV panels (NEM). Your guests and pets alike will adore the screened-in patio and enclosed yard space, ideal for gatherings or enjoying the warm tropical days. The 2-car garage features a bonus workshop area, perfect for your projects or additional storage. Ideally located just minutes from Oahu Country Club, Downtown, Kailua, H1, and all Oahu has to offer. Come quick, opportunities like this don’t come often!
Home in nuuanu area
$1,395,000 | 4 bd, 3 ba | 2,548 sqft
Save this listing

On the condo front, Oahu saw an 8.8% dip in sales but a 7.5% year-over-year increase in median price at $516,179 in November. Over 75% of pending condo sales occurred in the $200,000 to $799,999 range, particularly the $300,000 to $599,999 range, which represented 46% of contract signings. Condos had a median of 23 days on the market, and new listings were down by 13.1% compared to the previous year, while condo inventory grew by 7.5% year-over-year.

Recently listed condos for sale in Honolulu

OPEN: 06/30, 2pm - 5pm
Experience the pinnacle of island living with this single-level townhouse at Marina Palms in Hawaii Kai! This stunning, move-in ready 3-bedroom, 2-bathroom unit boasts new luxury vinyl plank flooring throughout, fresh interior paint, and an ideal blend of indoor/outdoor living that brings tranquility to resort-style living. Accessibility is a key feature, with no steps to navigate and two standard-sized parking stalls conveniently located right outside the entrance. This spacious, pet friendly townhome provides the comfort and privacy of a single-family home, while offering the convenience and ease of townhome living. The enclosed front patio and covered lanai leading to the Marina provide ample space perfect for entertaining your favorite guests. A split AC unit ensures comfort on warm tropical days, while the nearby pool and jacuzzi offer luxurious relaxation and rejuvenation. Conveniently located just minutes from Maunalua Bay, Costco, and numerous beaches and hiking trails, this property encapsulates the coveted Hawaii Kai lifestyle.
Townhome in marina palms
$875,000 | 3 bd, 2 ba | 1,006 sqft
Save this listing

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Maui Market Report

In recent data for Maui, new listings for single-family homes decreased by 28.9%, while condominium homes saw a notable increase of 20.9%. Pending sales for single-family homes decreased by 10.8%, and inventory declined by 16.0%. The median sales price for single-family homes increased by 7.3% to reach $1,100,000, while the days on the market decreased by 28.4%. However, the months' supply of inventory increased by 8.1%.

Maui Housing Market Report - November 2023

Featured Single-family homes on Maui

OPEN: 06/23, 9am - 3pm
Welcome to your dream oasis! This stunning 3-bedroom, 2-bath home, accompanied by a charming 1-bedroom ohana, is a true paradise nestled in a lush, tropical landscape. Located in a serene neighborhood, this property offers a unique blend of comfort, beauty, and tranquility. Step inside the main home to discover an open-concept living space, filled with natural light and designed for modern living. The spacious living room flows seamlessly into the dining area and gourmet kitchen. The primary bedroom is a true retreat, with large sliding doors that open to the garden, effortlessly blending indoor and outdoor living. Enjoy waking up to the sights and sounds of nature each morning. Two additional bedrooms are perfect for family or guests. The attached 1-bedroom ohana is an ideal guest house, in-law suite, or rental opportunity, featuring its own private entrance, a fully equipped kitchen, and a cozy living area. The true magic of this property lies in its breathtaking outdoor spaces. The meticulously landscaped yard is an oasis of tropical plants, colorful flowers, and mature trees, creating a haven for birds and wildlife. Relax on the spacious lanai, listen to the soothing sounds of nature, and enjoy the vibrant colors and fragrances of the garden. This property is more than just a home; it's a lifestyle. Don't miss your chance to own a piece of paradise. Schedule a viewing today and experience the beauty and tranquility of this exceptional oasis.
Home in waimahaihai
$1,600,000 | 3 bd, 2 ba | 1,882 sqft
Save this listing

For Maui's condominium market, new listings increased by 20.9%, but pending sales decreased by 11.4%. Condo inventory, on the other hand, surged by 40.7%. The median sales price for condominiums increased by 4.7% to $890,000. Interestingly, while days on the market increased by 29.3%, the months' supply of inventory spiked by 133.3%.

Featured condos in Maui


Big Island Market Report

In Hawaii's real estate market, the median price for single-family homes has seen a modest increase. The current median price is $499,000, marking a 1.3% rise from the previous year. This segment witnessed 137 closed sales, with properties averaging 55 days on the market before sale, indicating a relatively steady demand for single-family homes.

Hawaii Housing Market Report - November 2023

Single-family homes in Hawaii County

Conversely, the condominium market experienced a significant price surge with the median price reaching $539,000, a substantial 22.5% increase from last year. Despite this price hike, the number of closed sales slightly decreased by 6.5% from the previous year, totaling 29 sales. Condos averaged 58 days on the market, closely aligning with the market pace for single-family homes.

Condos for sale in Hilo


Kauai

In Kauai's housing market, the median price for single-family homes has decreased to $1,300,000, a notable drop of 21.2% compared to last year. This sector saw 25 homes sold, staying on the market for an average of 60 days.

Kauai Housing Market Report - November 2023

Recently listed homes for sale on Kauai

Kauai's condominium segment displayed growth, with the median price rising to $775,000, up by 4% from the previous year. The number of condo sales increased by 15.8%, totaling 22 transactions, and these properties spent an average of 45 days on the market before selling.

Recently listed condos for sale on Kauai

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Oahu

Oahu is Hawaii's most populated island a.k.a. "The Gathering Place."

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Maui

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A small town with a big heart; and many housing options.

Kauai

"The Garden Isle" is best known for it's natural outdoor beauty.

Hawaii

Black sand beaches, active volcanoes, and a lot of driving.