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Hawaii Housing Market Report | October 2023

By REAL. Updated Nov 12, 2023. | Hawaii Housing Market Reports | 6 min. read
  1. OahuJump
  2. MauiJump
  3. Big IslandJump
  4. KauaiJump

For better or for worse, real estate is changing. How's it affecting Hawaii? Well, not much at the moment. Hawaii is a unique place. Land is limited, and materials cost more here than anywhere else in the U.S. Will the controversy over commission rules from the National Association of Realtors affect Hawaii? We can't say. But what we do know is that prices in Hawaii aren't dropping and a good percentage of homes are selling for or above asking price. Real estate here isn't like a regular product; it's limited. We believe in Hawaii, and as an investment, you can't go wrong.

Now, about the market. Lots of things are messing with the numbers. Interest rates have been a headache for the past year. Limited homes for sale mess with median prices and more. What's the deal? Homeowners aren't eager to sell because they're scared they won't find a new home. People on the sidelines keep waiting. Even with a chance to refinance in a few years at a lower rate, it still seems scarier than before. But guess what's winning? New developments. Why? You buy now and wait to close, hopefully with lower interest rates. Additionally, there are no fixed commission from realtors. You pay for the unit, and, especially in Hawaii, the value goes up. Win-win. If you're interested in new developments, check out our latest monthly New Homes Hawaii Report.

Nationally, we're at a 13-year low. Single-family home listings dropped, but condos went up a bit. Inventory went up since last month but is still significantly down from last year. And from what we've seen, some neighborhoods have discounted prices, while others are full of surprises.

Oahu Market Report

43% of single-family home sales on Oahu (91 properties), sold at or above the asking price. This marks a dip from the 50% (111 properties) observed in October 2022.

Oahu Housing Market Report - October 2023

Recently listed homes on Oahu

For condos on Oahu, 38% of sales successfully closed at or above the asking price, marking a decrease from the 48% observed in October 2022. Regarding specific price ranges for Oahu condos, the $500,000 to $599,999 bracket experienced a substantial 44.7% year-over-year increase, boasting 68 sales. On the flip side, the $600,000 to $699,999 range witnessed the most significant decline, with sales dropping by 27.1% to 35 units compared to the previous year's 48 units.

Recently listed condos for sale in Honolulu

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Maui Market Report

In the realm of Single-Family homes on Maui, new listings experienced a 7% decrease and a 13.9 decrease in inventory.

Maui Housing Market Report - October 2023

Featured Single-family homes on Maui

In Maui's condominium market, new listings witnessed a 6.5 percent increase, reflecting a dynamic trend. However, the scenario for pending sales in the condominium segment took a different turn, experiencing a notable 10.9 percent decrease. When it comes to inventory, there was a substantial 34.4 percent increase, indicating a significant shift in the availability of Condominium homes.

Featured condos in Maui


Big Island Market Report

In October, Hawaii Island's single-family home sales held at 172, reflecting a 7.5% YoY decrease. Average days on the market rose to 55. Median sales price increased from $530,000 to $552,500, marking an 8.4% YoY increase. Notably, North Kona's median price reached $1,237,500, up from $1,137,500 last year.

Hawaii Housing Market Report - October 2023

Single-family homes in Hilo

OPEN: 05/26, 11am - 3pm
Meet the Avocado Manor!  <br>A move in ready modern ranch.  This captivating 3-bedroom, 1.5-bathroom home offers a blend of comfort and convenience, making it the perfect sanctuary for those seeking both peace and proximity to amenities.  <br><br>The Concrete block construction makes this house a true solid investment, built to stand the test of time.  Tucked privately away on a flag lot with lush mature fruiting avocado trees flanking the backyard. <br><br>High end appliances and cabinets make the kitchen a pleasure to cook in.   Living room side door opens up to a private covered lanai with privacy wall, giving extra space for dining, grilling and entertaining.  The back door opens up to a covered laundry space and fully private outdoor shower.<br> <br>Master bedroom has a half bath with space to convert into a full bath.  <br><br>The spacious carport has two large storage closets to keep all your tools and toys neatly organized.  <br><br>Do not let this Hilo gem pass you by<br><br>Land Area: .25 acre<br>Living Area: 1056 sqft<br>Covered Carport: 360 sqft
Home in waiakea homestead houselots
$495,000 | 3 bd, 2 ba | 1,056 sqft
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In October, 46 condos were sold on Hawaii Island, marking a 15% YoY increase. Average days on the market rose from 25 in October 2022 to 59 in October 2023. The median sales price was $528,750, notably lower than September's $620,000.

Condos for sale in Kona


Kauai

Kauai's single-family home median price, affected by a smaller inventory, has dropped to $982,500, nearly $200k lower than the previous month.

Kauai Housing Market Report - October 2023

Recently listed homes for sale on Kauai

Kauai's condo median price surged by over $300k from last month, reaching an impressive $896,000. Due to limited inventory, median prices on Kauai often experience significant fluctuations.

Recently listed condos for sale on Kauai

OPEN: 05/22, 1pm - 4pm
Welcome to a slice of paradise in the prestigious Princeville community! <br>Nestled within one of Princeville’s newest condo resort communities, Nihilani.  This luxury plantation-style residence offers an unparalleled blend of comfort, style, and functionality. The unit occupies a prime location within the complex, featuring the largest surrounding space around the building while overlooking a large private backyard garden.<br>Step into the spacious confines of this meticulously maintained 2-bedroom, 2.5-bathroom sanctuary, boasting the coveted "Hoku" floor plan. <br>The versatility of this layout extends to the option of converting the downstairs family room into an additional 3rd bedroom, accommodating your needs with ease.<br>Adorned with tasteful furnishings and set against a backdrop of lush garden views, this fully furnished unit exudes a sense of tranquility and refinement. Central air-conditioning ensures year-round comfort, while the convenience of an indoor laundry room and attached 2-car garage elevates the living experience to new heights.<br>Experience the epitome of luxury living with affordable HOA fees that cover essential amenities including water, sewer, trash, basic cable, and more. Embrace the resort lifestyle with access to Nihilani’s recreation area, where a pool, spa, BBQs, and covered entertaining areas await your indulgence just a short stroll from your doorstep.<br>Beyond the confines of your serene abode, Princeville beckons with a myriad of recreational opportunities, from dining and shopping to surfing, tennis, and golf. With world-class beaches within easy reach, every day offers a new adventure in this idyllic locale.<br>Whether you seek a lucrative income stream through vacation rentals or aspire to make this your full or part-time family home, the potential of this beautiful unit knows no bounds. Embrace the allure of Nihilani at Princeville and elevate your lifestyle to extraordinary heights.
Condo in nihilani at princeville resort
$1,477,000 | 2 bd, 3 ba | 1,567 sqft
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