Big Island Real Estate Market Sees Surge in Demand as Luxury Homes and Land Sales Soar on the Island of Hawaii
big island real estate market
Kailua-Kona, HI
Quick Facts
• The median home price in Big Island is around $638,000.
• Hilo is the most affordable area, with a median home price of around $390,000.
• Kailua-Kona is the more expensive area, with a median home price of around $830,000.
• The median sales price per square foot is around $550.
• Around 27% of homes in Big Island are on the market for under $500,000.
• Over 50% of homes sold on the island are priced between $500,000 to $1 million.
• The luxury real estate market (homes above $2 million) makes up around 10% of total sales.
• Around 35% of homes on the island are vacation rentals.
• The average rental income for properties on the island is around $2,500 per month.
• The Big Island has over 11 different climate zones, each affecting property prices and types.
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a guide to the big island real estate market
located in the state of hawaii the big island is a popular destination for homeowners and investors alike the island is known for its stunning landscapes active volcanoes and rich cultural heritage with six distinct climate zones the big island offers a diverse range of living environments that cater to different tastes and preferences whether you are looking for a tropical climate warm desert conditions or a temperate atmosphere the big island has something to offer
in recent years the big island real estate market has experienced significant growth with increasing demand and a shortage of properties for sale the market is characterized by a combination of traditional singlefamily homes townhouses and luxury estates as well as vacation rentals and incomeproducing properties
state of the big island real estate market
the big island real estate market is considered a seller s market with a shortage of properties for sale the average sales price of a singlefamily home on the big island has been steadily increasing over the past few years according to data from the hawaii association of realtors the median sales price of a singlefamily home on the big island was around 640000 in 2022
one of the main drivers of the big island real estate market is the demand for vacation rentals with millions of tourists visiting the island each year the demand for shortterm rentals has increased significantly this has led to an increase in prices for properties that are suitable for shortterm rentals investors are attracted to the island s real estate market due to the potential for high rental yields and longterm capital appreciation
areas to consider in the big island real estate market
the big island is divided into six districts each with its unique character and charm the districts are
hilo town kihei kailua kona waikoloa honokaa and pahoa
hilo town is the second largest city on the big island and is known for its victorian architecture and historic downtown area hilo town offers a range of properties for sale including singlefamily homes townhouses and apartments
kihei is located on the southwestern side of the island and is known for its beautiful beaches resorts and highend properties the area is popular with families and retirees who want to enjoy the island s laidback atmosphere
kailua kona is the largest city on the big island and is a hub for tourism and commerce the area is known for its luxury highrise condos and vacation rental properties
waikoloa is a rural town located on the northern side of the island and is known for its affordable properties and scenic landscapes
honokaa is a charming rural town located on the northern side of the island and is known for its arts scene and local artisans
pahoa is a rural town located on the eastern side of the island and is known for its tropical climate and artistic community
types of properties for sale on the big island
the big island offers a range of properties for sale including traditional singlefamily homes townhouses condominiums and luxury estates properties for sale on the big island can range from budgetfriendly options to luxury properties that offer stunning ocean views and highend finishes
some of the most soughtafter properties on the big island include luxury homes in kailua kona and hualalai resorts oceanfront properties in kihei and waikoloa as well as vacation rental properties in hilo and kona town
tips for buying property on the big island
if you are considering buying property on the big island here are some tips to keep in mind
research the local market and get familiar with the different areas and neighborhoods on the island
work with a reputable real estate agent who has knowledge of the local market and can guide you through the buying process
consider the property s proximity to amenities and services such as schools grocery stores and hospitals
look for properties that offer a high potential for rental income and longterm capital appreciation
consider the property s condition and overall age to determine if it will require any renovations or repairs
in conclusion the big island real estate market offers a unique combination of stunning landscapes diverse climates and a strong potential for longterm capital appreciation with its increasing demand and shortage of properties for sale the market is considered a seller s market however with careful research and planning buyers can find their dream property in paradise whether you are looking for a singlefamily home townhouse condominium or luxury estate the big island has something to offer
Photos of big island real estate market
Frequently Asked Questions:
Big Island Real Estate Market FAQ
Q What is the current state of the Big Island real estate market
A The Big Island real estate market is a dynamic and constantly changing environment The market can be influenced by a variety of factors including the overall economy interest rates and local events
Q What are the most popular areas to live on the Big Island
A Some of the most popular areas to live on the Big Island include Kailua-Kona Waimea Hilo and Volcano These areas offer a range of amenities including shopping dining and outdoor activities
Q What types of properties are available on the Big Island
A The Big Island offers a wide range of properties including single-family homes condominiums townhomes and land for sale There are also various property styles including modern traditional Hawaiian and luxury
Q How do I get started in the home buying process on the Big Island
A To get started in the home buying process on the Big Island it is recommended that you research different neighborhoods and properties get pre-approved for a mortgage and work with a reputable real estate agent
Q What are the average home prices on the Big Island
A The average home prices on the Big Island vary depending on the location and type of property However the median sales price of a single-family home on the Big Island is around 600000 to 700000
Q Can I buy a vacation home on the Big Island
A Yes you can buy a vacation home on the Big Island Many investors buy vacation homes on the island and rent them out to generate additional income However it is recommended that you research the local vacation rental regulations and work with a reputable property manager
Q Are there any new developments or communities on the Big Island
A Yes there are several new developments and communities on the Big Island including golf course communities beachfront condominiums and luxury subdivisions These new developments offer a range of amenities including parks community centers and shopping
Q How do I find a reputable real estate agent on the Big Island
A To find a reputable real estate agent on the Big Island it is recommended that you research online reviews and ask for referrals from friends and family You should also interview several agents to find the one that best fits your needs and budget
Q What are the costs associated with buying a home on the Big Island
A The costs associated with buying a home on the Big Island include the purchase price of the home closing costs inspections and other fees It is recommended that you review the Good Faith Estimate and other closing documents carefully to understand all the costs involved
Related Links & Information:
Hawaii News Now | Big Island Home Prices
KHON2 | Big Island Home Values Rise in 2022
Pacific Business News | Big Island Real Estate Market
