Big Island Real Estate Prices Continue to Soar Hawaii Market Trends and Insights for 2024
big island real estate prices
Pāhoa, HI
Quick Facts
• The median home price on the Big Island of Hawaii is around $640,000.
• Kailua-Kona has a median home price of $725,000, while Hilo’s median home price is around $525,000.
• The average price per square foot for single-family homes is approximately $550-$650.
• Luxury properties in areas like Mauna Kea and Mauna Lani can cost upwards of $1 million-$5 million.
• Land prices vary greatly depending on location, with a 1-acre plot in rural areas costing around $20,000-$50,000 and in coastal areas costing upwards of $100,000.
• High-end condos in resort areas like Waikoloa can range from $600,000 to $2 million.
• Buying a home in a rural area like Volcano Village may be more affordable, with median prices around $340,000-$440,000.
• Foreclosure properties on the Big Island can be found in the $200,000-$400,000 range.
• Prices for new construction can range from $500,000 to over $1 million, depending on location and features.
• Overall, Big Island real estate prices can vary greatly depending on factors such as location, size, and condition of property, as well as amenities and zoning.
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big island real estate prices an overview of the current market trends
located in the heart of the pacific ocean the big island of hawaii is renowned for its breathtaking landscapes and diverse climates making it a sought after destination for individuals and families looking to invest in real estate however the current state of the big island real estate market is attracting attention for reasons beyond its natural beauty as prices continue to soar and the market favors sellers over buyers here is an in depth analysis of the current big island real estate prices and the trends that are shaping the local market
the median sales price of single family homes on the big island has seen a steady increase over the years from around 430000 in 2020 to over 530000 in 2022 this growth trend is consistent with the overall hawaiian real estate market which has been on the rise for several years now condominium prices have also been increasing albeit at a slightly slower rate with the median sales price in 2022 reaching approximately 425000 compared to around 360000 in 2020
several factors are contributing to the recent surge in big island real estate prices a limited supply of available properties combined with a high demand for housing is driving up prices as buyers are forced to compete for a limited number of homes and condos the island s growing economy is also playing a role as new businesses and industries move to the area creating an increased need for housing and commercial spaces
another factor that is influencing the real estate market on the big island is the high cost of construction building a home or condo on the island can be expensive due to the cost of materials and labor and this added expense is being passed on to buyers as higher sales prices eco tourisms as well as a growing expat community also contributing factor in the rise of property prices as long distance buyers pursue long term investments or permanent resident dream location in the tropical paradise
big island real estate prices are not consistent across the island different regions and neighborhoods have unique characteristics that affect the local market and property prices the areas around kailua kona and waikoloa tend to be more affordable than those in hilo and the hamakua coast these regions are in high demand due to their proximity to businesses schools and other amenities however they also come with a higher price tag
for those considering purchasing a property on the big island it is essential to be aware of the current market conditions and the various factors that are influencing prices while the market favors sellers over buyers at the moment it is still possible to find affordable options with some careful planning and research it is recommended that buyers work with a reputable real estate agent or broker who has knowledge of the local market and can provide valuable guidance and support throughout the buying process
in addition to working with a knowledgeable agent it is also important for buyers to understand the long term implications of their investment whether it s a primary residence or a rental property it is essential to factor in ongoing costs such as property taxes maintenance and potential renovations when calculating the total cost of ownership
as the big island real estate market continues to grow and prices climb it is likely that the demand for housing will remain high however it is also possible that increased construction and development could lead to a greater supply of homes and condos in the coming years which could help to balance out the market and stabilize prices only time will tell what the future holds for the big island real estate market.
if you are thinking of moving to the big island the following locations might be worth considering kailua kona waikoloa mauna kea south kohala nanawale estates upper hilo hilo kaumana city kamuela honokaa hamakua coast and pahoa each unique place in itself worth taking a closer look if your relocating to the big island of hawaii.
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Frequently Asked Questions:
Big Island Real Estate Prices FAQ
Q What is the current state of the Big Island real estate market
A The Big Island real estate market is highly competitive with low inventory and rising prices The market is influenced by factors like the islands natural beauty proximity to nature reserves and ongoing tourism development
Q What are the average home prices on the Big Island
A Average home prices vary across different areas of the Big Island but here are some approximate prices
Single family homes in Kona and Hilo areas 600000 900000
Condos in Kona and Hilo areas 300000 600000
Land and lots 100000 500000
Q What factors affect real estate prices on the Big Island
A Several factors affect real estate prices on the Big Island including
Location ocean views and proximity to beaches
Age and condition of the property
Size and number of bedrooms
Amenities like pool and outdoor kitchen
Proximity to city amenities schools and public transportation
Q Are there any up and coming neighborhoods on the Big Island
A Yes some up and coming neighborhoods on the Big Island include
Kailua Kona newer developments in the south and north
Waimea family friendly and rural area with growing amenities
Puna a coastal community known for its lush rainforests and coastal scenery
Hilo downtown and surrounding neighborhoods for those who want to be close to amenities
Q What about big island real estate taxes
A Big Island real estate taxes are relatively low compared to other popular destinations in the US
The average property tax rate for Hawaii County is around 0.3 of market value
Homeowners can expect to pay between 2500 to 5000 per year in property taxes for a single family home
Q Are there any tax incentives for buying big island real estate
A Yes there are some tax incentives for buying Big Island real estate
Primary residence exemption homeowners who live on the island full time may not pay state income tax
Non resident homeowners may be able to deduct property taxes on their federal tax return
Homeowning veterans and seniors may be eligible for exemptions
Q Where can I find big island real estate market trends
A If you are looking for the most recent Big Island real estate market trends you can check websites like
Hawaii Island Realtors Association
Hawaii Life REALTORS
RE MAX
Keller Williams
Related Links & Information:
Big Island Home Values on Zillow
Big Island Real Estate Market Trends on Redfin
Big Island Real Estate Listings on Realtor.com
Big Island Real Estate Market News on Hawaii News Now
Big Island Real Estate Market Watch on King Realty
