Discovering Paradise Found in Hilo Hawaii A Buyers Guide to the Big Island Real Estate Market
Hilo Real Estate
101 Hualalai St
Quick Facts
• Hilo real estate market offers a mix of old and new properties, with some homes dating back to the early 20th century.
• Median home prices in Hilo are around $640,000, which is relatively lower compared to other major islands in Hawaii.
• The cost of living in Hilo is lower compared to Honolulu but higher than the national average in the US.
• Hilo real estate is often sought after for its lush tropical landscapes, ocean views, and access to outdoor recreational activities.
• The Univ of Hawaii at Hilo, a growing downtown area, and increasing urbanization have made Hilo more attractive to buyers and investors.
• Waterfront properties and homes near Hilo Bay are highly prized, with some selling for over $1 million.
• Due to its unique geography, some areas in Hilo are prone to landslides and flooding, and buyers should research these risks before making an offer.
• As a result of stricter regulations, short-term vacation rentals in Hilo are less common, but still possible.
• Agriculture-zoned properties can offer opportunities for farming or orchards and may also include residential dwellings.
• With some oceanfront land selling for over $10 million per acre, Hilo real estate can cater to both modest budgets and luxury buyers.
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Hilo Real Estate Market Trends and Buying Guide
Hilo, a quaint and picturesque town on the Big Island of Hawaii, is known for its lush tropical landscapes, rich cultural heritage, and warm hospitality. The Hilo real estate market has been steadily growing over the years, attracting a diverse range of buyers, from first-time homeowners to seasoned investors and retirees. In this article, we’ll delve into the current trends, market conditions, and provides valuable insights for those looking to buy or invest in Hilo real estate.
Overview of the Hilo Real Estate Market
The Hilo real estate market is characterized by a mix of old and new homes, from cozy bungalows to modern luxury estates. The median home price in Hilo is around $420,000, with a range of options available in the $300,000 to $1 million price bracket. Condominiums and townhouses are also popular choices, with prices starting from around $200,000.
Current Market Trends
The Hilo real estate market has experienced a significant surge in demand over the past few years, driven by a combination of factors, including a growing economy, increased tourism, and a limited supply of housing. According to data from the Hawaii Association of Realtors, the median sales price of homes in Hilo has increased by around 10% over the past year, with a significant increase in sales volume.
Another trend that’s been observed in the Hilo real estate market is the increasing popularity of luxury homes. With its stunning natural beauty and relaxed island lifestyle, Hilo is attracting high-end buyers who are looking for a serene and private retreat. Luxury homes in Hilo can range from $1 million to $5 million, featuring advanced amenities such as private pools, outdoor kitchens, and stunning ocean views.
Neighborhoods to Consider
Hilo is divided into several neighborhoods, each with its unique character and charm. Some of the most popular neighborhoods to consider when buying a home in Hilo include:
Hilo Town: Known for its historic downtown area, Hilo Town is a charming neighborhood with a mix of old and new homes, shops, and restaurants. Homes in this neighborhood tend to be more expensive, with prices ranging from $400,000 to $1 million.
Hilo Heights: This picturesque neighborhood is located just above Hilo Town and features stunning views of the ocean and surrounding landscape. Homes in Hilo Heights range from $300,000 to $700,000.
Waiakea: Located just north of Hilo Town, Waiakea is a family-friendly neighborhood with a range of housing options, from affordable single-family homes to luxury estates. Homes in Waiakea range from $250,000 to $500,000.
Pepeekeo: This charming neighborhood is located just north of Hilo Heights and features stunning views of the ocean and surrounding landscape. Homes in Pepeekeo range from $200,000 to $400,000.
Things to Consider When Buying Hilo Real Estate
When buying a home in Hilo, there are several things to consider, including:
Natural Disasters: Hilo is located in a tropical area prone to natural disasters such as hurricanes, tsunamis, and volcanic eruptions. Homeowners should consider purchasing insurance to protect themselves against these risks.
Climate: Hilo has a tropical climate, with high humidity and temperatures ranging from 70 to 85 degrees Fahrenheit. Homeowners should consider the energy efficiency of their home and invest in air conditioning and other cooling systems.
Pests and Rodents: Hilo is known for its lush tropical landscapes, but it’s also home to a range of pests and rodents, including termites, cockroaches, and rodents. Homeowners should consider hiring a pest control service to protect their home.
Why Invest in Hilo Real Estate
Despite the challenges, there are many reasons why investors should consider buying Hilo real estate, including:
Growing Tourism Industry: Hilo is a popular tourist destination, with a range of attractions such as Hawaii Volcanoes National Park, Akaka Falls State Park, and the Pacific Tsunami Museum. Investors can earn rental income by renting their properties to tourists.
Agricultural Opportunities: Hilo is known for its rich soil and favorable climate, making it an ideal location for farming and agriculture. Investors can earn income by growing crops such as coffee, macadamia nuts, and papayas.
Retirement Destination: Hilo is a popular retirement destination, with its relaxed island lifestyle, stunning natural beauty, and modern amenities. Investors can earn rental income by renting their properties to retirees.
Conclusion
The Hilo real estate market offers a range of opportunities for buyers and investors, from affordable single-family homes to luxury estates and agricultural land. While there are challenges to consider, the benefits of buying Hilo real estate far outweigh the drawbacks. With its stunning natural beauty, rich cultural heritage, and growing economy, Hilo is an attractive destination for anyone looking to buy or invest in real estate. Whether you’re a first-time buyer or a seasoned investor, the Hilo real estate market has something for everyone.
Photos of Hilo Real Estate
Frequently Asked Questions:
Hilo Real Estate FAQ
Q What is the current state of Hilo real estate market
A The Hilo real estate market is relatively stable with moderate growth due to its desirable climate and location
Q What types of properties are available in Hilo
A Hilo offers a wide range of properties including single family homes condos townhouses and land for sale
Q What is the average price of a home in Hilo
A The average price of a home in Hilo varies depending on the location size and age of the property but it can range from 400000 to over 1 million
Q Are there any new developments or communities in Hilo
A Yes there are several new developments and communities in Hilo including Kaumana City which features new single family homes and the Hilo Bayfront development which features luxury condos
Q What are the benefits of living in Hilo
A Hilo offers a unique blend of natural beauty outdoor recreation and cultural attractions making it an attractive place to live Additionally the town has a strong sense of community and a relatively low cost of living compared to other Hawaiian islands
Q How can I find a real estate agent in Hilo
A You can find a real estate agent in Hilo by searching online checking with the Hawaii Association of Realtors or asking for referrals from friends or family members
Q What are the typical closing costs for a home in Hilo
A Typical closing costs for a home in Hilo can range from 2 to 5 percent of the purchase price and may include fees for title insurance appraisal and attorney services
Q Can I purchase a home in Hilo as a non resident
A Yes it is possible to purchase a home in Hilo as a non resident but you may need to provide additional documentation and pay higher interest rates or fees
Q Are there any property taxes or fees associated with owning a home in Hilo
A Yes there are property taxes and fees associated with owning a home in Hilo including a general excise tax of 4 percent and a county tax of 0 35 percent of the property value
Related Links & Information:
Zillow Hilo Real Estate
Realtor.com Hilo Real Estate
Hawaii MLS Hilo Real Estate
Redfin Hilo Real Estate
Hawaii Life Hilo Real Estate
