Hawaii Big Island Real Estate Market Trends and Insights for 2024 Home Buyers and Sellers
hawai big island real estate
Kailua-Kona, HI
Quick Facts
• The Big Island is the largest island in Hawaii, offering diverse real estate options.
• The median home price on the Big Island is around $620,000.
• Hilo is the island’s largest city and has a range of affordable housing options.
• Kailua-Kona is a popular tourist destination with higher-end properties.
• Volcanic zones and lava flows have impacted property values in certain areas.
• Many properties on the Big Island are located on agricultural land, zoned for farming and ranching.
• Oceanfront properties on the Big Island can range from $1 million to $10 million+.
• Some neighborhoods offer luxurious resort-style living with amenities like golf courses.
• Luxury properties on the Big Island often include private pools, outdoor spaces, and lanais.
• Many properties are equipped with rainwater catchment systems and solar panels for sustainability.
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hawaii big island real estate a tropical paradise for investors and homeowners alike
located in the pacific ocean hawaii is the most geographically isolated population center in the world and is comprised of eight main islands hawaii big island also known as the island of hawaii is the largest island in the hawaiian archipelago and is home to two active volcanoes mauna loa and kilauea the island offers a unique blend of natural beauty and modern amenities making it an attractive destination for real estate investors and homeowners
hawaii big island real estate market trends
the hawaii big island real estate market has experienced significant growth in recent years with a steady increase in home prices and sales volume according to data from the hawaii association of realtors the median sales price for singlefamily homes on the big island reached over 400000 in 2020 while condominium sales prices reached over 200000 the market is expected to continue growing due to strong demand for housing and limited inventory
hawaii big island real estate market segments
the big island is divided into several real estate market segments each with its unique characteristics and attractions
kailuakona real estate
kailuakona is a coastal town located on the western coast of the big island and is known for its stunning beaches and sunny weather the area is popular among tourists and residents alike and offers a range of real estate options including singlefamily homes condominiums and vacation rentals median sales prices for singlefamily homes in kailuakona range from 300000 to over 1 million
hilo real estate
hilo is the largest city on the big island and is located on the eastern coast the area is known for its lush tropical landscapes and rich cultural heritage hilo is home to a range of real estate options including singlefamily homes condominiums and apartments median sales prices for singlefamily homes in hilo range from 200000 to over 500000
waikoloa real estate
waikoloa is a popular tourist destination located on the western coast of the big island and is known for its luxury resorts and championship golf courses the area offers a range of real estate options including singlefamily homes condominiums and vacation rentals median sales prices for singlefamily homes in waikoloa range from 300000 to over 1 million
hawaii big island real estate investment opportunities
the big island offers a range of real estate investment opportunities including
vacation rentals
the big island is a popular tourist destination and offers a range of vacation rental opportunities including singlefamily homes condominiums and apartments investors can generate significant rental income from vacation rentals particularly during peak season
longterm rentals
the big island has a strong demand for longterm rentals particularly in areas with limited housing inventory investors can generate significant rental income from longterm rentals and enjoy appreciation in property values over time
land development
the big island has a range of undeveloped land available for purchase and development investors can purchase land and develop it into residential or commercial projects generating significant profits
hawaii big island real estate tax benefits
the state of hawaii offers a range of tax benefits for real estate investors including
nonresident tax exemption
nonresident investors can qualify for a tax exemption on capital gains from the sale of real estate in hawaii this exemption can result in significant tax savings for investors
transient accommodations tax
the state of hawaii imposes a transient accommodations tax on shortterm rentals investors can claim this tax as a deduction on their tax return resulting in significant tax savings
growing demand for housing
the big island has a growing demand for housing particularly in areas with limited inventory investors can take advantage of this demand by purchasing and holding onto properties or developing new residential projects
hawaii big island real estate regulatory requirements
the state of hawaii has a range of regulatory requirements for real estate investors including
foreign investment in real property tax act firpta
foreign investors must comply with the foreign investment in real property tax act firpta which requires the withholding of taxes on the sale of real estate by foreign sellers
general excise tax
the state of hawaii imposes a general excise tax on the sale of real estate investors must collect and pay this tax on the sale of properties
hawaii real estate commission
the hawaii real estate commission regulates real estate activity in the state including licensing of real estate agents and brokers investors must work with a licensed real estate agent or broker to purchase or sell real estate in hawaii
conclusion
hawaii big island real estate offers a unique blend of natural beauty and modern amenities making it an attractive destination for real estate investors and homeowners the market is expected to continue growing due to strong demand for housing and limited inventory investors can take advantage of tax benefits and growing demand for housing to generate significant returns on their investments however it is essential for investors to comply with regulatory requirements and work with a licensed real estate agent or broker to navigate the market successfully
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Frequently Asked Questions:
Hawaii Big Island Real Estate FAQ
Q What is the current state of the Big Island real estate market
A The Big Island real estate market has experienced steady growth in recent years with increasing demand for both residential and commercial properties However the market can fluctuate and it is recommended to consult with a real estate agent for the most up to date information
Q What are the most popular areas to buy real estate on the Big Island
A Some of the most popular areas to buy real estate on the Big Island include Kailua Kona Hilo Waikoloa and Waimea These areas offer a range of lifestyles from coastal living to country settings and everything in between
Q Are there any specific regulations or laws I should be aware of when buying real estate on the Big Island
A Yes there are several regulations and laws that buyers should be aware of including the Kahala Hotel and Beach house zoning laws and the Kakaako Makai zoning map Additionally the State of Hawaii has laws regulating vacation rentals and short term rentals
Q How much does it cost to buy a home on the Big Island
A The cost of buying a home on the Big Island varies widely depending on factors such as location size and condition of the property Oceanfront properties tend to be the most expensive while inland properties can be more affordable On average a single family home on the Big Island costs between 600000 and 1 million dollars
Q Are there any specific costs or fees associated with buying real estate on the Big Island
A Yes there are several costs and fees associated with buying real estate on the Big Island including a 5 state conveyance tax 15 county conveyance tax and 1 property tax In addition to these fees buyers will also need to pay for things such as closing costs inspections and appraisals
Q Can I buy real estate on the Big Island as a foreign investor
A Yes foreign investors are able to buy real estate on the Big Island However there may be additional taxes and fees applicable to foreign buyers It is recommended to consult with a real estate agent or attorney to understand the specifics of foreign ownership on the Big Island
Q How long does it typically take to close on a real estate transaction on the Big Island
A The length of time it takes to close on a real estate transaction on the Big Island can vary depending on factors such as the complexity of the transaction and the speed of the parties involved On average it takes around 45 to 60 days to close on a real estate transaction
Q What kind of financing options are available for buying real estate on the Big Island
A There are a variety of financing options available for buying real estate on the Big Island including traditional 30 year mortgages government loans such as FHA and VA loans and alternative financing options In addition to these options some buyers may also consider seller financing or owner financing
Related Links & Information:
Zillow Big Island Real Estate
Hilton Waikoloa Beach Residences
Realtor Big Island Homes
Redfin Big Island Real Estate
Sotheby’s Big Island Luxury Real Estate
