Hilo Real Estate Market Trends to Watch for Investors and Homeowners in Hawaii
Hawaii Hilo Real Estate
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Quick Facts
• Median home price in Hilo, Hawaii is around $430,000 to $550,000.
• Condominium prices range from $150,000 to $1 million or more.
• Average rent for a single-family home is around $1,500 to $3,000 per month.
• Hilo has a relatively low vacancy rate of around 5-7%.
• Some popular neighborhoods include downtown Hilo, Puainako, and Kaumana.
• Average property tax rate is around 0.25% of the home’s value.
• Most homes in Hilo are single-family dwellings, but condos are popular in coastal areas.
• Hilo homes often feature tropical architecture with outdoor living spaces.
• Climate and natural disasters such as earthquakes and tsunamis can impact property values.
• Investors and buyers may benefit from a growing tourist market in Hilo.
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Hawaii Hilo Real Estate: A Comprehensive Guide to Finding Your Dream Home
Hilo, the largest city on the Big Island of Hawaii, is a charming and culturally rich destination that offers a unique blend of traditional Hawaiian heritage and modern amenities. Located on the eastern coast of the Big Island, Hilo is known for its lush tropical landscape, stunning natural beauty, and a relaxed, small-town atmosphere. For those looking to retire, relocate, or invest in a vacation home, Hilo offers a wide range of real estate options to fit every budget and lifestyle. In this article, we will explore the current state of the Hilo real estate market, popular neighborhoods to consider, and provide valuable insights for buyers and sellers.
Current State of the Market
The Hilo real estate market has been steadily growing over the past few years, driven by a combination of factors such as low inventory, high demand, and a strong local economy. According to recent data, the median sales price of single-family homes in Hilo has been increasing steadily, with a moderate appreciation rate of around 5-7% per year. While this growth is moderate compared to other areas of Hawaii, it’s an indication of a healthy and stable market.
Popular Neighborhoods to Consider
Hilo is a diverse city with a range of neighborhoods to choose from, each with its unique character and charm. Some of the most popular neighborhoods to consider include:
Rainbow Falls: This neighborhood is known for its stunning natural beauty, with the iconic Rainbow Falls waterfall located nearby. Homes in this area range from modern single-family residences to historic homes with a mix of traditional Hawaiian and colonial-style architecture.
Keaau: Located just south of Hilo, Keaau is a rapidly growing neighborhood with a mix of new single-family homes and affordable condominiums. The area is close to shopping centers, restaurants, and recreational activities such as golfing and hiking.
Wainaku: Located just north of Hilo, Wainaku is a charming neighborhood with a mix of traditional Hawaiian and modern homes. The area is known for its stunning ocean views, lush tropical landscapes, and a short walk to popular beaches.
Downtown Hilo: For those who want to be in the heart of the action, Downtown Hilo is a vibrant neighborhood with a mix of historic homes, converted warehouses, and modern condominiums. The area is close to shops, restaurants, and cultural attractions such as the Hilo Farmers Market.
Types of Properties
Hilo offers a wide range of real estate options to fit every budget and lifestyle. Some of the most popular types of properties include:
Condominiums: Hilo has a range of condominium complexes, from affordable studios to luxurious oceanfront units. Many of these complexes offer amenities such as swimming pools, fitness centers, and secure entry systems.
Single-Family Homes: Hilo has a wide range of single-family homes, from cozy bungalows to modern luxury estates. Many of these homes are set on large lots with lush tropical landscapes and stunning ocean views.
Land and Lots: For those who want to build their dream home, Hilo has a range of vacant land and lots available. Many of these properties offer stunning ocean views, lush tropical landscapes, and a chance to build a custom home that fits your needs and budget.
Investment Opportunities
Hilo is a popular destination for tourists and snowbirds, making it an attractive location for real estate investors. Some of the most popular investment opportunities include:
Vacation Rentals: With a strong demand for vacation rentals, Hilo is an attractive location for investors who want to generate passive income. Many of the condominium complexes in Hilo offer full-service amenities such as property management, concierge services, and secure entry systems.
Rental Properties: With a mix of affordable and luxury properties available, Hilo is an attractive location for investors who want to generate passive income through rental properties.
Tips for Buyers and Sellers
Whether you’re buying or selling a home in Hilo, here are some valuable tips to keep in mind:
For Buyers:
Research the neighborhood: Hilo has a range of neighborhoods to choose from, each with its unique character and charm. Research the neighborhood thoroughly to find the one that best fits your lifestyle and budget.
Work with a local agent: A local agent will have insider knowledge of the Hilo real estate market and can help you navigate the buying process with ease.
Inspect the property: Before making an offer on a property, make sure to inspect it thoroughly to identify any potential issues or defects.
For Sellers:
Price your property correctly: Hilo is a competitive market, and pricing your property correctly is key to selling it quickly and for the right price.
Stage your property: Staging your property can help attract potential buyers and increase the chances of selling it quickly.
Work with a local agent: A local agent will have insider knowledge of the Hilo real estate market and can help you navigate the selling process with ease.
Conclusion
Hilo is a unique and special place that offers a wide range of real estate options to fit every budget and lifestyle. With a growing population, a strong local economy, and a relaxation of zoning laws, the Hilo real estate market is expected to continue to grow and thrive in the coming years. Whether you’re buying, selling, or investing in real estate, Hilo is an attractive location that offers a mix of natural beauty, cultural attractions, and modern amenities.
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Frequently Asked Questions:
Hawaii Hilo Real Estate FAQ
Q What is the median home price in Hilo
A The median home price in Hilo varies depending on location and time of year but recent data shows it is around 450000 to 500000 dollars
Q What types of properties are available in Hilo
A Hilo offers a variety of properties including single family homes condominiums townhouses and vacant land for sale
Q How is the Hilo real estate market
A The Hilo real estate market has remained relatively stable despite economic fluctuations The area continues to attract people due to its tropical climate natural beauty and outdoor recreation opportunities
Q Are there any notable neighborhoods in Hilo
A Yes some notable neighborhoods in Hilo include downtown Hilo Hilo Bayfront Waiakea Uka and Kaiwiki Kanan Mauna Loa Macadamia Nut Factory area and various neighborhoods up and down the Hamakua Coast
Q What is the average rental price for a home in Hilo
A The average rental price for a home in Hilo can vary widely depending on size and location However on average you can expect to pay between 1500 and 3000 dollars per month for a three-bedroom home
Q Are there any restrictions on foreign buyers
A Yes there are some restrictions on foreign buyers in Hawaii While foreigners can buy real estate in Hawaii there are some limitations on the type of property and the terms of the purchase
Q Can I buy a foreclosed home in Hilo
A Yes foreclosed homes can be purchased in Hilo through various means including auctions and real estate agents Working with a knowledgeable agent who specializes in distressed properties can help
Q What should I consider when buying a home in Hilo
A Several factors should be considered such as the property location condition age and any needed repairs or renovation also dont forget to factor in ongoing expenses like property taxes insurance maintenance and any homeowners association fees
Related Links & Information:
1. Hilo remains one of Hawaii’s most affordable places to buy a home
2. Zillow Hilo Hawaii Real Estate & Homes
3. Realtor.com Hilo Hawaii Real Estate and Homes
