Hilo Real Estate Trends to Watch Understanding the Current State of the Big Island Market
Hilo Real Estate Market
688 Kinoole St Ste 111A
Quick Facts
• Hilo is a city located in Hawaii County, on the island of Hawaii, also known as the Big Island.
• The Hilo real estate market is considered to be more affordable compared to other areas in Hawaii.
• The median home price in Hilo is around $540,000, with prices ranging from $300,000 to over $1 million.
• The median price per square foot for homes in Hilo is around $420.
• Rentals in Hilo are in high demand due to the city’s growing population and limited inventory.
• Hilo is experiencing an uptick in new developments, with a focus on sustainable and eco-friendly projects.
• The city’s historic downtown area is also seeing a surge in revitalization and investment.
• As a popular tourist destination, short-term vacation rentals are a significant aspect of the Hilo real estate market.
• Cash buyers and locals are competing for properties in this competitive market.
• Interest rates and a growing economy also impact the demand and competitiveness in Hilo real estate.
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Hilo Real Estate Market Trends and Insights for Home Buyers and Investors
Located on the Big Island of Hawaii, Hilo is a charming town that offers a unique blend of natural beauty, rich culture, and economic growth. The Hilo real estate market has been experiencing steady demand and consistent growth in recent years, making it an attractive option for home buyers and investors.
In this article, we will delve into the current state of the Hilo real estate market, discuss the trends and insights, and provide valuable information for those looking to buy or invest in Hilo real estate.
State of the Hilo Real Estate Market
The Hilo real estate market is characterized by a mix of single-family homes, condos, and vacation rentals. The market is relatively small compared to other major cities in Hawaii, but it has been steadily growing in recent years. According to data from the Hawaii Association of Realtors, the median sales price of single-family homes in Hilo has been increasing steadily over the past few years, reaching a high of around 430,000 in 2022.
One of the main drivers of the Hilo real estate market is the town’s growing economy. Hilo is home to several major industries, including healthcare, education, and tourism. The town is also a popular destination for retirees and remote workers, who are attracted by its laid-back atmosphere and natural beauty.
Trends in the Hilo Real Estate Market
There are several trends that are currently shaping the Hilo real estate market. Some of the most notable trends include:
Higher Demand for Single-Family Homes
There is a high demand for single-family homes in Hilo, particularly in areas with good schools and amenities. Many home buyers are looking for homes with large yards and plenty of natural light, and are willing to pay a premium for properties that offer these features.
Growing Popularity of Vacation Rentals
Hilo is a popular destination for tourists, and the demand for vacation rentals is high. Many investors are buying homes in Hilo and renting them out on platforms such as Airbnb, which is providing a lucrative source of income.
Increased Interest in Sustainable Living
There is a growing interest in sustainable living in Hilo, and many home buyers are looking for properties that offer eco-friendly features such as solar panels and rainwater harvesting systems.
Hilo Real Estate Market Insights for Home Buyers
If you are considering buying a home in Hilo, there are several things to keep in mind. Some of the most important insights include:
Get to Know the Local Neighborhoods
Hilo has several unique neighborhoods, each with its own character and charm. Some of the most popular neighborhoods include downtown Hilo, which is known for its historic buildings and vibrant arts scene, and the Waiakea community, which is a popular area for families.
Work with a Local Real Estate Agent
A local real estate agent can provide valuable insights and guidance when buying a home in Hilo. They can help you navigate the local market, find the right property, and negotiate a fair price.
Consider the Pros and Cons of Different Types of Properties
Hilo offers a range of different property types, including single-family homes, condos, and vacation rentals. Each type of property has its own pros and cons, and it’s essential to carefully consider these before making a decision.
Hilo Real Estate Market Insights for Investors
If you are considering investing in Hilo real estate, there are several things to keep in mind. Some of the most important insights include:
Look for Properties with Potential for Renovation
Many homes in Hilo are older and may require renovation. Look for properties that have potential for renovation and can be improved with some TLC.
Consider the Local Rental Market
The local rental market is strong in Hilo, and many investors are buying homes and renting them out to tourists and locals. Consider the local rental market and the potential for rental income when buying a property.
Diversify Your Portfolio
Real estate investing can be a lucrative business, but it’s essential to diversify your portfolio to minimize risk. Consider investing in a range of different property types and locations to spread your risk.
Conclusion
The Hilo real estate market is a unique and attractive option for home buyers and investors. With its natural beauty, rich culture, and growing economy, Hilo offers a range of opportunities for those looking to buy or invest in real estate. Whether you are looking for a single-family home, condo, or vacation rental, there are several things to keep in mind, including the local neighborhoods, property types, and potential for renovation. By doing your research and working with a local real estate agent, you can make informed decisions and achieve your real estate goals in Hilo.
When it comes to finding the perfect property in Hilo, it’s essential to work with a reputable and experienced real estate agent. They can provide valuable insights and guidance, and help you navigate the local market. They can also provide information on the local neighborhoods, property types, and potential for renovation.
Photos of Hilo Real Estate Market
Frequently Asked Questions:
Hilo Real Estate Market FAQ
Q What is the current state of the Hilo real estate market
A The Hilo real estate market is considered to be a seller’s market with low inventory and high demand This means that homes are selling quickly and prices are rising
Q How has the Hilo real estate market been affected by COVID-19
A The COVID-19 pandemic has had a significant impact on the Hilo real estate market with many buyers looking for homes in areas with lower population density and more remote locations Hilo’s popularity has increased as a result
Q What are the most popular types of properties in Hilo
A The most popular types of properties in Hilo are single-family homes townhouses and condos Many of these properties are located in desirable neighborhoods such as Hilo Town and Upper Hilo
Q What is the average home price in Hilo
A The average home price in Hilo varies depending on the location size and condition of the property Currently the average home price in Hilo is around 500000 to 600000
Q Are there any new developments in Hilo
A Yes there are several new developments in Hilo including subdivisions with single-family homes and condos These developments are attracting buyers who want to live in a new community with modern amenities
Q Can I find affordable housing in Hilo
A Affordable housing in Hilo can be challenging to find However there are some options available such as government-subsidized housing and non-profit organizations that provide affordable housing
Q How does the Hilo real estate market compare to other areas in Hawaii
A The Hilo real estate market is generally more affordable than other areas in Hawaii such as Honolulu and Oahu However prices are rising due to high demand and limited inventory
Q What are the best neighborhoods to live in Hilo
A Some of the most popular neighborhoods in Hilo include Hilo Town Upper Hilo Puueo Ainaloa and Orchidland Estates These neighborhoods offer a range of amenities and lifestyle options
Q Can I buy a home in Hilo if I’m not a resident of Hawaii
A Yes you can buy a home in Hilo even if you’re not a resident of Hawaii However there may be some additional requirements and taxes to consider
Related Links & Information:
Zillow Hilo Real Estate Market
Redfin Hilo Real Estate Market
Realtor.com Hilo Real Estate
Hilo Tribune Herald Real Estate News
Hilo Association of Realtors
