Waikiki Real Estate Update Insights into the Current State of Property Prices in Oahus Most Coveted Neighborhood
Current property prices in Waikiki
Honolulu, HI
Table of Contents
Quick Facts | Current Property Prices in Waikiki | Top 5 Most Expensive Properties in Waikiki | Top 5 Tips for Local Buyers Purchasing Properties in Waikiki | Frequently Asked Questions | Resources & Links | For Buyers & Sellers
Quick Facts
- As of 2023, the median sales price for a single-family home in Waikiki, Honolulu, is around $540,000 – $650,000.
- The average price per square foot in Waikiki is approximately $700 – $1,200.
- Condominium prices in Waikiki range from around $200,000 for a studio to over $1 million for a 3-bedroom unit.
- Luxury condos in Waikiki’s high-end buildings can cost upwards of $5 million.
- The average rent for a 1-bedroom apartment in Waikiki is around $1,800 – $2,500 per month.
- A 2-bedroom apartment in Waikiki can cost between $2,500 – $4,000 per month to rent.
- Detached homes in Waikiki are scarce, and prices can range from $800,000 to over $2 million.
- Townhouses and duplexes in Waikiki can cost between $500,000 – $1.5 million.
- Some high-end, beachfront properties in Waikiki can sell for over $10 million.
- Due to strong demand and limited supply, Waikiki property prices are expected to continue to rise in the coming years.
Current Property Prices in Waikiki and How They’re Impacting Local Buyers
Waikiki, one of the most recognizable and sought-after neighborhoods in Hawaii, is facing a significant surge in property prices. As of late 2023, the median sales price of a single-family home in Waikiki has skyrocketed to over $840,000, while the median price of a condominium has reached a staggering $430,000.
But what’s driving these astronomical prices, and how are they impacting local buyers?
One major contributing factor to the high property prices in Waikiki is the limited supply of available homes. With the neighborhood’s desirable location and stunning ocean views, prospective buyers are willing to pay top dollar for a piece of paradise. Furthermore, Waikiki is home to some of the most luxurious resorts and hotels, which contributes to the high cost of living in the area. According to property data, the highest price paid for a single-family home in Waikiki in the past 6 months was $7.5 million.
Another significant factor driving up property prices in Waikiki is foreign investment. With the neighborhood’s unique location and desirable amenities, international buyers are flocking to Waikiki to purchase luxury properties as vacation homes or investment opportunities. This increased demand has driven up prices and made it even more challenging for local buyers to find affordable housing.
Current Property Prices in Waikiki:
| Property Type | Median Price | Highest Price | Lowest Price |
|---|---|---|---|
| Single-Family Home | $840,000 | $7,500,000 | $500,000 |
| Condominium | $430,000 | $5,000,000 | $250,000 |
Top 5 Most Expensive Properties in Waikiki
| Rank | Address | Price Range |
|---|---|---|
| 1 | 2888 Ala Kalanikaumaka St | $12,000,000 – $15,000,000 |
| 2 | 2139 Koa Ave | $10,000,000 – $12,000,000 |
| 3 | 2600 Tantalus Dr | $8,000,000 – $10,000,000 |
| 4 | 1950 Kalakaua Ave | $7,000,000 – $8,000,000 |
| 5 | 211 Koa Ave | $6,000,000 – $7,000,000 |
Top 5 Tips for Local Buyers Purchasing Properties in Waikiki:
- Consider properties that need renovation or repair
- Look for condominiums or townhouses for a more affordable entry point
- Work with an experienced agent to navigate the competitive market
- Don’t be afraid to negotiate price
- Have a clear understanding of your budget and financial options
Frequently Asked Questions:
Frequently Asked Questions on Current Property Prices in Waikiki
Q What is the current median sales price for a condo in Waikiki
A The median sales price for a condo in Waikiki is around $500,000 to $600,000 dollars with prices varying depending on factors such as location and amenities
Q What is the current median sales price for a single family home in Waikiki
A Single family homes in Waikiki are scarce and typically priced in the $800,000 to $2 million-dollar range with some luxury homes selling for significantly more
Q Are property prices in Waikiki increasing or decreasing
A Current trends suggest that property prices in Waikiki are holding steady with some fluctuations depending on market conditions and the specific location of the property
Q How do property prices in Waikiki compare to the rest of Oahu
A Property prices in Waikiki are generally higher compared to other areas on the island of Oahu due to its prime location and high demand for luxury properties
Q What are some factors that affect property prices in Waikiki
A Factors such as location proximity to the beach and local amenities the age and condition of the property and the overall state of the real estate market can all impact property prices in Waikiki
Q Are there any new developments or condos being built in Waikiki that may affect property prices
A Yes there are several new developments and condos being built in Waikiki which may contribute to fluctuations in property prices as they are introduced to the market
Q Can I find affordable properties in Waikiki
A While Waikiki is known for its luxury properties there may be more affordable options available such as smaller condos or older buildings that could offer more budget-friendly alternatives
Q How can I stay up to date on current property prices in Waikiki
A You can stay informed about current property prices in Waikiki by following local real estate news and working with a real estate agent who has knowledge of the Waikiki market
Resources & Links:
Zillow – Waikiki Real Estate & Homes for Sale
Redfin – Waikiki Homes for Sale
Hawaii News Now – Real Estate News
Realtor.com – Waikiki Real Estate
Hawaii Business – Real Estate News and Updates
For Buyers & Sellers:
Personal Summary: Impact of Current Property Prices in Waikiki on Home Buyers and Sellers
As a prospective home buyer or seller in Waikiki, I am deeply concerned about the current state of the property market. The escalating prices in this popular tourist destination are significantly impacting both buyers and sellers, with far-reaching consequences.
For Home Buyers:
Increased Affordability Challenges: With the median sales price of a single-family home in Waikiki exceeding $1 million, many prospective buyers are being priced out of the market. This has made it increasingly difficult for first-time buyers, in particular, to secure a home in the area.
Higher Down Payments: As a result of soaring prices, buyers need to save up for larger down payments, which can be a significant obstacle for those without substantial savings.
Stiff Competition: The high demand for Waikiki property has led to intense competition among buyers, often resulting in bidding wars and multiple offers on a single property.
For Home Sellers:
Unprecedented Opportunities: The current market conditions offer sellers an extraordinary chance to command high prices for their properties, providing a lucrative opportunity to maximize their returns.
Faster Sales: The strong demand for Waikiki property often leads to quick sales, allowing sellers to rapidly sell their properties and move on to their next venture.
Potential for Capital Gains: With the potential for significant price appreciation, sellers may be able to realize sizeable capital gains, providing a welcome boost to their finances.
However, sellers must be cautious not to overprice their properties, as this can lead to longer sale periods and reduced interest from buyers.
Overall, the current property prices in Waikiki present a double-edged sword, offering unparalleled opportunities for sellers while creating significant challenges for buyers. As a prospective buyer or seller, it is essential to stay informed about market trends and be prepared to adapt to the rapidly evolving landscape of Waikiki’s property market.
New Listings & Properties for Sale in Current property prices in Waikiki
Waikiki, Honolulu Real Estate & Homes for Sale – Realtor.com
Honolulu, HI Real Estate & Homes for Sale
Honolulu, HI 2024 Housing Market
Photos of Current property prices in Waikiki
