HiCentral reports that properties available for sale in the $600,000 to $999,999 range grew 175% year-over-year and condos in the $400,000 to $2,000,000 price range grew 45% year over year. This led to home sellers experiencing situations where they were receiving anywhere from five to 30 offers on their home that they had to sift through to figure out which one worked best for them. Between home prices hitting record highs and . Oahu Sales Activity Down from January 2022 On average, homes in Mililani Town sell after 49 days on the market compared to 36 days last year. Waimalu is located 22 minutes away from Honolulu by car. According to research conducted by major real estate bodies, including Mashvisor and some analysts, the housing market will continue to grow in 2023. Find out how much you can save with Clever today! Median Sale Price All Home Types Median Sale Price The population in Oahu is 953,207 as of 2022. Billions of real estate investment dollars have flowed into the Hawaii real estate market in the last few years. Hawaii remains one of the worlds most rare and attractive housing markets. On average, the number of homes sold was down 47.9% year over year and there were 734 homes sold in January this year, down 1,410 homes sold in January last year. Tourism spending dropped 2% YoY in May, although spending by Canadians rose. We had a full-blown recession along with a real estate housing crisis. Interest rates should not scare you from purchasing a home. Hawaii Housing Finance and Development Corp. For Immediate Release: January 16, 2020 HONOLULUA consortium of state and county housing agencies released the "2019 Hawaii Housing Planning Study." Included in the study are data on housing supply, demand, and estimates of housing units needed by levels of affordability. New listings of houses for declined by 34% year over year in November 2022 while days on market climbed 35%. As we have seen interest rates go up we have seen a decrease in the amount of buyers shopping for homes in Hawaii. The median household income is higher than the national median so people can absorb higher payments better. that would mean there was no inventory. Real estate trends in Hawaii | Sellers | Buyers | Investors | The best and worst of Hawaii | Hawaii resources. The first thing that comes to mind for a lot of people is what happened in 2008. In August 2022, Mililani Town home prices were down 2.9% compared to last year, selling for a median price of $685K. The median days on the market is 59, which indicates a seller's market. The price of condos has also continued to rise, with no signs of the Hawaii housing market slowing down. The median days on the market is 55, and its up 31% compared to last year. Over the past 3 years, prices peaked in December 2021 at $892,500. With HAs economy looking better than most for 2023, we wouldnt expect housing prices to fall next year. Affordability is becoming an issue. Hawaii Real Estate [2022 UPDATE] Will The Housing Market Crash? TREC:Info About Brokerage Services,Consumer Protection Notice. Shoot me a text, give me a call or send me an email. Building permits reflect future construction trends and volume, and Hawaiis year over year growth was at a brisk 62% over the last few years. Some are just looking as they visit for their annual golf vacations. The unemployment rate for Hawaii is 4.1%, which means there is a total of 27,000 people unemployed in the state. Step By Step: How To Buy A House In Hawaii From Top Local Real Estate Agents. 23 homes sold in Sept 2022, down 11.5% from Sept 2021. Are there enough homes for sale to meet buyer demand? The U.S. News Housing Market Index predicts more than 20,600 new permits for single-family home construction will be approved between January and May this year. Buyers who buy leasehold properties may not qualify for 30 year mortgage rates. Redfin Hawaii Home Prices. Gord is ManageCasa's content researcher and writer capturing the imagination of investors, landlords, and property management pros. David Ige pointed this out in his State of the State speech in January, calling construction "a bright spot" and promising $1.1 billion in state capital improvement projects in 2022, another. One thing you should never do as a home buyer is try to time the market. The Oahu single-family home median price fell by six percent from January 2022 to $986,000the second month-to-month decline and the first time the median was below $1M since July 2021. New listings declined during the month by 26.2% for single-family homes and 18.6% for condos, YoY. Thats all conjecture however as US GDP, employment and inflation remain strong. Timing the market for buying or selling is a big gamble. So You can see how drastically inventory went down which then created more competition when we were in the seller's market. At the same time, the number of homes sold fell 47.9% and the number of homes for sale fell 8.6%. This is also below the national average, and Wailuku has a median monthly rent of $1,069. The forecast for home values is predicted to rise 3.5% over the next twelve months nationally, and 4.9% for Honolulu, Hawaii's largest city. The Best Low Commission Real Estate Brokers, Top Real Estate Agents in Hawaii (June 2021 Rankings), How to Sell a House By Owner in Hawaii (2021 Update), 5 Best Hawaii Flat-Fee MLS Companies in 2021, We Buy Houses for Cash Companies in Hawaii (2021 Rankings). Buying A House In Hawaii 7 Things You NEED To Know FIRST! On average, the number of homes sold was down 47.9% year over year and there were 734 homes sold in January this year, down 1,410 homes sold in January last year. Would you like to see homes for sale in Honolulu, HI? If you are using a screen reader, or having trouble reading this website, please call Redfin Customer Support for help at 1-844-759-7732. but we can do our best to guide our clients into making the best decision possible with the current conditions. Screenshot courtesy of Redfin.com, Redfin Hawaii Home Sales History Chart. dbedt.hawaii.gov reports that during the 3rd third quarter of 2021, private building authorizations in the state increased $94.2 million or 11.2 percent% with the third quarter of 2020. ManageCasas software is designed to manage commercial, residential, apartment, detached rental housing, student housing, mixed use retail properties, storage units, and marinas by integrating essential SaaS apps via cloud infrastructure and a secure rent payment gateway. The median price of a home in the United States is currently $677,700. Low inventory may push home prices even higher, and as it stands the amount of activity continues to be at an increased level. This is an indication as to the level of affordability in the state, which is not one of the most affordable states in the country. Prices for US homes will climb another 16% through 2022, Goldman economists led by Jan Hatzius said in a Monday note. Well in this video we will go over the Oahu Market Crash in 2022 and what we are seeing hap. There were only 16.9% of homes that had price drops, up from 9.0% of homes in January last year. However, the Hawaii housing market is poised to continue being robust even with the current real estate market turmoil. The median home prices in Hawaii increased a whopping 22% between 2020 and 2021. Price reduction was just briefly mentioned above. The average rent for a one bedroom apartment in Honolulu reached $1800 a month according to Zumper and rose 5% as well for 2 bedrooms. 364 homes sold in Honolulu in this time, and the median days on the market were 53, as of July 2022. Our team talks to so many people thinking about moving to Hawaii just like you and we absolutely love it! Hawaii is one of the most attractive places to live in the US, and also one of the most expensive. However, on the plus side, the state has one of the lowest poverty rates. Housing inventory is declining across the state, and mortgage applications have dropped by 40% over the course of 2022. Because of that now everybody correlates a recession with a real estate market crash. You've likely done some comparison shopping for property management. In January 2023, 23.7% of homes in Hawaii sold below list price, down 18.3 points year. In November 2022, most homes spent 56 days on the real estate market18 days less than typical pre-2020 levels. ET As you can see in the image below with Hawaii real estate market data as of June 2022, The figure is there on the right and this average is the average sales price over the last 6 months for both single-family homes and condos/townhomes. Here are the latest Hawaii public housing starts numbers from the FED: With house and apartment construction numbers flagging so badly, we might forecast home prices and rent prices to rocket in 2021. All rights reserved. If the agent selling the home reduces the price that could be due to one or many factors. You'll lose every time. You can reach out too. On average, Clever sellers save $7,000 on commission!Our agent matching service is 100% free with zero obligation. South Carolina Housing Market 2023 Report, North Carolina Housing Market 2023 Report, Median single-home price $1,096,250 - up 20% from 2021, Median condo price $683,100 - up 25% from 2021, Existing single family home sales: 732 - down 21.1% from 2021, Existing condo sales: 902 - down 21.2% from 2021, Months supply of inventory: 3- unchanged from 2021. Hawaii is made up of 8 major islands, with Oahu being the largest. She cites that California, Oregon and Washington is where buyers are coming from. The small town gives residents a relaxed way of life with surrounding natural beauty. In Sept 2022, there were 1,228 homes and condos sold in the state of Hawaii, a 31% decrease from Sept 2021, when there were 1,791 homes sold. Much like the rest of the nation, Hawaii's real estate market numbers reflect the impact of the pandemic and recent mortgage rate hikes. A steep incline from the 652.15 rating the state received in Q2 of 2020. Studios, 3 bedrooms, and 4 bedroom homes saw a steep drop however. With the rise of the pandemic in March 2020, home prices in Honolulu began their upward trajectory. With rising interest rates almost a certainty from the FED, home prices will likely decline further in the months ahead. Kailua is located on what locals know as the Winward side of the island of Oahu, and it is considered one of the most affluent communities to live in the island . This again puts the ball in your court giving you the leverage as the home buyer if you're interested in a home that has expired. Key Market Stats for the Hawaii Housing Market: As of the latest compiled housing report with data through Sept 2022. The average cost of homes in Honolulu Hawaii is just under $900,000. See the listing to sales ratio below. The Demand was high due to historically low interest rates and the affordability of homes of mass amounts of people ready to purchase a home. Sales volume has dropped a bit year over year. Property investors and b, review, rate and recommend our property management software, Best Cities to Invest in Rental Property 2023, How to Select Property Management Software. The Aloha State is known for its iconic beaches, lush rainforests, and delicious local foods like sweet shaved ice, poke, and Spam musubi. Wailuku is one of the most affordable places to lives in Hawaii, with a median home price of $463,500. However, the forecast for housing permits in December 2022, at 3,701, was well above the actual reported number of 2,188. As of Sept 2022, the median price of homes in Pearl City was $875,000, up 19.9 percent from 2021. 2022 has been a turbulent year for the housing market.In Jan 2022, y-o-y growth in HPI was over 18%, sellers were ruling the market, and buyers were paying much more than the list price to get their dream home. Following a record-breaking 2021, local brokers forecast trends in Hawaii's residential real estate market for the new year. Hawaii still falls short of the top spot, which is taken by Maryland, with a median household income of $94,384. 3 Find expert agents to help you buy your home. Interest in property here has been strong the past 12 years, with price appreciation in some areas of more than double over that time. Redfin also says home inventory has dropped 22.3% from 12 months ago and that 39.8% of homes old above list price, which is 14.6% from last February. The direction and pace at which housing supply changes indicate whether the options for buyers are increasing or decreasing. And we could very well be wrong. We already detailed when inventory means above but what is it that you should be looking out for? The median sales price in Hawaii in 2021 topped $828,125 and in 2022 it cumulatively topped just over $1million across the 4 main islands. The stats actually show builders have grown their construction permits in the 3rd quarter of 2021 but are not keeping up with demand.