Hawaii Buyers Agents

Buying a home in Hawaii—what to know.

• Cost of Living: Hawaii has a higher cost of living compared to the mainland United States. Housing, groceries, and other necessities can be more expensive. It’s crucial to budget accordingly.
• Island Diversity: Hawaii is made up of several islands, each with its own unique character. The major islands are Oahu, Maui, Big Island (Hawaii), Kauai, Molokai, and Lanai. Research and choose the island that aligns with your lifestyle and preferences.
• Climate: Hawaii has a tropical climate, offering warm temperatures throughout the year. Be prepared for both sunshine and occasional rain. The weather can vary from one side of the island to another.
• Culture and Diversity: Hawaii is a melting pot of cultures, with a significant influence from Native Hawaiian, Asian, and Pacific Islander cultures. Embrace the Aloha spirit and respect the local customs and traditions.
• Outdoor Lifestyle: Hawaii is a paradise for outdoor enthusiasts. From hiking and surfing to snorkeling and exploring volcanic landscapes, there are countless opportunities to enjoy nature and adventure.
• Education: Hawaii has a public school system, and the quality of education can vary. Consider the available schools and educational options if you have children.
• Healthcare: Access to healthcare in Hawaii is generally good, but it’s essential to understand the healthcare system and ensure you have appropriate health insurance coverage.
• Island Time: Hawaii operates on a more relaxed pace, often referred to as “island time.” Be prepared for a slower lifestyle compared to mainland cities.
• Wildlife and Nature: Hawaii is home to unique flora and fauna, some of which are found nowhere else on Earth. Be mindful of the delicate ecosystems and participate in conservation efforts.
• Island Regulations: Hawaii has strict regulations regarding agriculture, transportation of goods, and even the types of plants and animals allowed on the islands. 

Hawaii buyers agents provide Key Tips for Homebuyers in Hawaii in 2024:

• Conduct thorough research and financial planning: Hawaii’s real estate market exhibits diversity, with price variations across islands and neighborhoods. Investigate property values, the cost of living, and potential expenses like property taxes and maintenance. Establish a budget that aligns with your financial situation and long-term goals.
• Engage with Local Hawaii Buyers Agents: Collaborating with experienced local Hawaii buyers agents is imperative. They possess a deep understanding of the market intricacies, including unique regional trends, zoning regulations specific to Hawaii, and potential challenges. Relying on their expertise will empower you to make well-informed decisions throughout the real estate process.
• Explore Various Property Types: Hawaii presents a diverse range of housing options to cater to varied preferences. Whether you prefer single-family homes, condos, townhouses, or co-op housing, consider your lifestyle, family size, and long-term plans when making a choice.
• Location is Key: Hawaii’s islands boast diverse neighborhoods, each with its own unique character. When selecting a place to live, take into account factors such as proximity to beaches, schools, workplaces, and amenities. Thoroughly research local communities to identify a location that aligns with your lifestyle and preferences.
• Financing and Pre-Approval: Prioritize obtaining mortgage pre-approval before initiating your house hunt. This not only establishes a clear budget but also underscores your commitment to sellers, rendering your offers more competitive.
• Inspections and Due Diligence: Given Hawaii’s vulnerability to natural disasters such as hurricanes and tsunamis, conducting meticulous property inspections is imperative. Enlist the services of Georgia buyers agents to evaluate potential risks and guarantee that your decision is well-informed.

Is Now a Good Time to Buy a Home in Hawaii?

The opportune moment to buy a home in Hawaii hinges on diverse factors such as your financial standing, personal inclinations, and long-term objectives. Despite a potential slight dip in current market prices, Hawaii continues to be a coveted destination for its natural splendor, robust economy, and elevated quality of life. If you are financially ready and envision Hawaii as your enduring residence, it could be a favorable time to contemplate property acquisition. Nonetheless, engaging in thorough research and seeking advice from local real estate professionals are crucial steps before reaching a decision.

Is Buying Property in Hawaii Worth It?

Investing in property in Hawaii can be a worthwhile endeavor for those who appreciate the distinctive lifestyle and opportunities the islands present. Renowned for its breathtaking scenery, outdoor activities, and vibrant culture, Hawaii offers a unique living experience. However, it is crucial to carefully evaluate the benefits in relation to the costs, considering the relatively high real estate prices and the overall cost of living. Many find the lifestyle and experiences Hawaii offers to be a valuable investment. Assessing your personal priorities and long-term goals is essential in determining if purchasing property in Hawaii aligns with your aspirations.

Hawaii Real Estate Market Statistics

Average Home Prices: Hawaii’s average median home price stands at $748,400, reflecting a 6.8% year-over-year increase. In 2024, the median sale price is expected to continue its marginal rise due to the state’s tight inventory. In this competitive market, the expertise of Hawaii buyers agents becomes invaluable.

Home Sales: According to September 2023 data, home sales experienced a notable 18.2% year-over-year decrease. Home sales in September 2023 marked a decline from 1,178 in September 2022, with only 964 homes sold.

Average Rent Prices: Rental costs exhibit statewide variation, with an average tenant in Honolulu paying $2,076, while someone in Kapaa pays $1,600.

Median Days on Market: The median days on the market for homes for sale was 68 days, reflecting a 9-day increase year-over-year.

Pending Sales: The number of homes for sale declined by 8.3% year-over-year compared to 2022. Currently, there are 4,000 homes for sale in Hawaii.

Months of Supply: Hawaii’s average months of supply stand at 4 months. The state’s demand outpaces the low supply, with Hawaii’s housing scarcity worse than the national housing market.

Hawaii Real Estate Market: Predictions for 2024

Hawaii homes maintained their trend of commanding impressive prices last month. The median home sale price experienced a substantial 6.8% year-over-year increase, climbing from $700,900 to $748,400 in September.

According to Hawaii Buyers Agents, simultaneously, the number of homes listed on the market saw a significant 8.3% year-over-year decline, dropping from 5,310 to approximately 4,000 homes, resulting in only 4 months of supply. This prompts the question: Does the scarcity of houses position Hawaii as a seller’s market? Let’s delve into the facts. 

In Kapaa, homes sold for a median sale price of $882,500 in September, reflecting an impressive 26.07% year-over-year increase. Meanwhile, homes in Honolulu sold for a median sale price of $625,500, indicating a substantial 7.94% year-over-year growth. It’s worth noting that there were a few markets in Hawaii where prices experienced a decline year-over-year.

Despite interest rates being at record highs and a limited number of home buyers, the persistently low inventory is driving a remarkable trend, with 24.1% of homes selling above the list price.

If you are a home buyer: By purchasing a home now, you can steer clear of bidding wars and take advantage of potential seller concessions. While the 8.5% interest rate and associated mortgage payments are substantial, it’s important to note that rates are not expected to decrease in the next few months. In the event that they do, refinancing remains a viable option.

If you are a home seller: Secure the current elevated home prices in Hawaii by taking advantage of the seller’s market driven by a scarcity of homes in the state. Properties listed on the Multiple Listing Service (MLS) not only sell faster but also command a premium, selling for 17.5% more than off-MLS homes.