Big Island Real Estate Market Update: January 2024 Market Overview
In January, the real estate market on Hawaii Island experienced varied trends across property types.
Single-family home sales increased from 142 to 157 units, marking a 13% rise compared to January of the previous year. Puna, North Kona, and South Hilo were the top-selling areas.
Condo sales also saw a slight uptick, with sales increasing from 30 to 32 units, although they decreased by 16% year-on-year. Notably, North Kona observed a significant increase in condo sales.
Land sales showed positive momentum, rising from 139 to 141 transactions, with Puna leading the way.
The average days on the market increased for single-family homes to 52 days, while condos stayed on the market for an average of 48 days, and land listings for 99 days.
Median sales prices fluctuated across property types, with single-family homes decreasing to $499,000, while condos saw an increase to $608,500, driven by South Kohala’s high-priced market. North Kona condos experienced a price increase compared to December but a decrease compared to the previous year. The median sales price for land showed a slight increase to $45,500, reflecting a small uptick compared to January of the previous year.
While trends can differ by neighborhood, we continue to see quick sales with multiple offers when a property is priced appropriately. Reach out to your Realtor for more information about the current market!