Hawaii Island Estate Market Update: May 2024

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Hawaii Island Estate Market Update: May 2024 Market Overview

In May 2024, the number of single-family homes sold on Hawaii Island increased to 182 from 181 in April, which was 4.2% lower than May last year.


Most sales occurred in Puna  (73 homes), North Kona (41 homes), and South Hilo (24 homes). The median sales price for these homes rose from $533,000 in April to $551,500 in May. North Kona’s median price was $1,125,000, an 18% decrease from May of last year.

Condo sales fell from 78 in April to 75 in May, a 31% increase from 57 sales in May of last year. North Kona saw 44 condo sales in May, down from 47 in April but up from 37 in May of last year. The median sales price for condos decreased from $787,500 in April to $680,000. South Kohala had the highest median condo price at $1,245,000. North Kona’s median condo price was $599,000, down from $775,000 in April and up from $550,000 in May of last year.

Land sales increased to 177 in May from 163 in April, with 108 sales in Puna, representing a 14.5% decrease from last year. The median land sales price dropped to $43,500 in May from $45,000 in April, and had a 24% increase from $35,000 in May of last year. The average market time in May for single-family homes was 78 days, up from 64 days in April and 65 days last May.

In North Kona, homes averaged 66 days on the market, compared to 53 days last
year at this time. Condos stayed on the market for an average of 38
days, a decrease from 41 days in April and down from 55 days last
year. Land listings averaged 115 days on the market in May, up from
100 days in April and 105 days last May.