Market Update – January 2024

The Big Island real estate market continued to hold steady at the start of 2024 with total sales, median prices, and new listings remaining within recent ranges. In West Hawaii, the median sales price for a single-family home stands at $1,050,000, while a condo is priced at around $673,000. In contrast, East Hawaii sees a drop in medians to $365,000 for single-family homes and $195,000 for condos. The median sales price of a residential property in Hilo (East Hawaii), however, is closer to $500,000. Given the vast landscape and diverse housing options, partnering with a local real estate expert is crucial to understanding the distinct nuances important for any Big Island real estate decision. 

Brief Overview:
Island of Hawaii Unit Sales Stats for January 2024 VS. January 2023

Single Family Homes – Total sales of 154 single family homes marks an increase of 14% units in comparison to January 2023.
Condos – 32 total sold – down 9% from 2023 numbers.
Land – 136 total sales of land offerings representing an increase of 30% when compared against 2023 sales for January.

Single Family Homes – 205 new listings for January 2024.
Condominiums – 62 new condo listings for January 2024.

Single Family Homes Specific Stats:
Median Sales Price:
$499,000 in January 2024. A decrease of 6% over median prices from January 2023.
Days on Market:
30 days on market for January 2024 – a decrease of 24% from January 2023.

Condominium Specific Stats:
Median Sales Price:
$609k in January 2024. Down 1% from January 2023.
Days on Market:
27 median days on market in January 2024.  Up by 33% from previous year.

Vacant Land Specific Stats:
Median Sales Price:
$48,000 representing a decrease of  5% in median price over January 2023.
Days on Market:
37 Days on Market for land sold in January 2024.  A decrease for days on market of  21%.