Are Hawaii home prices dropping?

Average Home Prices: The average median home price in Hawaii is $679,600, down by 9.07% YoY. In 2023, experts predict the median sale price growth to drop by roughly 4%, the first annual drop since 2012. Currently, the sale-to-list price ratio is at 98.1%, with a decline of 2.8 pt YoY as of April 2023.



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One of the greatest challenges of living in Hawaii is the high cost of living. The islands are popular tourist destinations, which drives up the cost of housing, food, and other essential goods and services.

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State economist Eugene Tian said the reason some people move is Hawaii's economy is moving at a slower rate than the continent. Hawaii's cost of living has been increasing, especially since we experienced an increase in housing prices in 2022, said Tian.

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Over the last 40 years in the State of Hawai'i, we have seen that the average year-over-year appreciation in home value has been around +3.5%. That's not to say that every year has reflected an increase; in fact, there were years in the last 40 when we saw double-digit drops in appreciation.

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Before You Move to Hawaii Living in Hawaii has its perks, including year-round warm weather and access to some of the most beautiful natural scenery in the world. The island lifestyle is laid-back and relaxed, and there is a strong sense of community and connection to the land.

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The 2020 Census Demographic and Housing file includes info on Native Hawaiians living in the Aloha State and across the continent. According to another study by Kamehameha Schools, some of the top reasons for leaving include high cost of living, employment opportunities, and affordable housing.

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The average Hawaii home value is $842,908, down 1.1% over the past year and goes to pending in around 19 days.

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