Hawai’i Island Real Estate Market Report: March 2024
As we close the first quarter of 2024, the Hawai’i Island real estate market continues to show positive momentum, with significant increases in both sales and prices. March has marked a remarkable period for buyers and sellers alike, highlighting the enduring appeal of Big Island properties.
Record Highs in Median Sales Prices
In March, the median sales price for residential properties on Hawai’i Island reached an all-time high of $579,500. This surge underscores the growing demand for homes in this stunning locale, as more buyers seek the idyllic lifestyle and natural beauty that the Big Island offers. Condominiums also saw impressive numbers, with a median price of $673,000, the second-highest recorded.
Increased Condo Sales in Hawai’i Island Real Estate
Notably, condo sales nearly doubled since the beginning of the year, reflecting a robust market with a 2% year-over-year increase. This trend indicates that more buyers are considering Hawai’i Island real estate as a viable investment or vacation option. The allure of owning, combined with competitive pricing, is driving this uptick in condo purchases.
Steady Single-Family Home Sales
While condo sales have seen a notable rise, single-family home sales remained stable at 149 transactions in March. This consistency suggests a solid foundation in the market, as buyers are still eager to invest in single-family homes despite rising prices. The demand for spacious properties, especially those with ocean views or proximity to amenities, continues to be a significant factor for many buyers.
Looking Ahead in Hawai’i Island Real Estate
As we move into the second quarter of 2024, the Hawai’i Island real estate market shows no signs of slowing down. Potential buyers should be aware of the current trends and prepare for a competitive landscape. With opportunities still available, now is an excellent time to explore the unique properties that Hawai’i Island has to offer.
If you’re interested in learning more about the current market conditions or looking to buy or sell, contact Marco by clicking here. The right guidance can make all the difference in navigating the Hawai’i Island real estate market.
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Download the full Market Report for March 2024 here.