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. Condos are the same story as single-family homes with market conditions decelerating. Home prices may continue to fall but will not be enough to offset the higher interest rate. For now, we review the most current available graphs in their historical context: Near record low levels but lately trending upward. Log In. https://www.attomdata.com/news/market-trends/home-sales-prices/attom-q3-2021-u-s-home-sales-report/. ~ Mahalo & Aloha. Over a given period, the median house price is the middle sale price among all homes ranked from highest to lowest. There are amazing beaches there, away from turist and crowds which is very attractive. Oahu Real Estate Market Report - September 2022 Home Sale Statistics That way, investors could build equity in a physical asset and collect cash flow each month with the right long-term investment. Home prices in Honolulu have increased a great deal over the last decade. Youll also be able Schedule a showing for 1700 Makiki Street, #118 in Honolulu, HI. 18 Nov, 2021. . However, government aid is expiring now that the light at the end of the tunnel is starting to shine brighter. Improved 3 acres in Kona Gardens, a gated subdivision on the ocean side and north end of Ocean View. Fees and taxes can vary from one county to another in Hawaii. Appreciation rates in Honolulu were outpacing the rest of the country up until the second quarter of 2018. Honolulu, Hawaii Housing Market Report February 2023 - RocketHomes All things considered, Honolulu is a costly place to invest at the moment, but there are still opportunities for those who know where to look. Mortgage Interest rates significantly impact the current Hawaii real estate market. Median Sales Price: $1,050,000 (+20.7% year over year), Median Home Value (1-Year Forecast): +12.4%, Number Of Sales: 378 (-10.0% year over year), Median Days On Market: 12 (-1.0 year over year), Median Rent: $2,600 (+8.8% year over year), Unemployment Rate (Metro): 5.4% (latest estimate by the Bureau Of Labor Statistics), Population (Honolulu County): 974,563 (latest estimate by the U.S. Census Bureau), Median Household Income (Honolulu County): $85,857 (latest estimate by the U.S. Census Bureau), [ Want to generate passive income in real estate? The Honolulu Board of REALTORS reported that 2022 data shows single-family home sales fell 23.2% and condos declined 11.8% compared to 2021.. It also projects to lower inflation to a 2.2% rate through 2024, with the unemployment rate only rising to 4.1%. month-to-month decline and the first time the median December 15, 2022. While the median sales price overall for Hawaii was $717,200 in July 2022. Want to see the full market report? With 0 Bedrooms and 0.00 Bathrooms, it offers a total of 4628 Square feet. Demographics make it easy to determine what types of real estate properties are in demand. The new year begins with closed sales of O'ahu properties falling significantly year-over-year, with single-family homes dropping 54.0% and condos declining 50.2%. Hawaii Housing Market: House Prices & Trends | Redfin Theres a strong demand for homes across various demographics. A slow Hawaii real estate market may force buyers to refinance their new homes. Danny Krause on LinkedIn: Just Released, the 2022 Year-End Hawaii Luxury Market Report Reveals Remember, prices in Honolulu are up an average 18.8% in the last year alone. Check your inbox now to confirm your subscription. We only have enough for three months, roughly half of what we require. The lower the MRI, the faster the existing inventory sells. It refers to the phenomena where the income-to-price ratio of people is increasing, goods and services become more affordable, and people gain more purchasing power.