Big Island Market Review

The Hawaii real estate market has been experiencing a surge in demand and an increase in prices in recent years. With its stunning beaches, beautiful weather, and unique culture, it’s no wonder why so many people are flocking to the islands to buy property. In this blog, we’ll take a look at some of the key trends in the Hawaii real estate market, including average prices, current mortgage interest rates, and an economic forecast for the future. And for those looking to buy or sell property in Hawaii, we’ll also highlight why Starr Kealaluhi is the go-to resource for all your real estate needs.

Average Prices

As of March 2023, the average home price in Hawaii was $920,000, up from $895,000 in the same month last year. This represents a year-over-year increase of 2.8%. The median home price in Hawaii is even higher, at $1,050,000. These high prices are partly due to the limited supply of homes for sale in Hawaii, as well as the strong demand from both local and out-of-state buyers.

Current Mortgage Interest Rates

Mortgage interest rates in Hawaii are currently at historic lows, making it an attractive time to buy a home. As of April 2023, the average interest rate for a 30-year fixed-rate mortgage in Hawaii was 3.6%. However, interest rates are expected to rise over the next few years, so buyers should act fast to take advantage of these low rates.

Economic Forecast

The economic outlook for Hawaii is positive, with steady job growth and a booming tourism industry driving the state’s economy. However, there are concerns about the impact of rising interest rates on the real estate market. Additionally, Hawaii is vulnerable to natural disasters such as hurricanes and tsunamis, which could have a negative impact on the local economy.

Why Choose Starr Kealaluhi?

Starr Kealaluhi is a highly respected and experienced real estate broker in Hawaii, with a deep understanding of the local market and a commitment to helping her clients achieve their real estate goals. Starr is a native of Hawaii and has been involved in the real estate industry for over 20 years. Her extensive knowledge of the market, coupled with her professionalism and dedication, make her the ideal choice for anyone looking to buy or sell property in Hawaii.

Starr Kealaluhi offers a full range of real estate services, including buying and selling homes, investment properties, vacation rentals, and property management. She has a strong network of contacts in the industry, including lenders, appraisers, and contractors, which allows her to provide comprehensive support to her clients throughout the entire real estate process.

Conclusion

The Hawaii real estate market is hot, with high demand and limited supply driving up prices. However, with historically low interest rates and a positive economic outlook, it’s still a great time to buy property in Hawaii. And for anyone looking to navigate the complex and competitive Hawaii real estate market, Starr Kealaluhi is the go-to resource. With her expertise and commitment to client satisfaction, she can help you find the perfect property or sell your home quickly and efficiently.