In 2015 there were almost 20,000 residential homes sold in Hawaii.
Since then we've had a global pandemic and the world seems a very different place.
If you're thinking about investing in Hawaii real estate, or maybe considering moving there, then you'll want to know about the current state of the real estate market in Hawaii.
If so, read on to learn more.
What's the Current State of the Hawaii Real Estate Market?
You might expect that impact of COVID-19 on the world economy would have had a major impact on the Hawaii housing market.
In fact, the Hawaii real estate market is continuing to grow. The rate of growth is not as high as it has been in the past, but thanks to the scarcity of land in Hawaii, real estate will almost always be an investment that will provide growth.
The pandemic has had an impact, but this is more in terms of a trend of people moving out of densely populated areas and into more rural locations. This is understandable in a time when COVID-19 is being spread by close contact.
What Are Prices Like?
Condo sales in Maui set a record high in 2020, with the median price for a condo hitting $570,000, up 10% from 2019. If you're thinking about buying a condo in Hawaii, then this growth should be something that piques your interest.
Median sale prices for single-family homes in Maui reached $795,575 in 2020 which represents growth of 7% on 2019 prices. Kaui saw even greater increases in property values.
Hawaii real estate has always represented a good long-term investment. You may not see huge returns in the short term, but over the longer term, any fluctuations should balance out to a good return.
What Does the Future Hold?
All the predictions are that real estate values in Hawaii will continue to grow. That growth may not be as rapid as in previous years, but you should still a good return on your investment.
Since people will have been put off buying and selling during a pandemic, it's likely that inventory will increase across Hawaii as the effects of the pandemic die down. This will lead to a swing from a seller's to a buyer's market, with more choice available meaning more competition for sellers.
Since the government will want to keep the economy moving, expect interest rates to remain low so borrowing will be affordable.
Are You Considering Moving or Investing?
If you're thinking about investing in Hawaii real estate or even moving there, then we wish you the best of luck.
As you can have read, the current market in Hawaii is strong, and all indications are that it will remain that way. It means that the value of your investment or home is likely to continue to grow, so it's a great time to get involved.
If you're looking for more useful content, then please be sure to check out the rest of the site.