Hawaii Real Estate Market Q2 2024

Buyer Insights

Hawaii Real Estate Market Q2 2024: Buyer Insights

Hawaii's real estate market continues to attract buyers from both the U.S. mainland and international regions. The following is a summary of buyer statistics for Q2 2024, focusing on Oahu, Hawaii Island, Kauai and Maui. Understanding where buyers come from, their purchasing trends, and the value of properties they invest in provides valuable insights for both investors and real estate professionals.

Oahu Market Overview

Oahu, known for its vibrant lifestyle and economic activity, remains a top destination for real estate buyers in Hawaii. As of Q2 2024, U.S. mainland buyers dominated the market, particularly from California, Washington, and Texas.

- Top U.S. States Buying in Oahu

Hawaii itself led the number of purchases with 6045 sales, totaling $4.8 billion. California followed with 1000 sales ($1.1 billion), and Washington contributed 183 sales at $291.2 million.

- Top Foreign Buyers

Japan, Canada, and Korea were among the leading foreign investors. Japanese buyers topped the foreign purchases with $111.6 million, while Canadians followed closely with $96.5 million.

- Buyer Price Segments

Buyers were highly active in the luxury market, with significant investments in the $5 million to $20 million range. Foreign buyers, particularly from China and Taiwan, played a smaller but notable role.

Hawaii island market insights

Hawaii Island, known for its diverse landscape and larger estates, attracted a mix of local and mainland buyers, alongside a notable presence of international investors.

- Top U.S. Buyers

Hawaii remained the leader with 1104 sales valued at $558.3 million. California followed with 493 sales totaling $488.2 million, and Washington contributed 76 sales, bringing in $124.1 million..

- Foreign Buyers

Canada emerged as the dominant foreign investor with $34.0 million in property purchases, followed by Hong Kong and Japan.

- Price Segments

The majority of transactions fell below the $5 million mark, indicating a preference for more moderately priced properties compared to Oahu.

Kauai real estate insights

Kauai, famed for its pristine nature and tranquil ambiance, saw increased interest from both U.S. mainland and foreign buyers, though the market here remained smaller compared to Oahu and Hawaii Island.

- Top U.S. Buyers

Hawaii led the sales with 220 transactions valued at $204.2 million, while California made 45 purchases totaling $84.1 million. Washington, Utah, and Colorado were other significant contributors.

- Foreign Buyers

Canada was the largest foreign buyer in Kauai, purchasing properties worth $2.8 million, though foreign transactions remained relatively modest.

- Key Buyer Insights

Unlike Oahu, Kauai saw fewer high-end transactions. Most purchases were in the lower price brackets, with many properties sold for less than $5 million.

maui real estate insights

The real estate market in Maui during the first half of 2024 has seen a diverse group of buyers, both from the U.S. mainland and abroad, contributing to significant property sales. This blog breaks down the key insights from the Buyer Stats Maui Q2 2024 report.

1. Who’s Buying in Maui?

U.S. Buyers.- U.S. mainland buyers continue to dominate the Maui property market. The top states include:

Hawaii - 6045 sales, totaling $4.8 billion
California - 1000 sales, contributing $1.1 billion
Washington - 83 sales, accounting for $291.2 million
Texas - 84 sales with a value of $84.4 million

Foreign Buyers - Although the majority of buyers come from the U.S., foreign investors also play a role in the Maui property market. The top foreign buyers include:

Canada - 22 sales, bringing in $49.7 million
Japan - sale valued at $9.7 million
United Kingdom - 1 sale worth $242.5k

2. Market Segments

Property purchases span various price brackets, including:

- Less than $5M: The majority of sales fall into this category, accounting for most of the buyer activity.

- $5M - $20M: Significant sales fall within this range.

- Over $100M: There are select, ultra-high-end transactions in Maui

3. Top Regions in Maui for Sales

The Maui real estate market is split across several regions, with each area catering to different buyers:

- West Side: 175 sales, $163.7 million

- Central Maui: 108 sales, $122.3 million

- South Side: 121 sales, $143.5 million

4. Year-on-Year Comparison

Comparing data from the first half of 2024 to the same period in 2023:

- U.S. buyers have consistently contributed around 70% to total sales volume.

- While foreign investment in the Maui property market remains steady, it has seen slight fluctuations, especially from regions like Japan and Canada.

5. Investment Potential in Maui

Maui’s real estate market remains an attractive investment destination. High-end buyers, particularly from states like California and Washington, continue to dominate, driving up prices and competition, particularly in premium regions such as the West and South sides of Maui.

conclusion

In conclusion, Hawaii's real estate market in Q2 2024 reflects a dynamic landscape driven by both U.S. mainland and international buyers. Oahu continues to attract substantial investments, especially in the luxury sector, while Hawaii Island sees a mix of local and mainland buyers leaning towards more moderately priced properties. Kauai remains smaller but draws interest primarily from U.S. buyers and some foreign investors. Maui showcases a diverse buyer demographic, with significant activity across various price segments, highlighting its appeal as an investment destination. Ultimately, these trends reveal robust demand and varied investment opportunities across the Hawaiian islands.