Current home values in Hawaii

Home values have been declining throughout Hawaii and are down -12.3% from a year ago.

Statewide, the median value for a single-family home — meaning half are worth more, half are worth less — is currently $1,331,745, Realtor says.

Real estate agents say would-be homebuyers in some parts of the country are starting to overcome the obstacles caused by COVID-19 and are going virtual house hunting to take advantage of today's bargain mortgage rates and the low monthly house payments they provide.

Here's how that works in Hawaii: Let's say you want to buy a mid-priced home using a 30-year fixed-rate mortgage at the current average interest, which is a low 3.33%, according to mortgage company Freddie Mac.

A 30-year mortgage for a $1,331,745 home at 3.33% would give a typical Hawaii homebuyer a monthly payment of $4,684, assuming a 20% down payment.

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How the Hawaii housing market stacks up

Family wearing sunglasses and having fun at the beach
Tom Wang / Shutterstock
Families in Hawaii can enjoy a quick trip to the beach, then head back home

The state's median home value is higher than the U.S. median of $248,948, which is up 5.1% from a year ago.

While the coronavirus is expected to continue hanging over the U.S. economy like a dark cloud, Zillow forecasts that U.S. home values will rise 5.1% over the next year, while in Hawaii, they're predicted to rise 3.7%.

Homes right now are going on the market in Hawaii at a median price of $528 per square foot, versus $134 per square foot nationwide.

Are you looking to buy? Take a look at today's best mortgage rates where you live.

Hawaii home prices over the last 10 years

Year Avg. Price
2020* $642,839
2019 $733,125
2018 $723,717
2017 $687,908
2016 $652,383
2015 $614,058
2014 $583,592
2013 $541,167
2012 $502,158
2011 $491,642
2010 $505,392
2009 $514,550

*2020 price average through March 31, 2020.

Compare current mortgage rates from top national lenders. Get the best rate for your purchase or mortgage refinance.

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How much for an average-sized home?

Here's what a 2,500-square-foot home in Hawaii is worth now, and how that's changed over the last decade, based on the Zillow Home Value Index.

Year Avg. Price
2020* $1,319,600
2019 $1,252,500
2018 $1,260,000
2017 $1,200,000
2016 $1,147,500
2015 $1,067,500
2014 $1,020,000
2013 $957,500
2012 $885,000
2011 $870,000
2010 $895,000
2009 $880,000

*2020 price average through March 31, 2020.

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