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.

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.

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.

About the Author

Doug Whiteman

Doug Whiteman

Editor-in-Chief

Doug Whiteman is the editor-in-chief of MoneyWise. He has been quoted by The Wall Street Journal, USA Today and CNBC.com and has been interviewed on Fox Business, CBS Radio and the syndicated TV show "First Business."