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Home Values Declining in Hawaii Amid Coronavirus Crisis
See how the housing market is doing in the Aloha State during COVID-19.
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
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.
