LIHU‘E — The median price of a single-family home jumped nearly 29 percent on the back of stronger sales in the first half of the year, in turn making Kaua‘i the most expensive housing market of the four major islands in Hawai‘i.
The median price for a home stood at $1,415,000 in the six-month period ended June 30, compared with $1,100,000 in the six-month period ended June 30, 2023.
That marked an increase of 28.64 percent in the period, according to monthly data pooled from multiple sources by Hawai‘i Realtors in Honolulu.
The price increase was notched on the back of more activity in the market with a total of 180 single-family homes exchanging hands in the six-month period ended June 30, compared with 155 in the six-month period ended June 30, 2023.
That marked a gain of 16.13 percent in the period. The percentage gains for price and sales were easily the highest of the four major islands in the first half of the year.
The condominium market on Kaua‘i was a mixed bag, as sales slipped 5.52 percent to 154 in the six-month period ended June 30, compared with 163 in the six-month period ended June 30, 2023. However, the median price was up 16.06 percent to $795,000 from $685,000 in the same period.
All four island housing markets posted increases in single-family home sales and median price in the six-month period ended June 30.
• The median price of a single-family home on Maui bounced 13.04 percent to $1,300,000 in the six-month period ended June 30 from $1,150,000 in the six-month period ended June 30, 2023. At the same time, sales rose 5.73 percent to 406 from 384.
The condo market recorded a 7.08 increase in its median price to $899,500 from $840,000, while sales dipped 4.06 percent to 496 from 517.
• The median price of a single-family home on Hawai‘i Island was up 7.00 percent to $535,000 in the six-month period ended June 30, compared with $500,000 in the six-month period ended June 30, 2023. Sales inched up 1.01 percent to 1,004 from 994 in the same period.
The condo market posted a 16.74 increase in its median price to $680,000 from $582,500, while sales retreated 7.27 percent to 319 from 344.
• The median price of a single-family home on O‘ahu was up 3.33 percent to $1,085,000 in the six-month period ended June 30, compared with $1,050,00 in the six-month period ended June 30, 2023. Sales were up 6.66 percent to 1,362 from 1,277.
The condo market inked a 2.00 percent gain in its median price to $510,000 from $500,000, while sales fell 5.82 percent to 2,234 from 2,372.
