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Honolulu Real Estate Market
HONOLULU Real Estate Market
The real estate market in Honolulu, Hawaii has been consistently strong, with a high demand for both residential and commercial properties. The city's growing economy and tourism industry, as well as its desirable location and year-round warm climate, have contributed to this demand.
In terms of residential properties, the median sales price for a single-family home in Honolulu was $1,110,000 in 2020, an increase of 7.3% from the previous year. The median sales price for a condominium was $485,000, an increase of 5.5% from the previous year. The number of sales also increased, with single-family home sales up by 5.5% and condominium sales up by 5.2%.
The strong demand for residential properties has also led to a decrease in inventory, with the number of single-family homes for sale down by 11.5% and the number of condominiums for sale down by 14.3%. This has resulted in a competitive market, with homes selling quickly and often above the asking price.
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In terms of commercial properties, the market in Honolulu is also strong, with a high demand for office and retail space. The vacancy rate for office space was 5.3% in 2020, and the average rent for Class A office space was $4.55 per square foot. The vacancy rate for retail space was 4.4%, and the average rent for retail space was $4.62 per square foot.
Overall, the real estate market in Honolulu is currently strong, with high demand for both residential and commercial properties. The city's growing economy and tourism industry, as well as its desirable location and year-round warm climate, are driving the market. However, with a decrease in inventory and a competitive market, it can be challenging for buyers to find properties.
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The HOME LUXE Peter Nicado Group Advantage
Home Luxe Peter Nicado Group gives you access to the most up-to-the-minute real estate information in Honolulu. As a licensed brokerage in Hawaii (and across the United States), Home luxe Peter Nicado Group realty has access to the latest real estate data including Honolulu single-family homes, Honolulu condos/townhouses, Honolulu open houses, Honolulu new listings, recently bought homes, market trends, Honolulu homes with a pool and more in Hawaii and beyond.
Also, you can search by a popular search like Townhouses for Sale near Me Not seeing what you're looking for? Expand your real estate search to other areas, such as Kailua and Pearl City .
When you're ready to buy, Home Luxe Peter Nicado Group Realty will connect you directly to a licensed local real estate agent who can guide you on your journey to buying your dream home.
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Peter Nicado is a pioneer, innovator, and influencer in the world of real estate.
He is a real estate broker with more than 20 years of experience who has built his reputation by providing a superior level of professional service and support to his Realtors.
Today, Peter is the CEO and principal broker of HOME LUXE Peter Nicado Group Realty in Honolulu. Peter Nicado is also an #1 International bestselling author, an internationally sought-after speaker, and a popular TV host/producer of the LEVEL-UP TV program, which encourages people to Be more, Do more, and Have more in their career and life!
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