Hawaii Housing Market Trends

Real-time market data powered by Zillow Research. Last updated: 2026-04-02

Hawaii's housing market operates largely independently from mainland trends, influenced more by tourism health, military spending, and international investment (particularly from Japan and Canada). Oahu's market remains the most active and expensive, while the Big Island offers relative affordability and has attracted mainland remote workers seeking island life without Honolulu prices. Maui's market has been affected by the 2023 wildfires and subsequent rebuilding, creating both challenges and opportunities depending on the area. New construction is extremely limited across all islands due to land scarcity and regulatory constraints.

By BuyAHomeIn Editorial | Updated 2026-03-02 | Sources: Zillow Research, U.S. Census

Is Now a Good Time to Buy in Hawaii?

The Hawaii housing market is showing balanced conditions.

home values have been essentially flat (-1.6%) over the past year. there are currently 1,741 homes on the market.

Median Home Value

$823,970

Zillow Home Value Index

Year-over-Year

-1.6%

Home value change

5-Year Change

+25.4%

Since 2021

Median Rent

$3,098/mo

Zillow Observed Rent Index

Active Listings

1,741

Homes for sale

Home Value Trends

5-year Zillow Home Value Index (ZHVI) for Hawaii vs. national average. ZHVI reflects the typical home value in the 35th-65th percentile range.

Rent Trends

Average rent in Hawaii: $3,098/mo (+1.6% YoY)

Rent vs. Buy Analysis

With a median home value of $823,970 and average rent of $3,098/mo, the price-to-rent ratio in Hawaii is 22.2. A ratio above 21 suggests renting may be more cost-effective.

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