Living in Hawaii is a dream for many. Honolulu, HI is one of the more populated areas on any island, and for good reason. The Aloha spirit of the city is just as vibrant as its beaches and sceneries. In the same vein, this bustling city is not just a place of beauty but of opportunities as well. Let's take a closer look at Honolulu's real estate market.
Quick Facts:
- Honolulu county's population is counting 974,563.
- The cost of living is 4% higher than Hawaii's average.
- The median home price ranges from $605,000 to $785,722.
- Usually, the days in the market are 33-56 days. It depends on how competitive the market is.
- The real estate prices in Honolulu are 12% higher than the rest of Hawaii.
Honolulu, HI, in a Nutshell
"Whatever is on your Hawaii wish list, Honolulu likely has a solution for you." - dwellhawaii.com
From outdoor activities to professional jobs, Honolulu, HI, got it covered for its residents. Thus, aside from the island amenities, the city has:
- Healthcare options
- Excellent school systems
- Life convenience
Its economy is doing well so far. In fact, the median household income is about $85,857. Even though the city was greatly affected by the pandemic, they are already bouncing back in tourism. Below are the best neighborhoods in town:
- Kāhala
- Kakaako
- Kaimukī
- Waikiki
Weather
The weather in Honolulu is excellent all year round. During February, the coldest weather happens to be 65 degrees on average. Meanwhile, the warmest weather in the city is during August, with 89 degrees on average. In short, the temperature in the town is ideal for everyone.
Public Schools
While Hawaii may send an image of pure enjoyment to people, the city has an excellent school system. Below are some of the best public schools in the area:
- King Liholiho Elementary School
- Moanalua Elementary School
- Kaimuki Middle School
- Kalani High School
Plus, public transportation is aplenty in Honolulu. As a result, most people will enjoy life outside without having trouble in their transit, which is always a perk.
Real Estate Condition in Honolulu, HI
One thing that's sure about Honolulu, its real estate is very diverse! There is a perfect symphony of various lifestyles—for example, beach living, luxury homes, waterfront places, and new condominiums.
Real estate is now increasing steadily. 2021 became a significant year for real estate investors.
Real Estate Trend
Experts suggest it's the best time for buyers to find houses in the city because the mortgage rates are low. However, most homeowners don't want to find buyers. Instead, they search for tenants who can help them pay bills and still have their homes on the island.
What does the site Fortune Builders has to say? Continue below:
1. Interest rates and mortgage rates will continue to be historically low.
2. The rental demand will increase due to high home prices.
Real Estate Market 2021
Since the pandemic happened, the in-demand sector of real estate today is rental properties. Therefore, many investors look for quick and short money return.
On average, the median rent is $2,197. Moreover, experts confirm that rental properties are the most attractive option at this point.
On the other hand, the housing market in Honolulu, HI, is exceptionally high. In fact, Area Vibes said that the real estate prices in the city are 12% higher than the rest of Hawaii. The median home price is $785, 722 which is three times higher than the national average.
That is to say, the home prices appreciate by 9.2% over the year. Hence, the sale-to-list price is over 99.7%. While the real estate market in Honolulu, HI, has been disrupted by the pandemic, this August 2021, Redfin sees a +5.2% growth year-over-year. That is a good indicator that the market is slowly going back to normal.
Final Thoughts
The city is rich in natural wonders that make people fall in love with the city. In terms of real estate, homeowners, buyers, and agents should expect a positive bounce in its market. This is because Honolulu, HI, is making its way to a hot market.
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