Hawaii Island Real Estate Market Update: July 2024 Market Overview
In July, single-family home sales rose from 160 in June to 181, a 16.7% increase from July of last year.
Most homes were sold in Puna, North Kona, and South Hilo. Condo sales also grew, from 33 in June to 51 in July, marking an 8.5% increase from last July. North Kona saw a significant rise in condo sales. Land sales went up from 136 in June to 156 in July, with 92 sales in Puna, reflecting a 1.9% increase compared to last year.
In July, single-family homes stayed on the market for an average of 62 days, slightly down from 64 days in June and close to 61 days last year. In North Kona, homes averaged 55 days on the market, compared to 53 days last year. Condo listings saw a significant decrease, staying on the market for 37 days, down from 50 days in June and 46 days last year. Land listings stayed on the market for 96 days, up from 70 days in June but down from 103 days last year.
In July, the median sales price for single-family homes on Hawaii Island decreased to $610,000 from $627,775 in June. In North Kona, the median sales price surged by 59.9% year-over-year to $1,548,000. The median sales price for condos rose to $725,000 from $552,000 in June, with South Kohala being the highest-priced market at $1,067,000. North Kona condos also saw an increase, with a median price of $735,000, up from both June’s $592,000 and last year’s $575,000. For land, the median sales price in July was $47,500, up from $40,000 in June and a 5.5% increase from last July’s $45,000.
Contact your REALTOR for more specific information regarding sales in certain neighborhoods or parts of Hawaii Island!