Top Real Estate Agents in Hawaii

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2023 Hawaii Housing Market Summary

Hawaii started 2023 with a total of 1,545 single-family homes on the market, with a median home price of $1,100,000 and an average price per square foot of $825. By the end of the year, inventory had increased to 1,619 homes on the market (+4%), with a median home price of $1,150,000 (+4%) and an average price per square foot of $848 (+2%).

At the start of 2023, the median days on market (DOM) was 77 days – by the end of the year, median DOM had increased to 84 days.

Hawaii started the year with 31% of homes taking a price cut (for reference, 35% is the national average for price reductions in a ‘normal’ year.) By the end of the year, about 28% of Hawaii homes for sale had taken a price cut.

Finally, Altos’ proprietary Market Action Index (MAI) shows that Hawaii started 2023 as a balanced buyer and seller’s market, with an MAI score of 33; by the end of the year, the MAI had dropped to 30 – a balanced buyer and seller’s market.

This market summary is powered by Altos Research – click here to run a free report for your area.

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