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Anne Cicero
Locations
anne.cicero@locationshawaii.com
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In Uncertain Economic Times, Oahu Homeowners Secure in Home Values
Oahu single-family home median values rose by 14.75% since 2014
HONOLULU (March 19, 2020) – Locations’ research reports that Oahu single-family home median values increased in 13 out of 15 market areas between 2014 and 2019.
“Amidst the uncertainty in the national and international stock markets during the COVID-19 global pandemic, Oahu homeowners can take comfort in knowing long-term homeownership in Hawaii builds wealth,” said President and CEO of Locations Jason Lazzerini.
Islandwide, single-family home median values rose by 14.75 percent between 2014 and 2019, from $673,500 to $790,000. Thirteen of 15 single-family home market areas saw gains in median home values in the same five-year period. The greatest percentage gain was in the Leeward market, which saw single-family home median values increase by 32 percent since 2014, from $380,000 to $500,000.
By dollar amount, the North Shore market saw the greatest gains, with median home values rising by $177,500 since 2014. Two Oahu single-family home markets saw a decrease in median home values since 2014: East Oahu, where median home values decreased by three percent, or $35,000, and Waialae-Kahala, where home values decreased by six percent or $100,000. Median home values remain the highest on the island in Waialae-Kahala at $1.7M.
| Market Area | 2019 Median | 2014 Median | Percent Change |
|---|---|---|---|
| Oahu Homes | $790,000 | $673,500 | 17.3% |
| West Honolulu | $800,000 | $664,500 | 4.4% |
| Nuuanu-Makiki | $952,500 | $912,500 | 20.4% |
| Manoa | $1,194,000 | $1,055,000 | 16.8% |
| Kaimuki | $1,022,000 | $874,750 | 20.4% |
| Waialae-Kahala | $1,700,000 | $1,800,000 | -5.6% |
| East Oahu | $1,165,000 | $1,200,000 | -2.9% |
| Hawaii Kai | $1,090,000 | $977,500 | 11.5% |
| Kailua | $1,100,000 | $957,000 | 14.9% |
| Kaneohe | $899,000 | $735,000 | 22.3% |
| North Shore | $930,000 | $752,500 | 23.6% |
| Leeward | $500,000 | $380,000 | 31.6% |
| Ewa | $683,000 | $542,500 | 25.9% |
| Makakilo | $717,500 | $600,000 | 19.6% |
| Mililani | $782,500 | $675,000 | 15.9% |
| Pearl City-Aiea | $780,000 | $640,000 | 21.9% |
“Homeownership remains a proven means to building long-term wealth, especially here in Hawaii, where our limited housing supply and strong local, national and international demand ensures that our home values will continue to rise consistently over time, despite periodic global economic fluctuations,” Lazzerini said, pointing to the relatively small dip in the Hawaii real estate market during the Great Recession of 2008-2009, compared to the majority of U.S. markets. “The stock market will always have inherent risks, which is why it’s important to have a balanced wealth portfolio that includes an investment in real property. Even when home values dip, they always come back stronger—building wealth and providing their owners with a stable, predictable payment for the long haul,” Lazzerini added.
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About Locations As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. Today, Locations has over 400 agents across the state with five offices on Oahu, one on Maui and four on the Big Island (Clark Realty). Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours. Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.
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