Million-Dollar Oahu Homes Shrinking

One million dollars buys 6.5 percent less space than in 2014

Million-dollar homes on Oahu are getting smaller: A million-dollar home on Oahu in 2014 had an average size of 2,549 square feet, compared to 2,381 square feet in 2019.

But how much bang buyers get for their million bucks really depends on where they look, as home size has been shrinking faster in some local markets than others.

Million-dollar homes have been shrinking the fastest in Hawaii Kai, where home size decreased by 20 percent over the past five years. In 2019, a million-dollar home in Hawaii Kai had an average of 2,031 square feet. Rising home costs in Hawaii Kai may be attributed to its well-regarded public schools, relative proximity to town and popularity among watersports enthusiasts.

Home size has remained the most stable in Mililani, where million-dollar homes shrunk by less than one percent between 2014 and 2019. A million-dollar home in Mililani in 2019 was 2,799 square feet—a size that’s remained relatively unchanged since 2006.

The largest million-dollar Oahu homes in 2019, by market area, are in Makakilo, at an average size of 3,141 square feet—comparable to million-dollar homes in Austin, Texas.

The smallest million-dollar Oahu homes in 2019 are on the North Shore, at an average size of 1,976—slightly larger than a million-dollar home in New York City.

According to a recent analysis by Zillow, nationwide, 2019 homebuyers can expect one million dollars to by 2,192 square feet—slightly smaller than a million-dollar Oahu home.