Quick Answer: In October 2024, the median price for single-family homes on the Big Island increased 1.7% year-over-year to $600,000, while condominium median prices decreased 3.5% to $545,000. Sales volumes declined compared to October 2023, reflecting continued market adjustments. However, demand for luxury properties along the Kona-Kohala Coast remains steady due to limited inventory and sustained interest in premier resort communities.
Key Takeaways: October 2024 Kona-Kohala Coast Real Estate Insights
- Single-Family Homes: Median price rose 1.7% to $600,000, despite a 14.9% drop in sales volume, indicating price stability even with fewer transactions.
- Condominiums: Median price declined 3.5% to $545,000, with sales volume down 23.3%, suggesting greater sensitivity to broader market conditions.
- Land Sales: Median land price increased 29% to $400,000, even as sales volume declined 18.8%, signaling strong interest in custom home development.
- Luxury Market Resilience: Premier resort communities such as Hualālai, Mauna Lani, and Mauna Kea continue to demonstrate stable demand.
- Interest Rate Impact: Higher interest rates are influencing overall transaction volume, particularly in non-luxury segments.
Understanding the October 2024 Market
October 2024 data reflects a market adjusting to current economic conditions. While overall sales activity declined, median pricing for single-family homes held firm and land values saw significant appreciation. In the luxury segment along the Kona-Kohala Coast, limited inventory continues to support property values.
Should You Buy a Luxury Condo Now or Wait?
Quick Answer: The broader condominium median declined slightly, but the luxury segment within premier resorts often behaves differently due to scarcity and consistent high-net-worth demand.
Although the island-wide median condominium price decreased to $545,000, resort communities such as Hualālai, Mauna Lani, Mauna Kea, and Waikoloa Beach Resort continue to experience selective, high-value transactions. These markets operate on limited supply and long-term ownership patterns. Significant price drops in these exclusive enclaves are uncommon because availability remains constrained.
Buyers considering prime resort properties should evaluate individual asset quality and location rather than relying solely on island-wide averages.
Impact of Current Interest Rates
Quick Answer: Interest rates are affecting transaction volume more than pricing in the luxury segment.
Year-over-year, single-family home sales declined 14.9% and condominium sales declined 23.3% in October 2024. Higher borrowing costs are influencing mid-range buyers more significantly than luxury purchasers, many of whom use cash or structured financing strategies. In the luxury tier, demand remains focused on lifestyle value, long-term investment positioning, and portfolio diversification.
Inventory and Scarcity in Luxury Resorts
Quick Answer: Inventory remains limited in premier Kona-Kohala Coast communities, which helps sustain pricing stability.
Even as sales volume softened, median single-family home pricing increased and land values rose substantially. Scarcity of high-quality properties in resorts such as Hualālai, Mauna Lani, and Mauna Kea continues to create a competitive environment for well-located homes and condominiums.
In October, Hualālai Resort recorded two home sales and one condominium sale. While these numbers are modest, they reflect ongoing demand within a highly exclusive market.
What Rising Land Prices Mean for Custom Home Builders
Quick Answer: The 29% increase in median land price to $400,000 highlights strong demand for custom build opportunities.
The significant rise in land values suggests buyers are prioritizing custom construction in desirable communities. Limited availability of premium lots in established resort areas contributes to this upward pressure on pricing. For buyers considering building in communities such as Hualālai Vistas or Mauna Lani, rising land values may reflect long-term appreciation potential.
The Bottom Line: October 2024 Market Perspective
October 2024 shows a market recalibrating in response to economic conditions. While overall transaction volume has decreased, median home prices remain stable and land values have increased significantly. In the luxury segment of the Kona-Kohala Coast, limited inventory and consistent demand continue to support pricing strength.
Buyers should focus on property-specific value and long-term positioning. Sellers should emphasize strategic pricing and presentation to attract a qualified pool of serious buyers.
Frequently Asked Questions
Is now a good time to sell a luxury vacation rental in Hualālai?
Luxury properties in Hualālai continue to attract interest due to limited inventory and strong lifestyle appeal. Well-maintained and strategically priced homes remain competitive in the current environment.
How does the Big Island luxury market compare to other Hawaiian islands?
The Big Island, particularly the Kona-Kohala Coast, offers larger land parcels, private resort communities, and a distinct luxury profile compared to denser markets such as Oahu or Maui.
What is the rental income outlook for Mauna Lani condominiums?
Mauna Lani condos remain desirable for vacation rentals due to resort amenities and location. Rental performance depends on property condition, management strategy, and seasonal demand.
How long does it take to sell a luxury home on the Kohala Coast?
Market time varies by resort, pricing strategy, and property uniqueness. Well-positioned luxury homes can sell efficiently even during periods of lower overall volume.
Will declining condominium sales volume affect Waikoloa Beach Resort property values?
While island-wide condo sales volume declined, property values in Waikoloa Beach Resort depend primarily on location, amenities, and rental performance. Micro-market conditions often differ from broader island trends.