Maui Real Estate Report | Locations (2024)

FAQs

Are home prices dropping in Maui? ›

MAUI MEDIAN PRICES UP COMPARED TO MARCH 2023

Maui median sale price movement is up in March 2024, with the home price up 15% to $1,385,000 and the condo price up 63% to $1,301,250 from last year.

Hawaii's Maui County, San Diego and San Francisco Ranked as Most Overvalued Housing Markets to Buy a Home. You'll pay more to buy a median-priced home versus renting in several California MSAs as well as in Hawaii, Washington, Colorado and Utah.”

Hawaii has expensive housing. A University of Hawaii report published Monday found regulatory costs account for more than half of the price of a new condominium in Hawaii, a place where high housing costs are fueling an exodus of local-born residents searching for cheaper places to live.

Located on Kahului Bay, Kahului is one of the most affordable places to live in Maui! Residents can find a variety of outdoor recreation spots here, like parks and the Maui Nui Botanical Gardens, that are ideal for hiking, swimming, and camping.

These elevated repair costs are directly reflected in your HOA fees, which must be adequate to cover the heightened repair expenditures. Several factors contribute to these elevated costs, including higher wages for labor involved in repairs and increased raw material costs due to shipping expenses.

Who owns Maui? After the State of Hawaii, who owns over 154,000 acres on Maui, Alexander & Baldwin is the second-largest landowner at over 65,000 acres, and the U.S. Government is the third-largest landowner at over 33,000 acres.

The forecasts in Maui are fairly accurate. If the forecast is for rain everyday it is most likely not the whole day. The wind facing side of the island will have rain almost everyday. While the down wind side may be bone dry.

Areas in West Maui that tourists should avoid include Lahaina, Napili, Kaanapali, and Kapalua, according to a press release from the Hawaii Tourism Authority.

Where do most locals live in Maui? ›

South Maui is certainly one of the most popular areas for locals and tourists given the abundance of beaches, accommodations, and housing. It's close enough to Kahului to provide easy access to shopping but doesn't have the feel of a city.

Kapalua is a resort town located on the west side of Maui. The town is known for its beautiful beaches, luxury resorts, and world-class golf courses. Kapalua has some of the most expensive properties on the island, with prices ranging from $2 million to $30 million.

$1,049,901. The average Maui County home value is $1,049,901, up 4.0% over the past year and goes to pending in around 19 days.

AOAO fees (aka maintenance or HOA fees) In Hawaii, every condominium development is required to have an AOAO (Association of Apartment Owners). The association is comprised of the condo owners who are responsible for running and maintaining the condominium complex.

In 2024, the median sale price will keep increasing marginally due to HI's tight inventory. Home Sales: As per January 2024 data, home sales increased by 12.2% YoY! In January 2024, 820 homes were sold, up from 731 in January 2023. Average Rent Prices: Rental costs vary statewide.

As Maui's population continues to grow, the previously undeveloped areas of the island that provided a refuge for the wildlife are decreasing in size as they are becoming more developed.

Hawaii Housing Market Conditions

The current real estate market conditions in Hawaii are becoming favorable for home buyers. Here's how: Lower Mortgage Rates: The interest rates for home loans have decreased to 7.02%, marking a decline from approximately 8% in the preceding year of 2023.

Maui was already struggling with a challenging housing situation. The median sales price for a home in June was $999,000, up nearly 55% from the same month in 2019, according to Redfin Corp. data. There are few homes for sale as well, with inventory just half of what it was four years earlier.