November 2023 Big Island Market Update

Market UpdateWith a variety of unique markets to consider, this market update for the Big Island in November 2023 includes everything you need to know. For more information about a niche market or unique part of the island, contact us any time to learn more. We are happy to answer your questions. 

VOLUME SALES TOTALS ON THE BIG ISLAND IN NOVEMBER 2023

There was a subtle decrease in volume sales in November 2023 when compared to November 2022, including among single family homes, condos, and vacant land. The total volume sales decreased from $136,790,219 to $117,161,000 for single family homes, $27,133,999 to $21,852,899 for condos, and $29,889,706 to $12,318,895 for vacant land.

NEW SINGLE FAMILY HOME LISTINGS ON THE BIG ISLAND IN NOVEMBER 2023

In November 2023 there were 138 single family homes listed for sale. This is virtually the same when compared to November of last year, a 1% increase. As we look across the dynamic and unique markets spread across the island, this average can't represent the full picture, but does give some helpful context.

SINGLE FAMILY HOMES SOLD ON THE BIG ISLAND IN NOVEMBER 2023

There were 1,797 single family homes sold on the Big Island in November 2023, down 27% from November 2022. The market with the smallest decrease in sales was Ka'u.

MEDIAN SALES PRICE OF SINGLE FAMILY HOMES IN NOVEMBER 2023

The median sales price for single family homes on the Big Island in November 2023 was $500,000. This is identical to the same data point in November 2022. While North Hilo, Ka'u, and South Kohala all saw more dramatic changes in the median sales price, overall it remained consistent.

NEW CONDO LISTINGS ON THE BIG ISLAND IN NOVEMBER 2023

26 condos were listed for sale on the Big Island in November 2023, down 48% from November 2022.

CONDOS SOLD ON THE BIG ISLAND IN NOVEMBER 2023

There were 575 condos sold on the Big Island in November 2023. When compared to November 2022, there whereabouts 24% fewer condos sold. In South Kona and Ka'u, the opposite was true as the number of condos sold was dramatically higher this November than last.

MEDIAN SALES PRICE OF CONDOS ON THE BIG ISLAND IN NOVEMBER 2023

The median sales price of a Big Island condo in November 2023 is up about 2% compared to November 2022, from $570,000 to $580,000.

NEW VACANT LAND LISTINGS ON THE BIG ISLAND IN NOVEMBER 2023

There were 146 new vacant land listings on the Big Island in November 2023, a slight decrease from the 157 in November 2022. Keep in mind that vacant land is one of the most diverse categories of real estate with a dynamic market on the Big Island that all have their own statistics to consider.

VACANT LAND SOLD ON THE BIG ISLAND IN NOVEMBER 2023

There were 1,809 vacant land listings sold in November 2023, compared to 2,530 in November 2022. This is a nearly 29% decrease.

MEDIAN SALES PRICE OF VACANT LAND ON THE BIG ISLAND IN NOVEMBER 2023

In November 2023, the median sales price of vacant land decreased about 6%, from $45,000 to $42,000. Prices in this category range significantly because of the wide range of properties taken into consideration.

Understanding the real estate market on the Big Island takes a combination of the right information and the right team of professionals. With diverse markets and unique regions throughout the island, the numbers alone won't give you everything you need to know. Contact us any time with your questions or to understand Big Island real estate in real time. We are here to help you find your dream property in Hawaii.

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