Hawai‘i Real Estate Market Update: What We’re Seeing Across the Islands

March brought some of the most interesting data we've seen across the Hawaiian Islands in a while. On O'ahu, single-family home sales surged while the condo market showed signs of cooling. On the Big Island, overall sales activity dipped but total sales volume actually climbed, a signal that higher-priced homes are still moving. Maui surprised with a strong jump in closed sales across both segments, even as prices softened from last year's highs. And Kauaʻi posted the sharpest sales decline of the group, though residential pricing held impressively firm.

Across the islands, the theme is clear: we're in a market where what you're buying and where you're buying matters a lot. Let's break it down.

O'ahu Real Estate Market: Single-Family Demand Surges While Condos Stay Soft

March 2026 on O'ahu told two very different stories depending on what type of property you're watching.

Single-family home closed sales jumped 26.2% year over year, rising from 206 to 260 transactions — one of the strongest monthly showings in recent memory. Year-to-date, single-family sales are up 10.9% compared to the same period last year. The median single-family home price rose 3.4% to $1,199,500, showing that demand is still moving prices in a positive direction.

The condo market moved in the opposite direction. Closed condo sales declined 4.9% from 369 to 351 transactions. Year to date, condos are down 3.6%. The median condo price still nudged up 2.0% to $510,000, but the broader signals point to a market where buyers have more options and more time.

Inventory and Days on Market on O‘ahu

Single-family active inventory is actually down 10.6% year over year, sitting at just 691 homes. That's a lean number. With only 2.8 months of supply, the single-family market still favors sellers in most price ranges.

Condo inventory is essentially flat year over year at 2,294 units, with 6.3 months of supply, sitting right at the line between balanced and buyer-favorable territory.

Homes are taking a little longer to sell in both segments. Single-family median days on market rose from 15 to 21 days. Condos went from 40 to 43 days. That's still relatively fast, but it's worth noting for sellers who expect lightning-quick offers.

New listings fell in both categories — single-family new listings dropped 13.5% and condo new listings declined 15.5%. Fewer homes coming to market while sales stay solid is a recipe for continued price support, especially on the single-family side.

What This Means for Buyers on O‘ahu

Single-family buyers are still competing. With 2.8 months of supply and 26% of homes closing above asking price, you can't afford to come in low and hope for the best. That said, sellers are receiving a median of 98.6% of list price, which means there's still some room — just not much.

Condo buyers are in a better position. With more inventory, longer days on market, and only 14% of condos closing above asking (up from 11%, but still modest), there's real room to negotiate. The $300,000–$599,999 range continues to dominate condo activity, accounting for nearly 50% of all sales.

What This Means for Sellers on O‘ahu

Single-family sellers can feel confident, especially in the $900,000–$1.5 million range, which drove the bulk of March sales. Fewer new listings mean less competition, and buyers are still active.

Condo sellers need to be sharp. Inventory is elevated, buyers are taking their time, and pricing has to be right from day one. A well-presented, fairly priced condo can still move. An overpriced one will sit.

O‘ahu Takeaway

The single-family market is outperforming. Low inventory, rising prices, and surging closed sales tell a compelling story for sellers and a competitive one for buyers. The condo market is more balanced, buyers have options, and sellers need to earn the offer.

Big Island Real Estate Market: Fewer Sales, But Prices Hold and Volume Rises

The Big Island's March 2026 numbers show a market going through a real recalibration — one where fewer transactions are happening, but prices haven't fallen off a cliff.

Total sales for March dropped 12.75% year over year, from 408 to 356 transactions. Year to date, the decline is steeper — down 15.21% from 1,111 to 942 sales. Vacant land took the biggest hit, with residential land sales down 22.4% for the month and 26.5% year to date.

On the flip side, total sales volume for March actually increased 5.26% — rising from $333.4 million to $350.9 million. That tells us something important: fewer deals are happening, but the deals that are closing are larger.

Where the Numbers Tell the Clearest Story

Residential median price across the island held at $622,000, down just 1.27% from $630,000. Year to date, the residential median is effectively flat at $599,000.

Condo median price was a standout — jumping 25.4% to $777,500, driven largely by strength in the South Kohala resort corridor (Waikoloa/Mauna Kea area), where the March median came in at $1,540,000.

By district, the data shows a tale of two markets:

• Puna residential median: $366,000 — down 4.3%, entry-level demand cooling slightly.

• North Kona residential median: $1,250,000 — down 18% from $1,525,000, a meaningful shift in one of the island's most active markets.

• South Kohala residential median: $1,435,000 — up 11.4%, showing luxury demand remains present.

• Hamakua residential median: $640,000 — up from $694,000 in the prior year, showing relative stability in that rural corridor.

What This Means for Buyers on the Big Island

This is a window of opportunity, particularly in North Kona and Puna. With fewer buyers competing and more properties sitting longer, there's negotiating room that didn't exist a year or two ago. Vacant land buyers may find even more flexibility, with land sales volume down significantly.

The luxury and resort markets (South Kohala, North Kohala) are still supported by high-end buyers who aren't as rate-sensitive, so those areas remain more competitive.

What This Means for Sellers on the Big Island

Sellers need to price with today's data, not yesterday's enthusiasm. North Kona especially saw a meaningful price correction, and buyers are aware of it. Homes that are priced well, show clean, and are marketed properly are still moving. Overpriced listings are getting left behind.

Big Island Takeaway

The Big Island is normalizing. Sales are down, but prices haven't collapsed — and total dollar volume is actually higher than a year ago. This is a market driven by fewer but larger transactions. For buyers, it's a meaningful improvement from the pandemic-era frenzy. For sellers, strategic pricing is non-negotiable.

Maui Real Estate Market: Sales Rebounding, But Prices Pulled Back

Maui's March 2026 data offered a welcome surprise: closed sales are up significantly across both single-family homes and condos. But pricing has softened compared to last year, and days on market remain long. It's a market that's moving more, but on buyers' terms.

Single-Family Homes on Maui

Single-family closed sales surged 57.1% year over year, jumping from 49 to 77 transactions — a big number for Maui. Year to date, single-family sales are up 12.8%.

But pricing came down. The single-family median landed at $1,200,000, down 7.3% from $1,295,000 a year ago. Days on market ticked up slightly from 125 to 131 days. Pending sales dipped 8.1% to 57, while new listings dropped 23.9%. Inventory stayed close to flat at 438 homes, with 7.6 months of supply — a buyer-friendly but not extreme level.

Sellers received a median of 95.6% of their original list price, down slightly from 96.0%.

Maui Condos: Sales Up, Prices Down

Maui condo activity showed similar momentum. Closed sales rose 21.3% from 61 to 74 transactions. Year to date, condo sales are up 9.6%.

However, condo pricing fell sharply. The median came in at $675,000, down 17.7% from $820,000 a year ago. Condo inventory increased 6.4% to 918 homes, and months of supply held at 15.0 — a high number that signals significant buyer leverage in that segment. Pending condo sales dipped just 3.1% to 63.

Sellers received a median of 93.9% of original list price, down from 96.2%.

Kihei was the standout condo market with 28 closings, while Wailea/Makena led in dollar volume at a median of $1,900,000.

What This Means for Buyers on Maui

Maui buyers are in one of the better positions they've had in years. Lower prices, elevated inventory — especially in condos — and longer market times mean more room to negotiate. If you've been watching Maui and waiting, this data gives you real reasons to start having conversations.

What This Means for Sellers on Maui

The volume of closed sales is genuinely encouraging. Buyers are out there. But they are not overpaying. With 15 months of condo supply and a median list-to-sale ratio below 94%, sellers need to price with discipline and present their properties well to earn competitive offers.

Lahaina saw a strong uptick in closings with 7 single-family sales (up from 3), suggesting that area continues its post-fire recovery momentum.

Maui Takeaway

More transactions are happening than the recent sluggishness might suggest. But prices have adjusted. Sellers who accept that reality and price accordingly are finding buyers. Those who don't are sitting. For buyers, Maui hasn't looked this accessible in a while — especially in the condo market.

Kaua'i Real Estate Market: Fewer Transactions, But Residential Pricing Holds Strong

Kaua'i posted the sharpest activity decline of any island in March, but buried inside the numbers is a story of pricing strength that tells a different story about where this market really is.

Total sales dropped 37.18% year over year — from 78 to just 49 transactions in March. Year to date, the decline is 30.19%, falling from 212 to 148 sales. Total sales volume also fell 41.52% for March, and 28.24% year to date.

That sounds alarming. But here's what's underneath it.

Residential Pricing on Kauaʻi Is Holding and Then Some

The island-wide residential median price jumped 33.62% year over year — from $1,160,000 to $1,550,000 in March. Year to date, the residential median rose 15.67% to $1,388,000. That's a dramatic move, and it reflects a market where fewer but more premium transactions are driving the numbers.

By district:

• Koloa (South Shore/Poipu area): residential median surged to $1,967,500, up 131% year over year — driven by high-end South Shore closings.

• Hanalei (North Shore): residential median rose to $2,841,000, up 14% — the luxury North Shore market continues to transact at elite levels.

• Kawaihau (Kapa'a corridor): median came in at $905,000, down 9.4%, showing relative stability in the mid-market.

• Waimea (West Side): median was $795,000, essentially flat.

Condo and Land Activity Slowed

Condo sales dropped 26.9%, and the condo median fell 30.86% to $700,000. Land sales were cut in half. These segments are clearly feeling the pressure of rate sensitivity and thinner buyer pools.

The Koloa condo median came in at $662,500, while Lihue condos saw an uptick with a $690,000 median.

What This Means for Buyers on Kaua‘i

Condo and land buyers have meaningful leverage right now. Inventory has increased in those segments, sellers are under pressure, and the data backs up that negotiating room exists. Residential buyers looking in the mid-market (Kawaihau, Waimea) may find the most accessible pricing.

High-end buyers eyeing South Shore or North Shore should know that this market still commands premium prices. The lack of desperate sellers at the top of the market is a defining feature of Kauaʻi.

What This Means for Sellers on Kaua‘i

If you own a well-positioned single-family home on Kauaʻi, the pricing strength is on your side. The buyers in this market tend to be cash-heavy and lifestyle-driven. But volume is thin, which means patience and realistic pricing are essential.

Condo sellers face a harder road. Pricing needs to reflect today's market, not last year's highs.

Kaua‘i Takeaway

Fewer transactions, but the ones happening are at elevated prices — particularly in residential. Kauaʻi is a market that runs on its own rules. It's not for the impatient seller, but for the right home in the right location, the buyers are still there.

Final Thoughts from Team Alaka'i

March 2026 gave us a lot to work with across the islands. The clearest message? Each market and each property type is telling its own story. Broad assumptions about "the Hawaii market" don't hold. What's true in O'ahu single-family isn't true in Maui condos. What's happening in North Kona differs from South Kohala.

That's exactly why having local expertise matters. We work across O'ahu and the Big Island, and we stay current on every island's data so we can give our clients honest, accurate context, not guesswork.

Whether you're buying, selling, or just trying to make sense of what the numbers mean for your situation, we're here.

For families making long-term moves, this can be a healthier environment to buy or sell.

If you’re thinking about making a move in Hawai‘i and want help understanding what these trends mean for your specific island, neighborhood, or price point, Team Alaka‘i is here to help.