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Honolulu real estate market overview
- Average Monthly Rent: $2,233
- Home Price/Value Percentage Change: -0.40%
- Median Home Value: $807,739
- Best Time To Sell a Home: November
- Affordability Index: Low
- Days To Sell a House: 78
- Job Market: Weak
- Public School Ranking: 41
Location and weather
Honolulu is not only the largest city in Hawaii, but it is the capital. Its international airport functions as the main point of entry for tourists, and its location makes it the perfect spot for a beach-side lifestyle. Notable attractions include the Pearl Harbor National Memorial and the Iolani Palace. Popular oceanside sites include the Makalu Lighthouse Trail, The Hanauma Bay Nature Preserve and the Diamond Head State Monument. History and art of the island can be found at The Pearl Harbor Aviation museum and the Honolulu Museum of Art.
Honolulu summers are hot and dry, while the winters are mild and humid. Overall, the weather is mainly windy and clear year-round. Summer temperatures are in the 80's, with lows in the mid-70's. The winter temperatures are in the high 70's, with lows in the 60's.
Population, job market and cost of living
Honolulu's population in 2023 is 355,077, with a growth rate of 0.39%.
The job growth has decreased by -10.54% over the last year and in ten years, is predicted to have increased by 31.05%. Major industries are accommodations, food services, health care, social assistance and retail trade. Some major companies to work for are Obayashi, University of Hawaii Foundation, Hawaii State Department of Education, Hawaii Pacific Health and Washington Middle School.
The cost of living is high, due to the real estate market and cost of available housing. With its exquisite Pacific Ocean location, international airport, beaches and many hiking trails, Honolulu maintains its reputation as a place to enjoy a Hawaiian island lifestyle, in an urban beach setting.
Honolulu real estate market details
- Kapahulu
- Hawaii Kai
- Waikiki
- Ala Moana Kakaako
- Kaimuki
The average monthly rent in Honolulu is $2,233 for an average apartment size of 592 sq. feet.
There has been an -0.4% decrease in median home value over the last year. As of 2023, the median home value is $807,739.
On average, homes in Honolulu sell after 78 days on the market.
The best time to sell a home for the highest valued sale is during August. For the quickest sale, homeowners should sell in May.
The affordability index in Honolulu is 169. This number indicates low affordability in this city.
The top ranked public schools are Momilani Elementary School, Hokulani Elementary School, Nuuanu Elementary School, Mililani Ike Elementary School and Noelani Elementary School. This information is based on data measuring academic performance and equity.