Aloha Dear Friends,
As we move into 2023, the real estate market in Hawaii is expected to continue its steady growth, driven by a combination of factors such as the state’s natural beauty, strong economy, and thriving tourism industry. While the overall market conditions are expected to remain favorable for buyers and sellers, there are several key trends that are likely to shape the Hawaii real estate market in the year to come.
1. Increase in Remote Work Driven Demand
As more and more companies adopt remote-work policies, we’re likely to see an increase in demand for properties in Hawaii, particularly from mainland buyers who are looking to take advantage of the state’s relaxed lifestyle and beautiful natural surroundings. Many of these buyers are likely to be looking for single-family homes or condos in desirable locations such as Waikiki, Kailua-Kona, or Kapalua.
2. Growth in Second-Home Market
Many buyers are likely to continue to invest in second homes as a way to diversify their portfolios and enjoy a lifestyle upgrade in Hawaii. This trend will be driven by mainland buyers as well as local residents looking to upgrade their living situation.
3. Higher Interest in Eco-Friendly Properties
As concerns about the environment continue to grow, we are likely to see a growing interest in properties that are designed and built with eco-friendly features such as solar power, rainwater harvesting, and green roofs.
4. Rising Prices in the Luxury Market
The luxury real estate market in Hawaii has been on an upward trend in recent years and is expected to continue to do so in 2023. This is due to the high demand from wealthy buyers looking for high-end properties that offer a luxurious lifestyle, as well as Hawaii’s natural beauty and exclusivity of the location.
5. Growing Opportunities for Affordable Housing
Hawaii has a serious shortage of affordable housing which is likely to become more pressing as the state’s population continues to grow. To address this issue, the state government, private developers, and non-profits are likely to focus more on building and preserving affordable housing units. In 2023, we may see a renewed focus on this sector and an increase in the number of affordable housing projects.
Overall, the Hawaii real estate market is expected to remain healthy and active in 2023, with steady growth and plenty of opportunities for buyers and sellers.
It is important to note that this is a high-level overview and trends may vary depending on the specific region of Hawaii. Contact me today and learn more about the trends and growth in specific areas in Hawaii before making any buying or selling decisions.
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Wishing you a warm Aloha,
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