This 2024 real estate market report covers North Kohala land sales from Niuliʻi to Kaiholena, meaning from east of Kapaau to west of Hawi and down the coast a bit but not including the lower North Kohala gated communities like Kohala Ranch.
Previously I wrote that whereas the Kohala residential real estate market frenzy began in 2020, the rush did not spill over into vacant land until 2021, as buyers who could not find a suitable home for sale switched to the idea of buying land to build. My prediction was that the market would be constrained by lack of inventory (supply of lots for sale) in 2023, much as what we saw to be the case in the 2023 North Kohala (Hawi and Kapaʻau) residential market. That was true in 2023, but the vacant land market regained strength in 2024.

This 437-acre agricultural property including three oceanfront parcels is the prime vacant land listing in North Kohala MLS 716717
North Kohala Vacant Land Sales Pick Up in 2024
There were 19 reported sales of vacant land in Kohala in 2024, compared with 12 reported sales in 2023. Seven sales were smaller residential lots, some of them will limited utilities, or with older structures that would need to be demolished. A 10,000 sq ft lot in the newer Halaula Village subdivision currently sells for $350,000, up from $230,000 two years ago.
Small acreage lots sell for prices similar to smaller residential-zoned lots. Two ten-acre lots in Puakea Bay Ranch and a Maliu Ridge lot of 2.78 acres were sold in the mid-$400,000s.
North Kohala Conservation Property and Large Agricultural Acreage Change Hands in 2024
Two large acreage transactions represented the upper end of the price range. They offer good news for keeping the historic and rural character of the region intact.
- The 42-acre “Mule Station” parcel in Niuli’i was purchased by a philanthropist for $3,850,000 to protect it from development. The new owner is working with the State, Townscape consultants, and the Protect Polulū non-profit on a scenario for better management of visitor access to Pololū Valley. Hawai’i Life is pleased to have assisted with this outcome, a perfect example of our Conservation and Legacy Lands specialized practice area.
- Three large parcels with a total of 1,325 acres along Kohala Mountain Road and adjacent to Maliu Ridge were sold for a total of $14 million. The new owner has other ranching, dairy and farming businesses and plans to continue and expand agricultural activity on the property.
Vacant Land Inventory

Puakea Bay Ranch subdivision has several vacant 10-acre lots for sale with whale-watching and sunset views. This is the owners’ oceanfront park.
Currently there are twenty vacant land parcels offered for sale in Kohala. They range from a half-acre wooded lot in Niuli’i listed for $319,000 to one of the last remaining large oceanfront agricultural acreages asking $24,650,000 for 437 acres spread across 1o separate parcels.
Residential building sites of 10,000 sq ft are listed for $365,000. Lots of 10 acres in the gated Puakea Bay Ranch community average $440,000 list price.
Two direct oceanfront parcels of approximately 20 acres each are listed at the Ranch at Puakea for just under $4 million each. With an ocean view home in escrow in that exclusive subdivision listed for $5,950,000, we may see confirmation of value for these remaining rare oceanfront opportunities.
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