Post Wildfire Real Estate Market Sales & Insights | Lahaina Town Market Moving

The 2023 Lahaina Wildfires left a lasting mark on West Maui, forever changing the fabric of our community—and the real estate landscape. Rebuilding has been slow and uneven. On the hillside, on the mountain side of Honoapiilani Highway, we’ve begun to see signs of life returning as new homes rise. Yet, in the heart of downtown Lahaina, progress is much slower, with only a few homes having started construction at the time of this writing.

From a real estate perspective, every home, lot, and neighborhood has been affected. While many statements and promises have been made about recovery, the reality is that rebuilding takes time—and patience. Even so, the Lahaina (and specifically Lahaina town) real estate market is showing resilience. Buyers are beginning to return, and the long term interest and faith in West Maui’s real estate market is coming back., Both residential and land listings are coming back onto the market.

For those of us who have lived the Lahaina life for decades, the story of this town is deeply personal and the future is yet to be told. I’ve seen it before the fire, and I live it now, post-fire. Despite the challenges and heartbreak, it remains an incredible privilege to call this place home.

To help separate the chaos, and fact from fiction, for those that live in West Maui and for those that do not, I’ve compiled an updated look at recent home and land sales, including MLS-listed properties and verified off-market transactions, to give you an insightful narrative of the current market in Lahaina Town specifically and exclusively affected by the 2023 Lahaina Wildfires.

Land Sales Overview

Over the past 12 months, interest in land in Lahaina remains strong. However, the underlying story is the shadow market or off-market activity that is dominating land transactions.

Here’s a quick snapshot of activity since August of 2023:

• 25 total land lot sales. Of those sales 15 (60%) were off-market sales.
• Lahainaluna: Smaller parcels are moving quickly, with lots ranging from $400,000 to $2.5 million. Larger lots, especially with developable zoning are commanding top-dollar, like Lot 3 on 300 Lahainaluna Road, a 2.5-acre ag parcel sold for $2.5 million.
• South Lahaina: Highly sought after, these parcels are trading in the $600,000s range and have moved quickly.
• Wahikuli: Prime lots along Ainakea and Komohana Roads are attracting attention, with prices from $380,000 to $750,000.
• Wainee Agricultural: More affordable lots, priced between $275,000 and $600,000, are drawing buyers interested in larger, undeveloped parcels. Some of these parcels do not have water meters or utilities to the site.

While it may appear that land listings were abundant, 11 of these sales were off market and entered into the MLS for statistical purposes only.

The trend is murky as so many off market sales have dominated the landscape, but location, lot size and view drive value, with buyers and current owners focused on maximizing rebuild potential.

Residential Sales: Homes Are Holding Their Value

Homes in Lahaina are seeing solid activity, particularly those that survived the fires or are located in highly desirable areas:

• Lahainaluna: Homes range from $855,750 to $1.7 million, with larger Mountain/Ocean view properties commanding strong interest. A standout sale includes 912 N Niheu Pl, a 7-bedroom, 4-bath home sold for $1.695 million. Prior to 8/8/2023 no home had ever sold in the Lahainaluna area for more than $1.3M.
• Baby Beach: Smaller homes in this coveted area can command significant premiums, like a 3-bedroom, 1.5-bath home sold for $1.85 million, reflecting the scarcity of oceanfront property.
• Wahikuli: Homes with ohana units or rental potential are increasingly attractive, selling in the $1.3–$1.7 million range. Properties that offer additional rental income continue to draw buyers.

The common thread across those neighborhoods? Views, proximity to the beach, and lot potential. The neighborhoods being described are those that satisfy these criteria, often categorized by the ability to build and expand, or “go vertical,” in the near future.

Key Takeaways for Buyers and Sellers

1. Resilient Market: Despite wildfire devastation, Lahaina is attracting buyers—whether it’s for move-in ready property, investment in rebuilding, or long-term value purposes. Let’s be clear, we are talking about Lahaina. It’s an epic place and community altogether.
2. Off-Market Sales Are Important: Some of the most significant deals are happening off-market, highlighting a discreet seller and active buyer pool. It is beneficial to know Realtors in the local Lahaina community with relationships with current property owners.
3. Premium Locations Drive Pricing: Ocean view lots, as well as homes with additional rental units, are maintaining their value.
4. Rebuild Potential: Smaller parcels and mid-sized homes are in high demand, reflecting a strong focus on modern rebuild enthusiasm & opportunity.
5. Long-Term Outlook: Lahaina’s real estate market is gradually stabilizing, and as rebuilding continues, the area is poised for a renewed vibrancy in our “Town” neighborhoods.

Want to Know More?

Currently supply is driving demand. Both land and homes are moving, demonstrating confidence among buyers – whether they’re owner-occupants, second home buyers, investors or land trusts. Properties are trading.

If you are in the market for West Maui real estate or have any questions about the area or the market in general, please feel free to contact me. I welcome the opportunity to give you information on my previous sales performance and marketing strategies. Or if you’re curious about what your property is worth in today’s market, it would be my pleasure to provide you with property information and a value assessment free of sales pitches.