Honolulu is the largest and most populous city of Hawaii with almost 1,000,000 residents enjoying one of the most beautiful islands of the Pacific. It’s known for its tropical climate, diverse population and laid-back lifestyle. It’s also known as the most expensive real estate market in Hawaii – and by quite a large margin.
Coldwell Banker ranked over 2,000 U.S. cities in its 2016 Home Listing Report. Because the average size home can vary greatly from market to market, the report compares the average price of four-bedroom, two-bathroom homes in each city to provide a more apples-to-apples comparison.
A sample-size home goes for an average of $1,202,219 in Honolulu, which ranks 14th nationally and is nearly $500,000 more expensive than the next closest Hawaii market.
While high, it feels like a bargain compared to California, where the average four-bedroom, two-bathroom home costs $2,453,718 in this year’s most expensive U.S. market, Saratoga, California. Six of the top 10 most expensive markets are in Silicon Valley, and all 10 are in California.
Kalama Kim, principal broker of Honolulu-based Coldwell Banker Pacific Properties, called Honolulu “comparatively affordable compared to other destination cities.”
“Unlike the cities at the top of the list driven by the tech industry, Honolulu is a diverse market with a variety of factors influencing prices including international demand, the draw of resort living and being a destination of choice,” Kim said.
The Hawaii cities included on the report range from $1,202,219 in Honolulu to $653,129 in Ewa Beach. Overall, the average listing price of a four-bedroom, two-bathroom home in Hawaii as a whole was $904,954.
- Honolulu, HI, $1,202,219
- Kapolei, HI, $708,800
- Ewa Beach, HI, $653,129
Click here to view the full Hawaii state ranking for 2016.
Curious to see what a standard four-bed, two-bath in Honolulu looks like? Check out this property listed for $1.288 in the prestigious Kahala Pacifica gated community.
ABOUT THE 2016 COLDWELL BANKER® HOME LISTING REPORT
- The annual report is the most extensive home price comparison tool currently available in the U.S., ranking the average listing price of four-bedroom, two bathroom homes in more than 2,000 markets.
- While other affordability reports provide average or median prices for all homes in a given area, the Coldwell Banker® HLR analyzes more than 50,000 four-bedroom, two-bathroom home listings to better address how much a home in one market would cost if the same home were located somewhere else in the country.
- The national average listing price of a four-bedroom, two-bathroom home is $320,120 which, on average, can buy a sample size home in nearly 1,300 markets across the country.
The Most Affordable and Expensive Markets in Each State
An interactive list of the most affordable and expensive markets in each state can be viewed on the Coldwell Banker® HLR website.
The Coldwell Banker® U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom real estate properties on coldwellbanker.com between January 2016 and June 2016 for 51,163 listings in 2,168 markets. The Coldwell Banker franchised affiliates, as well as other franchise brands associated with Realogy Holdings Corp, contribute to listings on coldwellbanker.com. Markets without at least 10 four-bedroom, two-bathroom listings on coldwellbanker.com between January 2016 and June 2016 were excluded from the ranking.