I’ve been analyzing data from the Zillow Home Value Index, and the numbers paint a fascinating financial picture of Hawaii’s real estate market. The investment returns in these island paradises have consistently outpaced mainland appreciation rates, making them not just vacation destinations but potentially lucrative investment opportunities.
Looking at the decade-long price trajectories, I was particularly struck by how certain towns have seen property values more than double since 2010 – with some locations experiencing over 150% appreciation. This remarkable growth reflects both Hawaii’s geographic constraints and its enduring appeal to high-net-worth buyers seeking both lifestyle and financial returns.
From a pure investment perspective, these premium markets have demonstrated remarkable resilience even through economic downturns, with the post-2020 growth especially noteworthy. Here’s the complete breakdown of Hawaii’s most valuable real estate markets, ranked from the 16th most expensive to the absolute pinnacle of island luxury.
16. Waimanalo
Historic prices and percent change over time:
- 2025 Home Value: $1,059,632
- 2020 Home Value: $766,048
- 2015 Home Value: $677,380
- 2010 Home Value: $630,369
- % Change 2020 to 2025: 38.32%
- % Change 2015 to 2025: 56.43%
- % Change 2010 to 2025: 68.10%
About Waimanalo
In Waimanalo, the median home price of $1,059,632 represents significant value relative to other Hawaiian luxury markets. The area has shown steady appreciation with 38.32% growth since 2020, outperforming many mainland markets while delivering strong returns over the longer 15-year horizon. For investors, Waimanalo offers a balanced entry point into Hawaii’s premium real estate market with promising long-term appreciation potential.
15. Lahaina
Historic prices and percent change over time:
- 2025 Home Value: $1,069,775
- 2020 Home Value: $750,962
- 2015 Home Value: $608,021
- 2010 Home Value: $538,860
- % Change 2020 to 2025: 42.45%
- % Change 2015 to 2025: 75.94%
- % Change 2010 to 2025: 98.53%
About Lahaina
In Lahaina, the median home price of $1,069,775 demonstrates remarkable financial performance with nearly double the value from 2010 (98.53% increase). The post-2020 acceleration at 42.45% showcases exceptional momentum in this market despite recent challenges. For investors looking at long-term appreciation metrics, Lahaina’s consistent growth trajectory makes it a financially compelling option in Hawaii’s competitive real estate landscape.
14. Kaneohe
Historic prices and percent change over time:
- 2025 Home Value: $1,076,186
- 2020 Home Value: $825,770
- 2015 Home Value: $682,128
- 2010 Home Value: $558,091
- % Change 2020 to 2025: 30.33%
- % Change 2015 to 2025: 57.77%
- % Change 2010 to 2025: 92.83%
About Kaneohe
In Kaneohe, the median home price of $1,076,186 represents significant investment growth with a 92.83% increase since 2010. While its 30.33% five-year appreciation rate is more moderate than some neighbors, the consistent long-term performance indicates stable wealth preservation characteristics. Kaneohe offers investors a balanced risk profile with strong historic returns and continued upward valuation in Hawaii’s limited supply market.
13. Kihei
Historic prices and percent change over time:
- 2025 Home Value: $1,112,590
- 2020 Home Value: $714,147
- 2015 Home Value: $568,576
- 2010 Home Value: $465,493
- % Change 2020 to 2025: 55.79%
- % Change 2015 to 2025: 95.68%
- % Change 2010 to 2025: 139.01%
About Kihei
In Kihei, the median home price of $1,112,590 showcases exceptional investment performance with a remarkable 139.01% appreciation since 2010. The impressive 55.79% growth in just the last five years signals accelerating value creation in this market. For investors focused on maximizing returns, Kihei’s consistent outperformance across all timeframes positions it as a high-yield option in Hawaii’s luxury real estate portfolio.
12. Makawao
Historic prices and percent change over time:
- 2025 Home Value: $1,124,295
- 2020 Home Value: $724,335
- 2015 Home Value: $542,051
- 2010 Home Value: $428,831
- % Change 2020 to 2025: 55.22%
- % Change 2015 to 2025: 107.42%
- % Change 2010 to 2025: 162.18%
About Makawao
In Makawao, the median home price of $1,124,295 represents extraordinary investment growth with a 162.18% increase since 2010. This market has more than doubled in value over the past decade, with consistent appreciation across all timeframes. The remarkable 55.22% five-year return makes Makawao a standout performer even within Hawaii’s high-growth real estate environment, offering exceptional capital appreciation potential.
11. Koloa
Historic prices and percent change over time:
- 2025 Home Value: $1,212,868
- 2020 Home Value: $750,310
- 2015 Home Value: $626,694
- 2010 Home Value: $558,359
- % Change 2020 to 2025: 61.65%
- % Change 2015 to 2025: 93.53%
- % Change 2010 to 2025: 117.22%
About Koloa
In Koloa, the median home price of $1,212,868 demonstrates impressive financial performance with a 117.22% appreciation since 2010. The exceptional 61.65% five-year growth rate indicates accelerating market momentum and strong investor demand. For wealth preservation with growth potential, Koloa’s consistent appreciation across all timeframes makes it a financially strategic position in Hawaii’s limited-supply premium real estate market.
10. Laie
Historic prices and percent change over time:
- 2025 Home Value: $1,305,172
- 2020 Home Value: $991,503
- 2015 Home Value: $760,701
- 2010 Home Value: $725,115
- % Change 2020 to 2025: 31.64%
- % Change 2015 to 2025: 71.57%
- % Change 2010 to 2025: 80.00%
About Laie
In Laie, the median home price of $1,305,172 represents solid investment performance with an 80% increase since 2010. With a more moderate 31.64% five-year appreciation rate, Laie offers slightly more measured growth compared to some Hawaiian markets. The property appreciation curve suggests a maturing market with stable long-term value potential, making it suitable for investors seeking balanced growth with reduced volatility.
9. Haiku
Historic prices and percent change over time:
- 2025 Home Value: $1,352,640
- 2020 Home Value: $826,987
- 2015 Home Value: $697,948
- 2010 Home Value: $573,729
- % Change 2020 to 2025: 63.56%
- % Change 2015 to 2025: 93.80%
- % Change 2010 to 2025: 135.76%
About Haiku
In Haiku, the median home price of $1,352,640 demonstrates exceptional financial performance with a 135.76% appreciation since 2010. The impressive 63.56% five-year growth rate points to accelerating market momentum and strong investor confidence. Haiku’s consistent outperformance across all timeframes positions it as an excellent wealth-building option within Hawaii’s luxury real estate segment, delivering both premium lifestyle and investment returns.
8. Paia
Historic prices and percent change over time:
- 2025 Home Value: $1,353,469
- 2020 Home Value: $909,140
- 2015 Home Value: $705,250
- 2010 Home Value: $539,388
- % Change 2020 to 2025: 48.87%
- % Change 2015 to 2025: 91.91%
- % Change 2010 to 2025: 150.93%
About Paia
In Paia, the median home price of $1,353,469 showcases remarkable investment performance with a 150.93% increase since 2010. Properties have consistently demonstrated strong appreciation, with the nearly 49% five-year growth indicating continuing market strength. For investors seeking significant capital appreciation potential, Paia’s historical returns and ongoing value creation trajectory make it a financially compelling option in Hawaii’s premium market segment.
7. Kula
Historic prices and percent change over time:
- 2025 Home Value: $1,365,022
- 2020 Home Value: $867,685
- 2015 Home Value: $717,467
- 2010 Home Value: $596,763
- % Change 2020 to 2025: 57.32%
- % Change 2015 to 2025: 90.26%
- % Change 2010 to 2025: 128.74%
About Kula
In Kula, the median home price of $1,365,022 represents substantial investment growth with a 128.74% increase since 2010. The strong 57.32% five-year appreciation rate demonstrates accelerating market momentum in this premium segment. Kula’s consistent outperformance across all timeframes makes it a financially attractive option for investors seeking both significant capital appreciation and the wealth preservation characteristics of Hawaiian luxury real estate.
6. Princeville
Historic prices and percent change over time:
- 2025 Home Value: $1,423,912
- 2020 Home Value: $749,985
- 2015 Home Value: $574,214
- 2010 Home Value: $477,659
- % Change 2020 to 2025: 89.86%
- % Change 2015 to 2025: 147.98%
- % Change 2010 to 2025: 198.10%
About Princeville
In Princeville, the median home price of $1,423,912 demonstrates extraordinary investment performance with a staggering 198.10% appreciation since 2010. The remarkable 89.86% five-year growth rate far outpaces most real estate markets globally. For investors seeking maximum capital appreciation, Princeville’s near-tripling in value over 15 years represents exceptional returns even within Hawaii’s high-performing luxury real estate segment.
5. Kailua
Historic prices and percent change over time:
- 2025 Home Value: $1,519,230
- 2020 Home Value: $1,036,091
- 2015 Home Value: $898,844
- 2010 Home Value: $758,006
- % Change 2020 to 2025: 46.63%
- % Change 2015 to 2025: 69.02%
- % Change 2010 to 2025: 100.42%
About Kailua
In Kailua, the median home price of $1,519,230 represents significant investment growth, with property values doubling over the past 15 years. While its 46.63% five-year appreciation rate is solid, Kailua’s higher starting valuation means its percentage returns are more moderate than some less-established markets. For investors focused on premium market stability with steady appreciation, Kailua offers a well-established luxury real estate position with consistent historical performance.
4. Kilauea
Historic prices and percent change over time:
- 2025 Home Value: $1,566,231
- 2020 Home Value: $974,204
- 2015 Home Value: $782,849
- 2010 Home Value: $595,540
- % Change 2020 to 2025: 60.77%
- % Change 2015 to 2025: 100.07%
- % Change 2010 to 2025: 162.99%
About Kilauea
In Kilauea, the median home price of $1,566,231 demonstrates exceptional investment performance with a 162.99% appreciation since 2010. The impressive 60.77% five-year growth rate indicates continuing strong market momentum. For investors seeking significant wealth accumulation, Kilauea’s consistent outperformance across all timeframes positions it as an outstanding capital growth vehicle in Hawaii’s luxury real estate segment.
3. Haleiwa
Historic prices and percent change over time:
- 2025 Home Value: $1,675,875
- 2020 Home Value: $1,268,326
- 2015 Home Value: $951,567
- 2010 Home Value: $807,854
- % Change 2020 to 2025: 32.13%
- % Change 2015 to 2025: 76.12%
- % Change 2010 to 2025: 107.45%
About Haleiwa
In Haleiwa, the median home price of $1,675,875 represents strong investment performance with property values more than doubling since 2010. While its 32.13% five-year growth rate is more moderate than some markets, this reflects a premium starting valuation. For investors seeking a balanced approach to Hawaii’s luxury market, Haleiwa offers substantial appreciation potential coupled with the stability of an established premium destination.
2. Puako
Historic prices and percent change over time:
- 2025 Home Value: $2,054,327
- 2020 Home Value: $1,211,903
- 2015 Home Value: $1,122,205
- 2010 Home Value: $nan
- % Change 2020 to 2025: 69.51%
- % Change 2015 to 2025: 83.06%
- % Change 2010 to 2025: nan%
About Puako
In Puako, the median home price of $2,054,327 demonstrates exceptional financial performance with a 69.51% appreciation just in the last five years. The significant price point positions it firmly in Hawaii’s ultra-luxury segment. For high-net-worth investors seeking substantial asset allocation in premier real estate, Puako’s consistent appreciation trajectory and exclusive market positioning offer both prestige value and significant financial returns.
1. Hanalei
Historic prices and percent change over time:
- 2025 Home Value: $4,015,049
- 2020 Home Value: $2,214,915
- 2015 Home Value: $nan
- 2010 Home Value: $nan
- % Change 2020 to 2025: 81.27%
- % Change 2015 to 2025: nan%
- % Change 2010 to 2025: nan%
About Hanalei
In Hanalei, the median home price of $4,015,049 represents Hawaii’s pinnacle of real estate value and investment performance. With an extraordinary 81.27% five-year appreciation rate, this market has nearly doubled in value since 2020. For ultra-high-net-worth investors seeking maximum capital appreciation in Hawaii’s most exclusive market, Hanalei’s exceptional price point and growth trajectory make it the ultimate premium investment destination.
