I’ve analyzed data from the Zillow Home Value Index to identify the Hawaiian towns with the most significant real estate appreciation over the past decade. The results showcase remarkable growth trends across the islands.
What’s particularly striking is the broad geographic distribution of these high-performance markets. From Kauai’s Princeville to the Big Island’s Waikoloa, stellar growth isn’t confined to a single island or region, suggesting statewide strength in the luxury residential sector.
With several markets showing 90%+ appreciation and Princeville topping 134%, these areas represent both wealth creation for existing owners and strategic entry points for investors looking at Hawaii’s continued desirability and limited housing supply.
15. Waimea
Historic prices and percent change over time:
- % change from 2016 to 2025: 83.56%
- 2025: $715,074
- 2024: $708,729
- 2023: $682,883
- 2022: $609,309
- 2021: $523,707
- 2020: $452,758
- 2019: $432,689
- 2018: $409,987
- 2017: $390,073
- 2016: $389,565
About Waimea
With median home values approaching $715,074, Waimea’s 83.56% appreciation represents a strong ROI for early investors. The consistent year-over-year growth suggests sustainable market fundamentals rather than speculation. For buyers, this upward trajectory indicates potential continued appreciation, while current owners benefit from substantial equity accumulation. Consider Waimea a stable investment with proven growth metrics.
14. Kula
Historic prices and percent change over time:
- % change from 2016 to 2025: 83.95%
- 2025: $1,365,022
- 2024: $1,314,497
- 2023: $1,287,847
- 2022: $1,235,525
- 2021: $983,332
- 2020: $867,685
- 2019: $859,514
- 2018: $834,440
- 2017: $778,733
- 2016: $742,067
About Kula
Kula’s premium $1.36M median valuation reflects its position as a luxury market with exceptional financial performance. The 83.95% growth translates to over $620,000 in added equity for 2016 buyers. This upcountry location combines agricultural heritage with upscale amenities, creating a unique value proposition. For investors, Kula represents a blue-chip opportunity with lower volatility than comparable mainland luxury markets.
13. Keaau
Historic prices and percent change over time:
- % change from 2016 to 2025: 85.22%
- 2025: $452,357
- 2024: $450,046
- 2023: $451,474
- 2022: $425,596
- 2021: $338,809
- 2020: $303,707
- 2019: $287,194
- 2018: $279,379
- 2017: $261,720
- 2016: $244,230
About Keaau
At $452,357, Keaau offers the strongest value proposition among top-performing markets, with 85.22% appreciation creating substantial returns at a lower entry point. This Big Island community has transitioned from agricultural center to residential hotspot, leveraging its accessibility to Hilo. Investment metrics show exceptional dollar-for-dollar growth without the premium pricing of resort-adjacent communities, making it ideal for strategic portfolio diversification.
12. Kalaheo
Historic prices and percent change over time:
- % change from 2016 to 2025: 85.26%
- 2025: $1,040,742
- 2024: $1,021,632
- 2023: $986,431
- 2022: $923,237
- 2021: $765,903
- 2020: $680,870
- 2019: $649,519
- 2018: $615,546
- 2017: $578,603
- 2016: $561,767
About Kalaheo
Kalaheo’s million-dollar median valuation represents 85.26% growth, generating nearly $480,000 in equity creation over nine years. This south Kauai market demonstrates resilience through economic cycles while maintaining strong appreciation potential. For investors, the combination of rental income opportunities and capital appreciation creates compelling total returns, while supply constraints suggest continued upward pressure on valuations.
11. Koloa
Historic prices and percent change over time:
- % change from 2016 to 2025: 86.59%
- 2025: $1,212,868
- 2024: $1,175,429
- 2023: $1,131,327
- 2022: $1,030,619
- 2021: $854,554
- 2020: $750,310
- 2019: $711,590
- 2018: $682,138
- 2017: $654,157
- 2016: $650,022
About Koloa
Koloa’s 86.59% appreciation has pushed median prices beyond $1.2 million, reflecting its position as a premium investment destination with strong tourism synergies. The growth trajectory shows remarkable consistency, with values increasing nearly $563,000 since 2016. For property owners, this appreciation rate outperforms many alternative investment vehicles, while buyers should consider Koloa’s limited inventory as a driver of continued value appreciation.
10. Waimea
Historic prices and percent change over time:
- % change from 2016 to 2025: 89.16%
- 2025: $957,364
- 2024: $941,396
- 2023: $959,579
- 2022: $949,702
- 2021: $734,172
- 2020: $655,181
- 2019: $620,135
- 2018: $602,985
- 2017: $551,550
- 2016: $506,103
About Waimea
Waimea’s robust 89.16% growth translates to approximately $451,000 in wealth creation for 2016 buyers, with median values approaching $1 million. The market demonstrates exceptional resilience through economic cycles with accelerated growth during 2020-2022. For investors, Waimea offers the rare combination of lifestyle benefits with quantifiable financial performance, making it a standout opportunity for both primary and vacation property acquisition.
9. Makawao
Historic prices and percent change over time:
- % change from 2016 to 2025: 90.57%
- 2025: $1,124,295
- 2024: $1,059,156
- 2023: $1,027,707
- 2022: $975,195
- 2021: $805,999
- 2020: $724,335
- 2019: $690,737
- 2018: $663,922
- 2017: $623,449
- 2016: $589,958
About Makawao
Makawao’s 90.57% value increase has propelled median prices above $1.12 million, creating approximately $534,000 in equity for long-term owners. This upcountry Maui market demonstrates exceptional financial performance without the volatility of oceanfront communities. For investors, Makawao offers strong appreciation potential combined with rental opportunities, while buyers benefit from the town’s unique position between rural charm and proximity to amenities.
8. Lihue
Historic prices and percent change over time:
- % change from 2016 to 2025: 90.96%
- 2025: $834,195
- 2024: $836,035
- 2023: $789,583
- 2022: $722,746
- 2021: $621,505
- 2020: $550,262
- 2019: $524,237
- 2018: $490,455
- 2017: $461,969
- 2016: $436,840
About Lihue
Lihue’s strategic position as Kauai’s commercial center has driven its 90.96% appreciation, translating to nearly $400,000 in equity growth for 2016 purchasers. This commercial-residential hybrid market offers diversified investment potential with strong economic fundamentals. For investors, Lihue presents an attractive alternative to pure vacation markets, while homebuyers benefit from infrastructure improvements that continue to enhance property values across this growing region.
7. Kihei
Historic prices and percent change over time:
- % change from 2016 to 2025: 91.21%
- 2025: $1,112,590
- 2024: $1,115,977
- 2023: $1,089,349
- 2022: $1,007,235
- 2021: $789,475
- 2020: $714,147
- 2019: $664,214
- 2018: $628,630
- 2017: $596,191
- 2016: $581,881
About Kihei
Kihei’s 91.21% appreciation has created approximately $531,000 in wealth for 2016 buyers, with demand consistently outpacing supply in this premier South Maui market. The growth trajectory shows significant acceleration between 2020-2022 during peak market conditions. For investors, Kihei combines strong vacation rental potential with exceptional appreciation metrics, while the limited development envelope suggests continued upward pressure on property values.
6. Ocean View
Historic prices and percent change over time:
- % change from 2016 to 2025: 94.06%
- 2025: $280,541
- 2024: $281,887
- 2023: $288,666
- 2022: $276,087
- 2021: $219,228
- 2020: $188,364
- 2019: $175,580
- 2018: $173,783
- 2017: $160,009
- 2016: $144,561
About Ocean View
Despite the modest $280,541 median valuation, Ocean View’s extraordinary 94.06% appreciation rate represents maximum financial leverage at a lower entry point. This Big Island community offers the highest percentage returns with minimal initial capital investment. For value investors, this growth pattern demonstrates significant upside potential in emerging markets, while offering affordable access to Hawaii real estate with proven capital appreciation metrics.
5. Kapaa
Historic prices and percent change over time:
- % change from 2016 to 2025: 95.2%
- 2025: $944,211
- 2024: $925,967
- 2023: $869,087
- 2022: $813,345
- 2021: $689,259
- 2020: $614,147
- 2019: $586,495
- 2018: $540,225
- 2017: $507,764
- 2016: $483,707
About Kapaa
Kapaa’s 95.2% growth has generated approximately $460,000 in wealth for 2016 buyers, with median values approaching $950,000 in this eastern Kauai market. The consistent upward trajectory reflects strong fundamentals rather than market speculation. For investors, Kapaa offers superior rental potential combined with exceptional appreciation metrics, while buyers benefit from the town’s unique combination of accessibility, amenities, and relative affordability compared to north shore locations.
4. Wailuku
Historic prices and percent change over time:
- % change from 2016 to 2025: 98.89%
- 2025: $949,758
- 2024: $915,506
- 2023: $853,346
- 2022: $803,440
- 2021: $670,659
- 2020: $601,781
- 2019: $571,833
- 2018: $545,705
- 2017: $505,166
- 2016: $477,528
About Wailuku
Wailuku’s exceptional 98.89% appreciation has created approximately $472,000 in wealth for 2016 buyers, with strategic location driving its near-doubling in value. This central Maui commercial hub shows tremendous momentum, particularly since 2020. For investors, Wailuku represents a strong combination of rental potential and appreciation metrics, while buyers benefit from infrastructural improvements and commercial development that continues to enhance residential values throughout this evolving market.
3. Kahului
Historic prices and percent change over time:
- % change from 2016 to 2025: 100.84%
- 2025: $1,048,795
- 2024: $1,006,307
- 2023: $945,769
- 2022: $890,500
- 2021: $738,897
- 2020: $661,495
- 2019: $625,869
- 2018: $595,713
- 2017: $556,668
- 2016: $522,197
About Kahului
Kahului’s extraordinary 100.84% appreciation has effectively doubled property values, creating $526,598 in wealth for 2016 buyers in this key Maui commercial center. This remarkable performance transcends typical residential metrics, representing true market doubling. For investors, Kahului offers unparalleled growth among urban Maui markets, while buyers benefit from economic diversification and infrastructure development that continues to drive values upward in this evolving region.
2. Waikoloa
Historic prices and percent change over time:
- % change from 2016 to 2025: 102.86%
- 2025: $839,572
- 2024: $821,806
- 2023: $788,391
- 2022: $734,730
- 2021: $546,862
- 2020: $484,870
- 2019: $461,954
- 2018: $451,663
- 2017: $427,683
- 2016: $413,870
About Waikoloa
Waikoloa’s remarkable 102.86% growth has more than doubled investment capital, creating approximately $426,000 in equity for 2016 buyers in this premier Big Island resort community. This performance represents maximum ROI efficiency with dramatic acceleration during 2020-2022. For investors, Waikoloa combines exceptional vacation rental potential with proven appreciation metrics, while limited supply and consistent demand suggest continued strength in this resort-driven market.
1. Princeville
Historic prices and percent change over time:
- % change from 2016 to 2025: 134.09%
- 2025: $1,423,912
- 2024: $1,400,846
- 2023: $1,261,285
- 2022: $1,051,878
- 2021: $828,175
- 2020: $749,985
- 2019: $719,447
- 2018: $663,584
- 2017: $632,685
- 2016: $608,265
About Princeville
Princeville’s extraordinary 134.09% appreciation represents unparalleled growth among Hawaii markets, generating over $815,000 in wealth for 2016 buyers in this premium North Shore Kauai destination. This performance transcends typical investment metrics, creating true intergenerational wealth. For investors, Princeville combines ultra-luxury positioning with exceptional appreciation potential, while limited development opportunities suggest continued upward pressure on valuations in this world-class resort community.
