Hawaii, America’s favorite tourist destination, is now also home to America’s most livable city. According to a recent study released by Mercer, a renowned global consulting group, Honolulu, Hawaii offers a higher quality of life than any other U.S. city. However, quality of life demands a price, and the growing high-end housing market has resulted in Hawaii being the most expensive state in America to buy a new home.
The growth of the Honolulu market has been integral in establishing this trend. According to Trulia’s Statistics, the average price per square foot for Honolulu real estate jumped to $1,711, a 238.8 percent increase compared to 2011’s numbers.
Median home prices also rose 9.6 percent over last year, indicating a healthy swing in Hawaii’s housing market. As prices increase, sales decrease, and the Honolulu market has experienced a 29.4 percent drop in home sales.
Despite this drop, there is a significant opportunity for investors and house flippers to capitalize on the growing Hawaiian housing market. As housing prices continue to increase, profit margins will grow smaller, so investors looking to fix and flip homes should act quickly.
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