Understanding the latest trends in home buying and selling is key to making informed decisions, especially in Maui’s dynamic real estate market. The 2024 Profile of Home Buyers and Sellers, a report from the National Association of REALTORS®, provides valuable insights that can help you navigate this ever-changing landscape. Here are the highlights most relevant to Maui buyers and sellers.

What Buyers in Maui Should Know

Demographics of Buyers
The typical age of first-time buyers has increased to 38, while repeat buyers are typically 61. This reflects the growing trend of retirees and multigenerational families entering the market—a factor that aligns with Maui’s appeal as both a vacation and retirement destination. Additionally, 17% of buyers are opting for multigenerational homes to save on costs or accommodate aging parents and adult children.

Most Important Neighborhood Factors
Quality of the neighborhood (59%) and proximity to friends and family (45%) are top priorities for buyers. Maui’s unique communities, from serene Upcountry to lively Kihei, cater to these preferences. Additionally, affordability plays a growing role, with 36% of buyers considering it a key factor.

Finding the Right Property
Fifty-five percent of buyers said the most challenging part of the process was finding the right property. With Maui’s competitive market, working with a knowledgeable local agent, like Maui Real Estate Advisors, can be the key to uncovering hidden gems.

Technology is Essential
Forty-three percent of buyers begin their search online, with 69% relying on mobile devices to browse properties. High-quality photos, virtual tours, and detailed listings are crucial in attracting buyer attention.

Cash is King
Twenty-six percent of buyers paid cash for their homes, an all-time high. This trend highlights the importance of being financially prepared, especially when competing in Maui’s luxury and vacation home markets.

Insights for Sellers in Maui

Quick Sales and Strong Prices
Homes sold at 97% of their asking price according to data from the REALTORS® Association of Maui Inc. Maui sellers can benefit from pricing competitively and preparing their homes to attract motivated buyers.

Why Sellers Are Moving
The top reason for selling is to move closer to friends and family (23%), followed by the need for a larger or smaller home. Maui’s diverse inventory caters to both upgraders and downsizers.

Agent-Assisted Sales Dominate
Ninety percent of sellers used a real estate agent, the highest level ever recorded. For Maui sellers, an experienced agent is essential for marketing, pricing, and navigating the unique challenges of the island’s market.

How Homes Are Marketed
Listing on the MLS remains the top marketing strategy (86%), followed by open houses (58%) and online platforms like Realtor.com and third-party aggregators. Maui sellers should leverage professional photography and staging to maximize appeal.

Trends That Impact Both Buyers and Sellers

Affordability Challenges
Rising home prices and higher down payments are shaping today’s market. First-time buyers put down a median of 9%, while repeat buyers averaged 23%, both at historic highs. Sellers can capitalize on this by targeting serious, financially prepared buyers.

Growing Preference for Newer Homes
Fifteen percent of buyers opted for new homes to avoid renovations, while previously owned homes appealed to those seeking better value. Maui’s mix of modern builds and charming older properties caters to both preferences.

Real Estate as an Investment
Seventy-nine percent of buyers view homeownership as a good financial investment. This aligns with Maui’s appeal to second-home buyers and investors seeking vacation rental opportunities.

The Bottom Line

Whether you’re buying or selling, understanding the trends shaping Maui’s real estate market can give you a competitive edge. From multigenerational living to cash buyers and tech-savvy searches, today’s market is evolving rapidly. Partnering with a knowledgeable agent who understands Maui’s unique opportunities and challenges is more important than ever. As Maui’s only “Top 100 State of Hawaii Realtor” for 17 consecutive years, Maui Real Estate Advisors is dedicated to providing you with a satisfying, successful experience in Maui’s competitive real estate market through both personal and professional service. With over 60 years of combined experience, our team understands the unique complexities of Maui Real Estate and is committed to putting your investment in the best hands.

Ready to make your next move? Let’s connect and explore how we can help you achieve your real estate goals on Maui.

With Sincere Aloha,