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Home appreciation in Hawaii
Hawaii's FHFA HPI® all-transactions index changed +8.7% over the year to Q2 2026, versus +3.0% nationally, ranking 1st of 51 states and D.C. Below, compare its 2 3-digit ZIP regions and 2 metro areas.
- 1-year change
- +8.7%
- 5-year change
- +41.4%
- Since Q1 1995
- +283%
- State rank (1 year)
- 1st
U.S. +3.0%
31st of 51
U.S. +292%
of 51 states and D.C.
Hawaii vs the U.S.
FHFA HPI® all-transactions index, rebased so Q1 1995 = 100, through Q2 2026
- Hawaii: 382.8
- United States: 391.6
Hawaii appreciation by time window
| Window | HI | U.S. | Gap vs U.S. |
|---|---|---|---|
| 1 year | +8.7% | +3.0% | +5.7 pts |
| 3 years | +10.6% | +12.9% | −2.3 pts |
| 5 years | +41.4% | +41.3% | +0.1 pts |
| 10 years | +74.8% | +93.3% | −18.5 pts |
| Since Q1 1995 | +283% | +292% | −8.8 pts |
3-digit ZIP regions in Hawaii
Fastest-appreciating ZIP codes in Hawaii →Sorted by one-year change. 1 of 2 regions beat the national one-year change of +3.0%. Place labels name the largest community in each region.
| # | 3-digit ZIP region | 1 year | 5 years | 10 years | Since Q1 1995 |
|---|---|---|---|---|---|
| 1 | 967 · Pearl City, HI area | +6.7% | +44.0% | +83.1% | +299% |
| 2 | 968 · Urban Honolulu, HI area | +2.4% | +35.2% | +48.0% | +233% |
Metro areas in Hawaii
| Metro area | 1 year | 5 years | Since Q1 1995 |
|---|---|---|---|
| Urban Honolulu, HI | +11.1% | +38.6% | +265% |
| Kahului-Wailuku, HI | +3.9% | +48.6% | +364% |
Boom, bust, and recovery in Hawaii
Hawaii's index peaked in Q2 2007, fell 18.5% to its low in Q1 2011, and regained its peak in Q4 2015, about 8.5 years after the top. Today it sits +81.7% versus that 2000s peak. How every state and ZIP region fared
| Area | 2000s peak | Low point | Peak to low | Back to peak | Today vs peak |
|---|---|---|---|---|---|
| HI | Q2 2007 | Q1 2011 | -18.5% | Q4 2015 (8.5 yrs) | +81.7% |
| U.S. | Q1 2007 | Q2 2012 | -19.0% | Q4 2016 (9.8 yrs) | +89.3% |
Appreciation after inflation
Adjusting for consumer price inflation, Hawaii's index has changed +72.9% in real terms since Q1 1995. Home prices vs inflation
| Window | Inflation (CPI-U) | HI after inflation | U.S. after inflation |
|---|---|---|---|
| 1 year | +3.9% | +4.7% | -0.8% |
| 3 years | +9.8% | +0.7% | +2.8% |
| 5 years | +24.0% | +14.0% | +13.9% |
| 10 years | +39.1% | +25.7% | +39.0% |
| Since Q1 1995 | +121% | +72.9% | +76.8% |
If you bought in Hawaii in…
An example $300,000 purchase grown at the statewide index rate to Q2 2026. Local markets within the state vary widely.
| Bought in | Index change | $300,000 then, at the state rate |
|---|---|---|
| Q2 1995 | +277% | $1,132,297 |
| Q2 2000 | +327% | $1,281,724 |
| Q2 2005 | +120% | $659,635 |
| Q2 2010 | +120% | $659,399 |
| Q2 2015 | +84.9% | $554,560 |
| Q2 2020 | +51.6% | $454,908 |
| Q2 2021 | +41.4% | $424,107 |
| Q2 2023 | +10.6% | $331,684 |
| Q2 2025 | +8.7% | $326,099 |
Frequently asked questions
- How much have home prices gone up in Hawaii?
- FHFA HPI® data for Hawaii shows the all-transactions index changed +8.7% over the year to Q2 2026, +41.4% over five years, +74.8% over ten years, and +283% since Q1 1995.
- Is Hawaii appreciating faster than the national average?
- Over the past year Hawaii's index moved +5.7 pts versus the U.S. (+3.0%), ranking 1st of 51 states and D.C. Over five years the gap is +0.1 pts.
- Which ZIP codes in Hawaii are appreciating fastest?
- Over the past year the strongest of 2 3-digit ZIP regions in Hawaii was ZIP3 967 (Pearl City, HI area) at +6.7%, and the weakest was ZIP3 968 (Urban Honolulu, HI area) at +2.4%. 1 of 2 beat the national one-year change.