Lava Flow Impact On Big Island Real Estate

Dated: 08/07/2018

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As the current lava flow activity on the Big Island decreases real estate is greatly impacted. Finding housing for families and individuals who have been displaced due to the new lava flow has become a major impact for the real estate market on the East side of the Big Island.  The lava evacuees now have rental grants or insurance settlements to assist them in purchasing their new home but the lack of housing and rental units is making it difficult for them to find a new place to call home.

We have already been experiencing a lack of homes on the market for some time and now it is worse.  The severe shortage in homes for sale has caused home prices to increase, sales happening faster and multiple offers. Homes under $350,000 are the greatest demand and get snatched up quickly.

Puna district is the area that has been impacted the most by the recent Volcano activity. The median price of homes currently listed in Puna is $230,000. Home values have gone up 4.5% over the past year.

Home prices in Puna district do fluctuate city to city. The median price of homes currently listed in Pahoa is $230,000.  The median list price per square foot in Pahoa is $168. The median price of homes currently listed in Keaau is $370,000. The median list price per square foot in Keaau is $230. The median price of homes currently listed in Volcano is $320,000. The median list price per square foot in Volcano is $243.

The median price of homes currently listed in South Hilo district is $349,750. South Hilo home values have gone up 5.8% over the past year. The median list price per square foot in Hilo is $240.

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