Million-Dollar Oahu Homes Shrinking
One million dollars buys 6.5 percent less space than in 2014
HONOLULU – (November 18, 2019) – Locations—Hawaii’s leading real estate firm—analyzed the size of single-family homes on Oahu that sold for one million dollars over the past 5 years and concluded that million-dollar homes have shrunk by 6.59 percent. A million-dollar home on Oahu in 2014 had an average size of 2,549 square feet, compared to 2,381 square feet in 2019.
“We all know the value of a dollar isn’t what it used to be,” said John Connelley, principal broker at Locations. “But when it comes to million-dollar homes on Oahu, the size of homes has been shrinking faster in some local markets.”
“How much bang buyers get for their million bucks really depends on where they look,” Connelley added.
Million-dollar homes have been shrinking the fastest in Hawaii Kai, where home size decreased by 20 percent over the past five years. In 2019, a million-dollar home in Hawaii Kai had an average of 2,031 square feet.
“We’ve seen the most dramatic decrease in million-dollar home size in Hawaii Kai, where home size has shrunk by about 500 square feet since 2014,” Connelley added, attributing rising home costs to the Hawaii Kai’s well-regarded public schools, relative proximity to town and popularity among watersports enthusiasts.
Home size has remained the most stable in Mililani, where million-dollar homes shrunk by less than one percent between 2014 and 2019. A million-dollar home in Mililani in 2019 was 2,799 square feet—a size that’s remained relatively unchanged since 2006. The largest million-dollar Oahu homes in 2019, by market area, are in Makakilo, at an average size of 3,141 square feet—comparable to million-dollar homes in Austin, Texas.
The smallest million-dollar Oahu homes in 2019 are on the North Shore, at an average size of 1,976—slightly larger than a million-dollar home in New York City. According to a recent analysis by Zillow, nationwide, 2019 homebuyers can expect one million dollars to by 2,192 square feet—slightly smaller than a million-dollar Oahu home.
As the state’s oldest and leading independent real estate firm, our trusted Neighborhood Experts have served Hawaii’s families since 1969. For 50 years, Locations has helped more people buy or sell their homes than any other real estate firm in the state. With our rich kama’aina roots, innovative technology and dedicated market-research department, Locations continues to be at the forefront of this ever-changing industry. Today, Locations has over 400 agents across the state with five offices on Oahu, one on Maui and four on the Big Island (Clark Realty). Through our non-profit, the Locations Foundation, our agents and staff support more than 100 Hawaii non-profit organizations both through monetary donations and volunteer hours.
Visit LocationsHawaii.com/about-us today to learn more. For up-to-date Hawaii real estate updates, follow Locations on Facebook at: www.facebook.com/LocationsHawaii, Twitter at @LocationsHI, Instagram at @LocationsHawaii, and LinkedIn at www.linkedin.com/company/locations-hawaii. Read the Locations blog at: www.LocationsHawaii.com/news.
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