Hawaii Real Estate: Unveiling Who’s Really Buying Property in 2025

One of the most persistent debates in Hawaii revolves around who is actually buying property. Are rising housing prices driven by mainlanders, international investors, or local residents? Dylan Nonaka, Broker-in-Charge and Team Leader of The Agency Team Hawaii, dives into the 2025 data to reveal the truth behind these claims and debunk common misconceptions.

The Statewide Perspective on Hawaii Real Estate

Dylan Nonaka analyzes the latest real estate data from across the Hawaiian Islands, breaking down the share of purchases made by in-state, out-of-state (U.S. mainland), and international buyers. He compares the 2025 figures to the previous year, providing valuable context and challenging popular narratives.

Kauai: A Closer Look at Buyer Demographics

In 2025, Kauai saw 68% of property purchases made by buyers residing in Hawaii. This is a slight increase from 67% in 2024, indicating a larger share of purchases from local buyers. The U.S. mainland accounted for 32% of purchases, while there were no recorded foreign buyers on the island. Dylan emphasizes that these proportions have remained relatively consistent over the past two decades.

Oahu: The Stronghold of Local Buyers

Oahu boasts the highest percentage of in-state buyers in Hawaii. In 2025, 83% of property purchases were made by Hawaii residents, up 2% from 81% in 2024. Mainland buyers accounted for 14% of the market, down 1% from the previous year. Foreign buyers represented a mere 3% of the market, a figure that has remained constant. Dylan points out that banning foreign buyers, a frequent topic of political debate, would have a negligible impact on housing prices due to their small market share.

“Especially when you talk about banning foreign buyers, there’s such a tiny percentage of the market, it wouldn’t make any significant difference in costs… because it wouldn’t change supply very much.”

Maui: A Shift Towards Local Investment

Maui experienced the most significant shift towards local buyers in 2025. 73% of purchases were made by in-state residents, up from the previous year. Mainland buyers accounted for 25% of the market, down from 27% in 2024, while foreign buyers made up only 1%, a decrease from 3% in 2024. While the changes are relatively small, the trend towards increased local investment is notable.

The Big Island: A Growing Local Presence

The Big Island, similar to Kauai, has a lower percentage of in-state buyers compared to Oahu and Maui. However, in 2025, 67% of purchases were made by Hawaii residents, a significant increase from 60% in 2024. The U.S. mainland accounted for 32% of purchases, down from 39% in 2024, while foreign investment remained steady at 1%. This data reinforces the statewide trend of increasing local buyer activity.

Statewide Summary: Debunking the Myths

Across the state, out of nearly 17,000 sales in 2025, 78% were from buyers within Hawaii. 20% were from mainland buyers, and only 2% were foreign. This represents an increase from 75% in-state buyers in 2024. The share of U.S. mainland buyers dropped by 3%, and foreign investment decreased by 1%.

Addressing the Real Issues Driving Housing Costs

Dylan emphasizes that blaming out-of-state buyers for rising housing prices is inaccurate and diverts attention from the real issues. He argues that government policies restricting building and the high cost of construction are the primary drivers of housing unaffordability.

“Simply blaming the prices of real estate on foreigners or mainlanders is very inaccurate. It’s very unfair and it’s avoiding the real issues that we need to deal with and solve here in the state.”

Conclusion: Informed Perspectives on Hawaii Real Estate

Understanding the true demographics of Hawaii’s real estate market is crucial for informed discussions and effective solutions. By analyzing the data, Dylan Nonaka provides valuable insights that challenge common misconceptions and highlight the need to address the underlying factors contributing to housing costs.

If you have any questions about Hawaii real estate, you can reach out to Dylan via email at dylan@bigisland.com. You can also book a meeting directly with him or a member of his team through the link in the description below.