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. The narrative often points to mainlanders and international investors driving up prices, a sentiment that frequently surfaces in political discussions. But what does the data actually reveal? Dylan Nonaka, Broker-in-Charge and Team Leader of The Agency Team Hawaii, dives into the 2025 real estate statistics to separate fact from fiction and provide clarity on this contentious issue.

Statewide Trends in Hawaii Real Estate

Dylan has compiled 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. The analysis offers a comprehensive view of the buyer landscape and how it compares to previous years.

Island-by-Island Breakdown of Property Buyers

Kauai: A Strong Local Presence

In 2025, Kauai saw a significant 68% of property purchases made by Hawaii residents, up slightly from 67% the previous year. Mainland buyers accounted for 32% of purchases, while there were no recorded foreign buyers on the island. Dylan notes that these proportions have remained relatively consistent over the past two decades.

Oahu: Dominated by In-State Buyers

Oahu boasts the highest percentage of in-state buyers in Hawaii. In 2025, 83% of property purchases were made by local residents, a 2% increase from 81% in 2024. Mainland buyers comprised 14% of the market, down 1% from the previous year, while foreign buyers accounted for a mere 3%, consistent with 2024 figures.

“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.”

Dylan emphasizes that the consistently high percentage of local buyers on Oahu underscores the limited impact that banning foreign investment would have on housing prices.

Maui: The Largest Shift Towards Local Buyers

Maui experienced the most significant shift towards local buyers in 2025. In-state buyers accounted for 73% of purchases, while mainland buyers made up 25%, a decrease from 27% in 2024. Foreign buyers represented only 1% of the market, down from 3% the previous year.

Big Island: Significant Increase in Local Purchases

The Big Island saw 67% of property purchases made by in-state buyers, a notable increase from 60% in 2024. Mainland buyers accounted for 32% of purchases, down from 39% the previous year, while foreign investment remained constant at 1%.

Statewide Conclusion: Local Buyers Predominate

Across the state, out of nearly 17,000 sales in 2025, 78% were attributed to in-state buyers, 20% to mainland buyers, and 2% to foreign investors. This represents an increase from 75% in 2024 for local buyers, with corresponding decreases for mainland and foreign buyers.

Addressing the Real Issues Driving Housing Costs

Dylan asserts that blaming out-of-state buyers for rising housing prices is inaccurate and unfair. He points to government policy restrictions on building and the high cost of construction as primary factors contributing to the issue.

“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.”

Seeking Expert Guidance

If you have questions about Hawaii real estate, Dylan encourages you to reach out. You can contact him via email at dylan@bigisland.com or book a meeting through the link in the description below. His team is equipped to provide expert consultations and answer your questions, ensuring you have the information you need to make informed decisions.