One of the most persistent debates in Hawaii revolves around who is actually buying property. The narrative often points to mainlanders and international investors as the primary drivers of rising housing costs. Politicians frequently address this issue, sometimes proposing measures to restrict out-of-state and foreign investment. But what does the data actually show? Dylan Nonaka here, providing the data-driven backbone for Living in Hawaii. Let’s dive into the numbers for 2025 and compare them to previous years to uncover the truth about who is buying property in Hawaii.

Kauai: A Closer Look at Buyer Demographics

Starting on Kauai, the data reveals that in 2025, 68% of property purchases were made by buyers already residing in Hawaii. This is a slight increase from 67% in 2024. Meanwhile, 32% of purchases came from the US mainland. Notably, there were no recorded foreign buyers on Kauai in 2025. These proportions have remained relatively stable over the past two decades, indicating that there hasn’t been a recent surge in mainland or foreign buyers significantly impacting housing prices.

Oahu: The Stronghold of Local Buyers

Oahu demonstrates the strongest presence of local buyers in the state. In 2025, 83% of property purchases on Oahu were made by Hawaii residents, up 2% from 81% in 2024. Mainland buyers accounted for 14% of the market, a decrease of 1% from the previous year. Foreign buyers represented a mere 3% of the market, consistent with 2024. This data highlights that even if foreign investment were entirely eliminated, it would have a negligible impact on housing prices due to its small market share. This trend has been consistent over the years, with local buyers consistently accounting for over 80% of purchases on Oahu.

Maui: The Largest Shift Towards Local Buyers

Maui experienced the most significant shift towards local buyers in 2025. 73% of purchases were made by Hawaii residents, while 25% came from the mainland, down from 27% in 2024. Foreign buyers accounted for only 1% of the market, a decrease from 3% in the previous year. While the 3% growth in local buyers may seem small, it was the largest increase observed across the state. This indicates a growing trend of local investment on Maui.

Big Island: A Notable Increase in Local Purchases

The Big Island, similar to Kauai, has a slightly lower percentage of in-state buyers compared to Oahu and Maui. In 2025, 67% of purchases were made by Hawaii residents, a significant increase from 60% in 2024. Mainland buyers accounted for 32% of the market, down from 39% in the previous year. Foreign investment remained constant at 1%. This data reinforces the statewide trend of increasing local investment and decreasing mainland investment.

Statewide Analysis: The Big Picture

Across the entire state, out of nearly 17,000 sales in 2025, 78% were made by buyers residing in Hawaii. Mainland buyers accounted for 20% of the market, and foreign buyers represented just 2%. This reflects an overall increase in local purchases, up from 75% in 2024, and a decrease in both mainland and foreign investment. The share of US mainland buyers dropped 3%, and the share of foreign investors dropped 1%.

Addressing Misconceptions and Identifying the Real Issues

The data clearly indicates that blaming out-of-state buyers for rising housing prices is inaccurate and unfair. While external investment does play a role, it is not the primary driver of the issue. The real problem lies in government policies that restrict building and increase the cost of construction. These policies significantly impact the supply and affordability of housing in Hawaii.

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 actual demographics of property buyers in Hawaii is crucial for informed discussions about housing affordability. By examining the data, we can move beyond misconceptions and focus on addressing the real issues that contribute to rising housing costs. If you have any questions about Hawaii real estate, feel free to reach out for a consultation. We’re here to provide you with the information you need to make informed decisions about living in Hawaii.