Wailuku appreciation rates and housing market information
Wailuku housing market information
With a population of 15,495, 5,600 total housing units (homes and apartments), and a median house value of $447,904, real estate costs in Wailuku are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Hawaii communities.
Single-family detached homes are the single most common housing type in Wailuku, accounting for 65.99% of the town's housing units. Other types of housing that are prevalent in Wailuku include large apartment complexes or high rise apartments (24.06%), duplexes, homes converted to apartments or other small apartment buildings (6.18%), and a few row houses and other attached homes (3.50%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Wailuku. Owner-occupied housing accounts for 65.86% of Wailuku's homes, and 59.21% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Wailuku built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Wailuku built between 1940-1969 (27.81%). A lesser amount of the housing stock also hails from between 2000 and later (21.33%). There's also some housing in Wailuku built before 1939 (7.62%).
Vacant housing appears to be an issue in Wailuku. Fully 10.30% of the housing stock is classified as vacant. Left unchecked, vacant Wailuku homes and apartments can be a drag on the real estate market, holding Wailuku real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Wailuku home appreciation rates
Appreciation rates for homes in Wailuku have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 10.92%, which ranks in the top 40% nationwide. This equates to an annual average Wailuku house appreciation rate of 1.04%.
Appreciation rates are so strong in Wailuku that despite a nationwide downturn in the housing market, Wailuku real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Wailuku appreciation rates continue to be some of the highest in America, at 5.97%, which is higher than appreciation rates in 87.15% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Wailuku. Wailuku appreciation rates in the latest quarter were at 2.80%, which equates to an annual appreciation rate of 11.67%.
Importantly, this makes Wailuku one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Hawaii, our data show that Wailuku's latest annual appreciation rate is lower than 60% of the other cities and towns in Hawaii.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Wailuku differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Wailuku - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Wailuku real estate investment or home purchase decisions.