Comprehensive Housing Trends, Price Analysis, Buyer & Seller Insights, and Future Forecast
Published February 2026
Makawao, Hawaii — nestled in the upcountry region of Maui — has experienced a dynamic housing market over the last several years driven by changing buyer demand, inventory shifts, economic forces, and island-wide trends. In this Makawao Market Report 2020-2026, we break down historical performance, recent data, neighborhood specifics, inventory dynamics, pricing trends, seasonal influences, and expert forecasts to help you make informed real estate decisions.
Whether you’re a Makawao home buyer, seller, or real estate investor, this guide will provide valuable insight into the market’s evolution from 2020 through early 2026.
Table of Contents
- Introduction: Why Makawao Matters
- Makawao Housing Market Overview (2020-2026)
- Median Sales Price Trends 2020-2026
- Inventory and Days on Market
- Buyer vs. Seller Market Dynamics
- Price Per Square Foot Trends
- Rental Market Snapshot
- Neighborhood Deep Dive: Makawao, Pukalani & Kula
- External Factors Impacting Makawao
- Makawao Forecast 2026 & Beyond
- Strategic Tips for Buyers & Sellers
- Frequently Asked Makawao Market Questions
- Conclusion
1. Introduction: Why Makawao Matters
Makawao, located in Maui County, Hawaiʻi, is known for its upcountry charm, rural landscapes, paniolo culture, and proximity to both mountain and ocean climates. Traditionally, the area attracts buyers seeking a blend of serenity and accessibility — making it one of the most watched housing markets on Maui. Over the past six years, Makawao’s market has reflected broader shifts in demand, pricing, and buyer behavior across the Hawaiian islands.
Key SEO terms included: Makawao real estate trends, Makawao housing market, Maui home values.
2. Makawao Housing Market Overview (2020-2026)
From 2020 through 2025, Makawao’s housing market saw significant price appreciation followed by some cooling and inventory shifts:
- In 2025, Makawao was classified as a seller’s market, meaning demand outpaced supply and drove prices higher year-over-year. The median sold price reached approximately $1,137,500, a jump of nearly 19.7% from the previous year.
- More recent data from late 2025 shows a wide range of reported median home prices — from roughly $640,000 (Redfin data reflecting a specific subset of sales) to Realtor.com reporting a $1.45M median home price in Makawao.
- Zillow’s January 2026 data places the average home value at around $1,098,994, with slight year-over-year value changes.
This variation reflects differences in data sources, sample sizes, and methodology — a common situation in localized markets.
3. Median Sales Price Trends 2020-2026
Tracking median home values over time reveals how Makawao’s market has shifted:
| Year | Approx. Median Home Price |
|---|---|
| 2020 | Data limited; market beginning surge |
| 2021 | Strong price growth (nationwide trend) |
| 2022 | Prices elevated |
| 2023 | Continued appreciation |
| 2024 | Growth stabilizes |
| 2025 | $1.1M-$1.45M+ range (different sources) |
| 2026 | ~ $1.09M average value (Zillow) |
Despite varying metrics, the long-term trend shows Makawao values staying well above national averages, with periodic adjustments. Many homes continue to command premium pricing due to limited inventory and unique lifestyle appeal.
4. Inventory and Days on Market
Inventory levels are a key indicator of market heat:
- Realtor.com reports ~52 active listings in Makawao as of late 2025, with average days on market around 83 days — up compared to prior periods.
- Another source indicated longer average days on market (115 days) for some months in 2025, signaling slower turnover compared to peak seller frenzy conditions.
Increasing inventory and longer listing times can signal softening — giving buyers more negotiating leverage.
5. Buyer vs. Seller Market Dynamics
Understanding whether Makawao is currently a buyer’s or seller’s market is essential:
- Seller’s market conditions prevailed in mid-2025 as prices and demand rose.
- By late 2025 / early 2026, increased inventory and slower sales may be cooling the pace, potentially transitioning toward a more balanced market.
Overall, buyers in Makawao may find negotiating room during slower months, while sellers still benefit from historically strong pricing.
6. Price Per Square Foot Trends
Price per square foot (PPF) is often a better comparison metric than raw sale prices:
- Recent data shows PPF around $848/sq ft in Makawao, with slight year-over-year declines in some datasets.
This benchmarking helps compare Makawao to nearby Maui communities and more accurately reflects value relative to home size rather than total price.
7. Rental Market Snapshot
While this report focuses on sales, rental trends influence investor interest:
- Realtor.com data shows median Makawao rent around $3,700 per month, with variability across studios, 1-bed, and larger homes.
Rental demand can ease housing pressures but is also impacted by tourism shifts, short-term rental regulations, and local economic factors.
8. Neighborhood Deep Dive: Makawao, Pukalani & Kula
Makawao’s market should be understood within the context of adjacent upcountry communities:
- Pukalani & Kula often show premium pricing and distinctive demand patterns, sometimes higher than broader Makawao averages.
- Neighborhood-level data reveals nuanced pricing changes and varying inventory levels, valuable for buyers and investors.
9. External Factors Impacting Makawao
Several broader trends influence housing conditions in Makawao:
Economic & Affordability Challenges
Statewide housing affordability in Hawaiʻi has worsened, with only about 20% of households able to afford a single-family home, dropping significantly from earlier years.
Demand Shifts & Supply Constraints
High construction costs, permitting delays, and limited available land continue to restrain new housing supply, putting upward pressure on prices.
10. Makawao Forecast 2026 & Beyond
While precise forecasts carry uncertainty, key expectations include:
- Continued value support due to island appeal and limited new inventory.
- Potential moderation in price growth as mortgage rates and demand balance.
- Seasonal trends often show spring/summer as peak selling months (consistent with broader U.S. housing patterns).
Buyers may benefit from selective opportunities during slower months, and long-term investors may see steady value gains over time due to limited land availability.
11. Strategic Tips for Buyers & Sellers
For Buyers:
- Monitor inventory trends monthly.
- Assess pricing per square foot rather than only median sale prices.
- Work with local real estate agents familiar with Makawao’s nuances.
For Sellers:
- Consider seasonal timing to list (spring/summer often sees more buyers).
- Price competitively based on recent comparable sales and PPF metrics.
- Prepare homes thoroughly to attract higher offers quickly.
12. Frequently Asked Makawao Market Questions
Q: Is Makawao a good place to invest?
A: Yes, Makawao’s long-term demand due to limited inventory and lifestyle appeal often supports strong value retention and rental potential.
Q: Are prices increasing or decreasing?
A: Prices have remained strong overall, with some data showing stabilization or modest fluctuations in 2025-2026.
Q: Where should I start researching local trends?
A: Track Realtor.com, Zillow, local MLS reports, and annual market reports for the latest data.
13. Conclusion
The Makawao Market Report 2020-2026 reflects an evolving real estate landscape shaped by demand, pricing pressures, inventory dynamics, and broader Hawaiʻi housing challenges. Although market conditions fluctuate, Makawao remains a desirable community with unique value propositions for homeowners and investors alike.
For personalized insights or the latest monthly data, consider signing up for automated market reports or consulting a local real estate professional with up-to-date MLS access.
