Real estate is poised to take over Hawaii in a big way, according to a new report from real estate consulting firm Redfin.
In a research report, the firm said Hawaii is poised for an influx of buyers and renters from the United States, with nearly 40% of its population residing in a city or county with a population of 1 million or more.
Redfin said the country is already seeing a “huge surge” in demand for housing and other real estate.
According to the firm, the average price of a home in Hawaii jumped from $1.6 million in 2020 to $3.1 million in 2021.
The firm said it expects the market to accelerate this year and to continue to grow.
Huge demand for new homes and apartments are coming from the U.S., Europe and elsewhere.
Hawaii’s population is expected to grow to 8.2 million in 2024, according a Redfin report released this week.
The state also has the highest number of millennials in the country.