Have Prices Dropped on Maui Home Prices? The Top 25 Best Value Properties Right Now
February 2026 Market Update | West Maui Single-Family Homes
The Short Answer: Prices Flat, But Value Improved Dramatically
After analyzing 2,243 sold properties from 2023-2026 and comparing them to current West Maui listings, here's what the data reveals: Maui home prices haven't dropped significantly—but the VALUE available to buyers improved 10-30%.
Historical Price Trends
From our analysis of sold properties:
- 2023 Median: $1,200,000
- 2024 Median: $1,300,500 (+8.4%)
- 2025 Median: $1,295,000 (-0.4%)
- 2023 Average: $1,738,869
- 2024 Average: $1,800,092
- 2025 Average: $1,791,787
Prices essentially flatlined in 2025 after strong 2024 growth—but that 0.4% dip masks a fundamental market shift.
What Really Changed
While headline prices stayed flat, THREE critical factors created unprecedented buyer opportunities:
- Competition Evaporated: Days on market rose from 96 in 2023 to 136 days in 2025
- Sellers Capitulated: 62% of sold properties traded below original asking
- Inventory Accumulated: 3.7 months of inventory in 2023 vs 8 months in 2025
Bottom Line: You're not negotiating against other buyers—you're negotiating with motivated sellers sitting on properties for 6+ months.
See ALL the Latest Real Estate Data Here: http://www.mauirealestatestats.com/
Our Methodology: 50/50 Price Per Square Foot + Land Size
We analyzed 83 current West Maui single-family listings using this objective ranking system:
50% Weight: Price per square foot (lower = better value)
50% Weight: Land acreage (larger = better value)
This identifies properties offering the best combination of construction value AND land holdings—the two fundamental components of real estate wealth.
Below are the top 25, ranked #1-#25, with full analysis and links to HawaiiRealEstate.org.
THE TOP 25 WEST MAUI SINGLE-FAMILY PROPERTIES
FEATURED: Why Our Algorithm Missed the Best Deal
300 Mahana Ridge St, Mahana Estates
Algorithm Score: 32.0/100 (Ranked #63) | View Property | MLS 408595
$5,950,000 | 4 BD / 4.5 BA | 3,156 SF | $1,885/SF
Land: 1.29 acres
Features: Pool, Ocean Views, Mahana Estates Address
Why the algorithm ranked it #63: Our 50/50 methodology heavily weights low price/SF and large land. At $1,885/SF with 1.29 acres, this property doesn't excel in either metric compared to 50-acre estates or $477/SF bargains.
Why it's actually a TOP DEAL: This property is priced $1.97M (25%) BELOW recent Mahana Estates comparable sales:
Recent Mahana $7-8M Sales:
- 725 Laulama Pl: $8.5M (April 2025)
- 410 Mahana Ridge St: $7.8M (July 2025)
- 57 Wai Kulu St: $7.77M (October 2025)
- 500 Mahana Ridge St: $7.625M (August 2025)
Average: $7.92M at $1,827/SF
#1. 554 Punakea Loop, Makila Ridge
Deal Score: 85.9/100 | View Property | MLS 406518
$7,995,000 | 5 BD / 5.5 BA | 5,863 SF | $1,364/SF
Land: 50.60 ACRES
Features: Pool, Mountain & Ocean Views
Why it's #1: Best overall value in West Maui. 50+ acres for under $8M = $158K per acre—exceptional for a finished luxury estate. Already reduced $1.86M (19%) from $9.85M original asking.
vs Historical Sales: Upper luxury properties with 5+ acres typically commanded $10M+. This represents 20% discount despite having 10x more land than typical comps. Seller motivation evident after 206 days on market.
Who it's for: Buyers seeking ultimate privacy and legacy property holdings.
#2. 454 Wailau Pl, Makila Nui
Deal Score: 84.0/100 | View Property | MLS 408313
$11,000,000 | 4 BD / 5 BA | 6,640 SF | $1,657/SF
Land: 52.78 ACRES
Features: Pool, Ocean Views
Why it's #2: Largest land parcel in top 25. At $208K/acre for a finished luxury estate, exceptional value for ultra-wealthy buyers.
vs Historical Sales: Ultra luxury market showed 114 months of inventory. Only 6 sales in 3 years, 100% sold below asking. This is NEW to market, priced competitively to avoid 400+ day DOM fate of overpriced comps.
#3. 81 Iliahi Way, Mahanalua Niu
Deal Score: 78.3/100 | View Property | MLS 408232
$5,995,000 | 4 BD / 4.5 BA | 4,670 SF | $1,284/SF
Land: 41.43 ACRES
Features: Pool, Ocean Views
Why it's #3: Second-best land value. 41+ acres with ocean views for under $6M. At $145K/acre, exceptional opportunity.
vs Historical Sales: Comparable acreage estates historically traded $8-12M. This represents 25-50% discount, reflecting severe oversupply in upper luxury (28 months inventory).
#4. 3863 Mahinahina St
Deal Score: 50.1/100 | View Property | MLS 408524
$1,900,000 | 4 BD / 3 BA | 3,986 SF | $477/SF
Land: 0.17 acres
Features: Ocean Views
Why it's #5: Lowest price per square foot in entire top 25 at just $477/SF. Massive 4,000 SF home at entry-level pricing.
vs Historical Sales: Core market median was $1,092/SF. This offers construction at 56% discount per square foot—likely dated finishes, but exceptional bones for the money. Perfect for buyers willing to renovate.
#5. 28 Lotus Pl, Kahana Ridge
Deal Score: 48.9/100 | View Property | MLS 408400
$2,075,000 | 4 BD / 6 BA | 3,676 SF | $564/SF
Land: 0.17 acres
Features: Mountain & Ocean Views
Why it's #6: At $564/SF, priced 14% below the lowest Kahana Ridge sale since 2016 ($659/SF). Unprecedented neighborhood value.
vs Historical Sales: Kahana Ridge median is $851/SF. This offers 34% more house per dollar than typical sales. Statistical outlier reflecting aggressive pricing in crowded $2M segment.
#6. 912 N Niheu Pl, Kelawea Mauka III
Deal Score: 48.0/100 | View Property | MLS 405067
$1,899,000 | 5 BD / 3 BA | 3,000 SF | $633/SF
Land: 0.16 acres
Features: Mountain/Ocean Views
Why it's #7: Excellent price/SF at $633 for 5-bedroom home. Large family house under $2M is rare.
vs Historical Sales: 5+ bedroom homes in $2M range historically traded $850-950/SF. Represents 25-35% better value per square foot, likely from 345 days on market forcing reductions.
#7. 14 Bermuda Pl, Kahana Ridge
Deal Score: 47.4/100 | View Property | MLS 408448
$1,995,000 | 4 BD / 4 BA | 2,944 SF | $678/SF
Land: 0.16 acres
Features: Ocean Views
Why it's #8: Another Kahana Ridge value play at $678/SF—still 20% below neighborhood median. Reflects downward pricing correction in $2M tier.
#8. 31 Pualu Loop, Honokeana Subdivison
Deal Score: 47.2/100 | View Property | MLS 407585
$1,790,000 | 4 BD / 3.5 BA | 2,576 SF | $695/SF
Land: 0.27 acres
Features: Ocean Views
Why it's #9: Good price/SF with slightly larger lot (0.27 acres vs typical 0.16).
#9. 11 Piina Pl
Deal Score: 47.1/100 | View Property | MLS 406229
$2,800,000 | 8 BD / 4 BA | 4,026 SF | $695/SF
Features: Ocean Views
Why it's #9: Rare 8-bedroom property—excellent for large families or rental income potential. Matching #89's excellent price/SF.
#10. 24 Olali St, Mahinahina
Deal Score: 46.4/100 | View Property | MLS 406651
$1,499,000 | 3 BD / 2.5 BA | 1,992 SF | $753/SF
Land: 0.18 acres
Why it's #10: Entry luxury tier with solid price/SF at $753. Accessible price point.
vs Historical Sales: Entry luxury median sold at $1,597,500. This is priced 6% below historical median, representing genuine value in most competitive segment.
#11. 56 S Iwa Pl, Kaanapali Hillside
Deal Score: 46.3/100 | View Property | MLS 406512
$2,449,000 | 5 BD / 4 BA | 3,205 SF | $764/SF
Land: 0.26 acres
Features: Pool, Ocean Views
Why it's #11: Kaanapali Hillside location with ocean views, pool, and solid price/SF.
vs Historical Sales: Kaanapali Hillside median was $891/SF. This offers 14% better value, reflecting 207 days on market with 15% reduction from $2.89M original asking.
#12. 302 Kahana Ridge Dr, Kahana Ridge
Deal Score: 46.2/100 | View Property | MLS 407794
$2,125,000 | 4 BD / 4 BA | 2,784 SF | $763/SF
Land: 0.18 acres
Features: Pool, Ocean Views
Why it's #12: Third Kahana Ridge property in top 25, showing this neighborhood offers consistent value.
#13. 5045 Lower Honoapiilani Rd, Maluna Kai
Deal Score: 46.1/100 | View Property | MLS 408547
$1,898,000 | 3 BD / 2.5 BA | 2,093 SF | $907/SF
Land: 2.11 acres
Features: Pool, Ocean Views
Why it's #134: Larger land parcel (2+ acres) with oceanfront access under $2M. Excellent for buyers prioritizing land.
#14. 320 LUAWAI St, Olowalu Mauka **AUCTION ALERT**
Deal Score: 45.5/100 | View Property | MLS 407715
$5,000,000 | 5 BD / 6 BA | 4,212 SF | $1,187/SF
Land: 5.53 acres
Features: Pool, Ocean Views
Why it's #14: Reduced from $8.973M (44% reduction!)—one of largest price cuts in market. 5+ acres with ocean views.
vs Historical Sales: Upper luxury median is $5.29M. After massive reduction, now priced 5% below segment median despite premium land holdings. Clear seller capitulation.
#15. 4087 N Paua Way
Deal Score: 45.2/100 | View Property | MLS 407591
$2,099,000 | 3 BD / 3.5 BA | 2,502 SF | $839/SF
Land: 0.18 acres
Features: Ocean Views
#16. 337 Aalii Way, Kaanapali Golf Estates
Deal Score: 45.1/100 | View Property | MLS 406347
$2,395,000 | 3 BD / 3.5 BA | 2,819 SF | $850/SF
Land: 0.24 acres
Features: Ocean Views
vs Historical Sales: Kaanapali Golf Estates median is $1,173/SF. This offers 27% better value per square foot. Significant opportunity on 223 days DOM.
#17. 5177 Hanawai St, Napilihau
Deal Score: 45.0/100 | View Property | MLS 406821
$1,199,000 | 3 BD / 2 BA | 1,418 SF | $846/SF
Land: 0.08 acres
Features: Mountain & Ocean Views
Why it's #17: ONLY single-family home with ocean views under $1.2M in all of West Maui. Compact lot but maximizes value through views.
vs Historical Sales: Entry luxury ocean-view properties historically traded $1.6M+. This represents 25% discount, likely due to smaller footprint.
#18. 54 Hua Nui Way, Kahana Wai
Deal Score: 44.6/100 | View Property | MLS 407647
$1,695,000 | 3 BD / 2.5 BA | 1,926 SF | $880/SF
Land: 0.17 acres
#19. 19 Holomakani Pl, Ka'anapali Vista
Deal Score: 44.6/100 | View Property | MLS 405399
$3,650,000 | 6 BD / 5 BA | 4,097 SF | $891/SF
Land: 0.29 acres
Features: Pool, Ocean Views
Why it's #19: Large 6-bedroom family home. Good price/SF for size.
vs Historical Sales: Upper luxury ($4-8M) averaged $1,435/SF. Priced 38% below that tier by staying under $4M—smart positioning below psychological barrier.
#20. 601 Hoe Kawele Ln, Kahoma Village
Deal Score: 44.3/100 | View Property | MLS 406489
$2,195,000 | 4 BD / 3.5 BA | 2,436 SF | $901/SF
Land: 0.09 acres
#21. 17 Kahana Ridge Pl, Kahana Ridge
Deal Score: 43.9/100 | View Property | MLS 407928
$2,635,000 | 4 BD / 4.5 BA | 2,825 SF | $933/SF
Land: 0.15 acres
Features: Ocean Views
#22. 250 Akia Pl, Kaanapali
Deal Score: 43.7/100 | View Property | MLS 407287
$3,890,000 | 4 BD / 5 BA | 4,086 SF | $952/SF
Land: 0.26 acres
Features: Pool, Ocean Views
Why it's #22: Priced just under $4M to avoid psychological barrier where days on market doubles (128 → 190 days). Smart seller positioning.
#23. 637 Hoe Kawele Ln, Kahoma Village
Deal Score: 43.7/100 | View Property | MLS 406312
$2,299,000 | 4 BD / 3.5 BA | 2,436 SF | $944/SF
Land: 0.09 acres
#24. 20 Kohulike Way
Deal Score: 43.5/100 | View Property | MLS 407210
$1,399,000 | 3 BD / 2.5 BA | 1,466 SF | $954/SF
Land: 0.07 acres
Distribution Summary: Where the Value Concentrates
Under $1.5M (3 properties)
- #11, #17, #24
- Best for: Entry buyers, first-time luxury, budget-conscious
- Key opportunity: #18 (5177 Hanawai) = ONLY ocean view under $1.2M
$1.5M-$3M (16 properties) ← VALUE SWEET SPOT
- #3-#9, #112-#13, #15-#16, #89, #20-#21, #23
- 64% of top 25 fall in this range
- Best for: Families, move-up buyers, investors
- Key insight: Highest seller capitulation (80% reduced prices in historical data)
$3M-$5M (2 properties)
- #19, #22
- Best for: Buyers avoiding $4M psychological cliff
- Key insight: Both priced strategically under $4M barrier
$5M-$8M (3 properties)
- #1, #2, #14
- Best for: Estate buyers, land-focused buyers
- Key insight: All feature significant acreage (5-50 acres)
$8M+ (1 property)
- #2
- Best for: Ultra-wealthy seeking legacy property
- Key insight: 52 acres at $208K/acre
Key Market Insights
1. The $1.5M-$3M Tier Offers Maximum Value
Why 64% of top deals fall here:
- Historical data showed 80% price reduction frequency (highest of any segment)
- Sellers compete aggressively in this price range
- You're getting $2-3M quality at 10-30% discounts vs 2024 peak
2. Land is Severely Undervalued
Top 3 properties all feature massive acreage (16-53 acres):
- Historical pattern: Land buyers paid premium per acre in hot markets
- Current reality: Land values compressed 80-95% vs 2024
- Raw land in 2024 traded $500K-$2M/acre
- Opportunity: Generational buying window for land holdings
3. Price Per Square Foot Improved 10-30%
Comparing current top 25 to sold data:
| Tier | Historical Median | Top 25 Average | Improvement |
|---|---|---|---|
| Entry (<$2M) | $917/SF | $753/SF | 18% better |
| Core ($2-4M) | $1,092/SF | $764/SF | 30% better |
| Upper ($4-8M) | $1,435/SF | $1,277/SF | 11% better |
| Ultra ($8M+) | $1,893/SF | $1,657/SF | 12% better |
Result: You're getting 10-30% more house per dollar vs 2023-2025 buyers.
4. The "$4M Cliff" is Real
Historical data showed dramatic shift at $4M:
- Days on market doubles (128 → 190 days)
- Reduction frequency spikes to 88%
- Inventory balloons to 28+ months
Notice: Properties #190 and #223 deliberately priced at $3.65M and $3.89M—staying UNDER $4M to avoid buyer resistance.
So... Have Prices Actually Dropped?
The Nuanced Answer:
Absolute Asking Prices: Down only 0.4% (2024 → 2025)
BUT Effective Transaction Prices Dropped 5-15% due to:
- Initial reductions sellers made to compete (62-88% reduced)
- Additional negotiated discounts at closing
- Improved price/SF ratios vs historical
Example:
- 2024: Lists $3M, sells in 60 days at $2.95M (2% discount)
- 2026: Lists $2.8M, sits 180 days, sells at $2.55M (9% discount)
- Effective price drop: 15% ($2.95M → $2.55M)
Bottom Line: Headline prices didn't crash, but actual prices paid dropped 5-15% + you're getting better construction value per dollar.
What This Means for Buyers
You Have Three Advantages:
- Selection: 83 active West Maui listings vs ~40-50 in hot markets
- Time: Extended DOM means no bidding wars, thorough due diligence
- Leverage: Sellers competing for YOU, not vice versa
Action Steps:
Target These Tiers:
- Maximum Value: $1.5M-$3M (16 of top 25)
- Best Land Deals: #2, #3, #4, #54 (all 16+ acres)
- Best Price/SF: #4, #5, #6 (all under $700/SF)
Target Extended DOM: Properties 180+ days show seller desperation:
- Offer 15-20% below asking with quick close = high acceptance probability
Use Historical Comps:
- Point to neighborhood median price/SF
- Reference recent sold properties (we have 150 sold West Maui comps)
- Show sellers how their pricing compares to reality
Top Opportunities: 300 Mahana Estates
- #1: 554 Punakea Loop - 50 acres, $7.995M
- #5: 28 Lotus Pl - $564/SF, lowest since 2016
- #17: 5177 Hanawai St - ONLY ocean view under $1.2M
Call or Text Eric at 808-298-2030 Schedule a consultation to discuss specific properties and negotiation strategies.
The Bottom Line
Have prices dropped? Not dramatically in absolute terms—but value improved 10-30% through:
- Better price/SF ratios vs historical comps
- Compressed land values (80-95% discounts)
- Negotiation leverage from extended inventory
- Actual transaction prices after reductions
These top 25 represent the best combination of construction value and land holdings in West Maui's current market. They're not the cheapest—they're the best value per dollar spent.
The opportunity exists because sellers adjusted to reality after 18 months of inventory accumulation. Whether prices drop further or stabilize here, these represent solid acquisitions at fair-to-good pricing vs historical norms.
The question isn't whether to buy now or wait. The question is: will you recognize value when it's ranked #1-#25 right in front of you?
Team West Maui | Eric & Lisa West
Real Broker | Top 1% Global Realtors
808-298-2030 | HawaiisBest1@gmail.com
$120M+ in Sales | 100+ Five-Star Reviews
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