<p>This paper examines the impact of sea level rise (SLR) exposure on residential property values in Hawaiʻi by employing a repeat sales methodology on coastal properties transacted between 2000 and 2022. Our analysis reveals that properties exposed to a projected 3 ft of SLR appreciate by 0.8% less annually than unexposed properties. This depreciation effect is particularly pronounced on Oʻahu (-1.4% annually) and Hawaiʻi Island (-1.1% annually). The discount is in part explained by local buyers, with properties they purchase incurring a significantly higher annual penalty compared to those acquired by non-local buyers. Seawalls are associated with higher home appreciation rates; however, they do not offset the penalty associated with SLR exposure. Our work provides new evidence on the forward-looking capitalization of climate change exposure into housing markets, demonstrating that buyer origin—potentially representing differing beliefs or knowledge of risk—has a significant influence.</p>