How is the housing market evolving?

The real estate market is a constantly evolving sector, influenced by economic, demographic, and social factors that impact buyers, sellers, and tenants. Understanding its behavior allows you to make better decisions, optimize investments, and adapt to changes with greater confidence. Whether you are looking to buy, sell, or rent a property, having up-to-date information is key to taking advantage of the best opportunities and minimizing risks. Here we tell you how the housing market is evolving.

Behavior in the sale of used homes

In 2024, according to data from Galería Inmobiliaria, 123,388 new homes and lots in subdivision projects were sold in the country, representing a 55% increase compared to 2023. This growth is largely attributed to lower inflation and mortgage interest rates, as well as the impact of the decline in new home sales during 2023.

In the Aburrá Valley, as well as in the nearby eastern and western areas, 16,109 new homes and lots were sold, representing a 12% increase over the previous year. Medellín led sales in the department with 3,894 units, followed by Bello with 2,640 and Envigado with 1,698.

For its part, the nearby east experienced a notable recovery after a complex 2023, with a total of 3,129 new homes sold, 18% more than in the previous year. Of these, 1,757 were located in Rionegro, 418 in La Ceja, and 320 in El Retiro.

As in previous years, Medellín continues to have a low share of new home sales. In 2024, this share was 32%, down from 70% at the beginning of the century. This decline has had a significant impact on the increase in rental fees and property sale values in the department's capital.

Availability of existing homes for sale

The monthly survey of existing homes, conducted by the Medellín and Antioquia Real Estate Board, analyzed 150,000 homes in socioeconomic strata four, five, and six in Bello, Envigado, Medellín, and Sabaneta, revealing a 31% reduction in the supply of properties available for sale. Despite this decrease, the average time to sell a home remained at 237 days. On the other hand, reports from the Multiple Listing System (MLS) reflect a 20% growth in used home sales during 2023. This trend has impacted the market for apartments for sale in Medellín, where demand continues to rise despite the lower availability of properties.

Supply of used housing for rent

After several contractions in the supply of rental housing in the Aburrá Valley, the market began to stabilize in 2024, registering a significant increase in the availability of rental properties. This growth is largely due to the completion and delivery of new housing projects, which has expanded the supply in certain areas of the city. In the areas analyzed, the average time to rent a home was 111 days. Although this figure remains high, it reflects the dynamism of the market, as many properties that had been vacant for more than a year were successfully rented due to strong demand and limited availability. In this context, the supply of apartments for rent in Medellín has shown a recovery, providing more options for those looking for housing in the city.