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December 15, 2023
Understanding how the second-hand housing market has behaved is essential for property owners, tenants, buyers, and sellers. This information allows them to make informed decisions about rental and purchase prices, choose the right time to sell, strategically plan investments, and negotiate more effectively. In short, it is the necessary foundation for making sound decisions in the real estate world with the help of experts. Here we tell you more about the used housing market: For sale and rent.
During the first half of 2023, the real estate sector experienced a slowdown as a result of higher interest rates, high inflation, and reduced subsidies for home purchases. For this reason, during the first half of the year, the number of real estate transactions in the region fell by 8% and sales of existing homes fell by 5%.
Below, thanks to a study carried out by Lonja – the real estate association of Medellín and Antioquia – we present a summary of the behavior of the used housing market in various areas of the city during the first half of 2023.
During the first half of this year, used homes that were sold spent an average of 268 days on the market, 14.5% longer than in the same period in 2022. The number of units sold in the area contracted by 13%. For rentals, homes spent an average of 72 days on the market before being rented, 38% less than in the first half of last year.
Area formed by the neighborhoods of Alejandría, Lalinde, Castropol, La Florida, Las Lomas 1 and 2, Los Balsos 2, Patio Bonito, San Diego, Santa María de los Ángeles, and La Aguacatal
In the first half of this year, used homes that were for sale remained on the market for approximately 246 days, 34% longer than in the same period last year. In the case of the rental market, homes spent an average of only 73 days on the market before being rented, 19% less than in the first half of last year. This demonstrates the adequate supply and demand for rental apartments in Envigado.
Area formed by the neighborhoods of El Esmeraldal, Zuñiga, Bosques de Zuñiga, Alto de Misael, and La Orquídea.
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During the first half of this year, houses and apartments for sale in Laureles spent an average of 342 days on the market, and sales in this area increased by 57%. In the rental market, properties spent an average of 89 days on the market before being rented.
This area is bordered by the neighborhoods of Lorena, Laureles, Las Acacias, and Bolivariana.
In the Boston neighborhood in the city center, during the first four months of this year, homes sold spent an average of 273 days on the market. In the case of the rental market, homes for rent in Medellín, in the La Candelaria neighborhood, spent an average of 57 days on the market before being rented, 65% less than in the first half of last year.
Overall, this analysis shows how the real estate market performed in certain areas of the city, both for sales and rentals. Understanding this information not only allows you to be competitive in the sector, but also gives you the ability to adapt effectively to dynamic market changes.
Source: La Lonja – The real estate association of Medellín and Antioquia
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