A Word From Ian Gengos, Managing Broker at Berkshire Hathaway HomeServices Baja Real Estate
Welcome to Berkshire Hathaway HomeServices Baja Real Estate’s annual market report. The document, accessed through this link, offers a comparative analysis of key metrics between 2024 and 2023, providing valuable insights into the real estate market of Los Cabos and the southern Baja Peninsula.
Los Cabos continues to captivate with its serene beauty and elegant lifestyle, drawing those seeking an exclusive coastal retreat. The unique charm of Baja living has captured the interest of many discerning buyers looking to secure properties here, whether for leisure, primary residence, or investment. Owning real estate in Los Cabos reflects the growing theme among buyers of prioritizing lifestyle above other considerations.
The second half of 2024 showed a slowing of activity balanced by an increase in the average transactional volume, which may, in part, be due to the heightened uncertainty created by the US election cycle and the volatility of various financial instruments, exchanges, and markets. As inventory was replenished, we also saw a shift in favor of buyers, although not with significant leverage in areas of high demand.
We remain bullish that demand for Los Cabos as a vacation destination and second home market will continue to run high into 2025 as the new U.S. Administration takes office and restores consumer confidence and as the new Mexican government implements measures to become a global top 10 economy and one of the primary global tourist destinations.
2024 Year in Review
Presented by Berkshire Hathaway HomeServices Baja Real Estate, the report provides a comprehensive overview of the real estate market in 2024, comparing key data to 2023. It covers selected areas in Los Cabos and the entirety of La Paz, offering insights into a diverse range of markets—from exclusive luxury communities like Diamante and the San Jose Corridor to more accessible, family-oriented neighborhoods like Tezal. The data will guide buyers, sellers, and real estate professionals in navigating the region’s dynamic landscape.
In 2024, the luxury market for houses across the region displayed remarkable resilience. Several areas experienced increased total sales volumes even amid an overall decline in sales activity.
High-value properties particularly stood out, especially in exclusive communities like Diamante and the ocean side of the San Jose Corridor, where rising median sold prices indicated strong demand for ultra-luxury homes.
These trends reflect a growing appetite for premium properties, even as transaction activity slowed in some segments.
Conversely, the condo market faced significant challenges in 2024. In many regions, the number of sold listings and total sold volumes declined sharply, suggesting a cooling demand for mid-tier luxury units. This shift implies buyers are reassessing their preferences, possibly prioritizing larger homes or alternative investment opportunities.
Inventory levels increased in 2024, particularly in the market for houses, reflecting strong seller confidence and providing buyers with more options in high-end and more accessible markets. While this trend underscores a competitive landscape, it also presents opportunities for those looking for properties across various price points.
