The Puerto Vallarta and Riviera Nayarit real estate market continued its dynamic evolution in 2024, according to the latest Year-Over-Year report compiled by AMPI. The report, covering the period from January 1, 2024, to January 1, 2025, offers a snapshot of shifting trends that reflect both the strength and the growing complexity of the local property landscape.
Inventory Surge and Rising Prices
Inventory saw a significant increase across the board, with total active listings up 38% year-over-year. New listings rose by a comparable 37%, offering more options to prospective buyers than in the previous year. While demand held relatively steady, this increase in inventory gave buyers more negotiating power, especially in the single-family home segment.
Average sale prices across all property types climbed by 12%, with condos leading the charge at a 16% increase. Houses, however, saw a slight decline of 3% in average price, signaling more volatility in that segment.
Condos Drive Market Momentum
Condos remained the strongest performing category. Although the number of condos sold decreased by 13%, their average price rose notably, and total sold volume held steady at around $446.6 million. This reflects strong interest in high-demand areas such as Centro South, Marina Vallarta, and Nuevo Vallarta West, where prices and sales volumes surged.
House Market Slows, But Notably in Emerging Areas
The house market showed more mixed results. While the number of houses under contract rose 17%, the number sold dipped slightly (down 1%), and total sales volume fell by 5%. Still, some neighborhoods such as Francisco Villa West, Jarretaderas, and San Pancho experienced dramatic gains in both volume and average pricing, suggesting rising interest in peripheral and emerging zones.
Conclusion
The 2024 market reflects a maturing real estate environment. Buyers now face a more competitive landscape, with greater inventory but also rising prices in key zones. Investors continue to favor condos, especially in walkable, beach-proximate areas, while new opportunities are emerging inland and along the northern coast. As infrastructure projects and international interest continue to shape the market, Puerto Vallarta remains one of Mexico’s most compelling property destinations.
