For this problem, as the question says, I am supposed to describe the locus of points $z$ that satisfy the equation:
$$|z+2|+|z-2|=5$$
Usually these problems aren't too difficult with a bit of algebra, but this one is just confusing me too much (it's getting way too messy).
When I rewrite the equation in terms of $z$'s $x$ and $y$ components, I get:
$$\sqrt{(x+2)^2 + y^2} + \sqrt{(x-2)^2 + y^2} = 5$$
From here, if I choose to square the entire equation, I will get a nasty term in a radical that's too much for me to work out. If I multiply the entire equation by the conjugate (not complex conjugate) of the left-hand side, I arrive at nearly the exact same problem on the right side.
Please give me some guidance. Is the algebra avoidable?

Let's try some messy algebra. You arrived at:
$$ \sqrt{(x+2)^{2}+y^{2}} = 5-\sqrt{(x-2)^{2}+y^{2}} $$
Squaring both sides, we get:
$$ (x+2)^{2}+y^{2}=25-10\sqrt{(x-2)^{2}+y^{2}} + (x-2)^{2}+y^{2} \to 8x=25-10\sqrt{(x-2)^{2}+y^{2}} $$
We move the $25$ to the LHS and square it again:
$$ (8x-25)^{2}=100((x-2)^{2}+y^{2}) \to \\ 64x^{2}-400x+625=100x^{2}-400x+400+100y^{2} \to \\ 100y^{2}=-36x^{2}+225 $$
Then, we have as possible for $y$:
$$ y=\pm\frac{\sqrt{-36x^{2}+225}}{10} $$
We note that the expression inside the square root is $\geq 0$ only for $\frac{-5}{2}\leq x\leq \frac{5}{2}$. Therefore, the points that satisfy the condition are given by
$$ \{(x,y)\in \mathbb{R^{2}} | \frac{-5}{2}\leq x\leq \frac{5}{2}, y=\pm\frac{\sqrt{-36x^{2}+225}}{10} \} $$
The positive and negative signs on $y$ give you the upper and lower branches of the ellipse. Here is a link for a plot of the upper branch. Another way (and nicer) to see this is taking the equation involving the squares of $x$ and $y$ and putting it on this form:
$$ 36x^2 + 100y^2 = 225 $$
You can then factor this into
$$ \frac{x^{2}}{a^{2}} + \frac{y^{2}}{b^{2}} = 1, $$
where $a=5/2$ and $b=3/2$, which gives you geometric information about the ellipse much faster.