Our monthly Market Report provides meaningful and valuable information, to empower buyers and sellers who are considering a real estate transaction in Nassau or Paradise Island (Bahamas).

If you're considering selling your property or buying property on Nassau or Paradise Island, it's essential to understand what's happening in The Bahamas' real estate market. Knowing the most important data, such as median and average prices, the number of properties sold, the number of new listings, and the days on the market will better prepare you for selling or buying.

We are happy to share our August 2024 analysis of the Nassau and Paradise Island market. We also encourage you to review our quarterly market reports on Abaco, Eleuthera, Exuma, Grand Bahama and New Providence.

Our market reports provide Morley's interpretation of the data from the Bahamas Real Estate Association MLS. Even though the MLS does not include all real estate sales and related real estate data, we believe the MLS data is reasonable and consistent to be reliable to use to estimate local real estate trends. 

The Nassau and Paradise Island housing market continues to experience notable changes as we move through 2024. Inventory has continued to tighten, with the number of New Listings in August 2024 down by 43.8% compared to August 2023, despite a year-to-date (YTD) increase of 25.0%. This contrast shows a growing demand paired with shrinking available homes in the market.

The volume of Contracted Sales has risen significantly, with a year-over-year (YoY) increase of 22.6% in August 2024. Year-to-date, Contracted Sales have surged by 50.9%, further highlighting the heightened buyer activity despite fewer listings on the market.

However, Completed Sales have dropped considerably, with a 45.0% decline in August 2024 compared to August 2023 and a 39.7% decrease YTD. This decline reflects the impact of lower inventory levels, even as demand remains strong.

Pricing dynamics in the market have also shifted. The Median Price in August 2024 fell by 32.9% compared to August 2023, while the Average Price increased by 8.9%. Year-to-date, the Median Price is up by 5.0%, and the Average Price has surged by 43.8%. These trends suggest a broadening range of price. The Nassau and Paradise Island housing market continues to experience notable changes as we move through 2024. Inventory has continued to tighten, with the number of New Listings in August 2024 down by 43.8% compared to August 2023, despite a year-to-date (YTD) increase of 25.0%. This contrast shows a growing demand paired with shrinking available homes in the market.

The volume of Contracted Sales has risen significantly, with a year-over-year (YoY) increase of 22.6% in August 2024. Year-to-date, Contracted Sales have surged by 50.9%, further highlighting the heightened buyer activity despite fewer listings on the market.

However, Completed Sales have dropped considerably, with a 45.0% decline in August 2024 compared to August points, likely driven by varying buyer and seller motivations in response to inventory constraints.

The Median Days on Market (DOM) saw a significant decrease in August 2024, dropping by 66.7% compared to the same month last year. YTD, DOM has increased slightly by 4.0%, indicating that, while homes may have sold faster in August, the overall market pace has slowed down slightly when viewed over the entire year.

Lastly, the Average List-to-Sale Price Ratio has remained stable, with a slight increase of 0.5% YoY in August 2024. This ratio suggests that sellers are generally able to achieve close to their listing prices, maintaining steady market conditions for pricing negotiations.

Home Market Indicators

New Listings, Contracted Sales & Completed Sales

 Average & Median Price

The Nassau and Paradise Island market for land has undergone notable shifts in August 2024, with strong growth across key indicators. New Listings decreased significantly, dropping by 48.1% year-over-year (YoY) in August 2024. However, on a year-to-date (YTD) basis, New Listings rose by 22.0%, suggesting that while the month of August saw a slowdown in new land offerings, overall activity remains higher in 2024 compared to 2023.

Contracted Sales saw a substantial increase, up 266.7% YoY, while YTD Contracted Sales surged by 125.0%. This points to a dramatic uptick in buyer interest and successful contract negotiations for land in 2024. Completed Sales also reflected strong growth, with a 71.4% increase in August 2024 compared to August 2023, and a 42.6% rise YTD. This highlights the increasing pace of finalized transactions in the market.

Land prices have followed an upward trend. The Median Price in August 2024 rose by 11.3% YoY, while the YTD Median Price is up by 44.4%, suggesting that land values are strengthening as demand remains high. Similarly, the Average Price has shown significant gains, with a 141.0% increase YoY and a 41.5% increase YTD, indicating that larger or more expensive parcels are being sold.

In terms of market speed, the Median Days on Market (DOM) decreased by 33.4% in August 2024 compared to the same month in 2023, meaning properties sold more quickly this year. YTD, however, DOM is down by 6.5%, which still reflects a positive trend of quicker sales for land compared to 2023.

Lastly, the Average List-to-Sale Price Ratio rose by 18.3% YoY in August 2024, reflecting stronger negotiation power for sellers. YTD, the ratio increased by 2.6%, reinforcing the notion that sellers are receiving prices closer to their listing values throughout 2024.

Land Market Indicators

New Listings, Contracted Sales & Completed Sales

Average & Median Price