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 December 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 in December 2024 reflects continued buyer interest and evolving inventory trends, with significant changes compared to last year.

The number of New Listings in December declined by 17.6% YoY, dropping to 42 listings. However, YTD figures show a small 3.8% increase, indicating that while December experienced a dip, the overall market activity this year has been strong but similar to 2023. This monthly decline could signal a seasonal slowdown in new inventory entering the market.

Contracted Sales remained steady with no YoY change, totaling 21 for the month. However, YTD contracted sales surged by 45.6%, showcasing heightened buyer demand throughout 2024. Completed Sales experienced a significant 55.6% YoY increase, rising to 14 in December. Despite this improvement, YTD completed sales declined by 29.7%, reflecting an overall slower pace of finalized transactions compared to last year.

The Median Days on Market (DOM) remained stable at 119 days, unchanged YoY. YTD figures indicate a slight 3.7% increase, averaging 113 days, which aligns with typical market conditions. This consistency suggests that homes are still moving at a steady pace despite fluctuations in other metrics.

On the pricing front, the Median Sales Price jumped 65.7% YoY to $687,500.00, indicating increased activity in higher-priced homes. The Average Sales Price also climbed significantly by 69.0% YoY, reaching $1,590,635.71. YTD, the Median Price rose by 12.0%, and the Average Price increased by 39.8%, showing strong price growth across the market.

Lastly, the Average List-to-Sale Ratio increased by 4.5% YoY, settling at 95.0%, suggesting sellers achieved closer to their asking prices in December. YTD, this ratio remained stable, showing no change compared to 2023.

Home Market Indicators

New Listings, Contracted Sales & Completed Sales

 Average & Median Price

The Nassau and Paradise Island land market in December 2024 showed significant changes in inventory, buyer activity, and pricing compared to 2023.

New Listings fell 71.9% YoY to 9 in December, with a 2.8% YTD dip to 375. This decline reflects a shrinking inventory late in the year, possibly driven by seasonal factors or market adjustments as sellers held back listings.

Contracted Sales dropped 11.1% YoY to 8 in December but surged 95.9% YTD to 241. This yearly growth shows heightened buyer activity and confidence throughout 2024, even as December saw a small slowdown.

Completed Sales fell 42.9% YoY to 4 in December but increased 23.5% YTD to 126, reflecting steady overall transaction activity. The contrasting monthly and yearly trends suggest varying market rhythms influenced by external factors.

Median Days on Market (DOM) improved, dropping 21.8% YoY to 254 days in December. YTD DOM fell 12.8% to 113 days, indicating faster transactions and more efficient market activity, as buyers and sellers acted decisively.

The Median Price rose 56.7% YoY to $235,000.00 in December, driven by a shift toward higher-value land sales. A 42.9% YTD increase to $200,000.00 reflects ongoing strength across the market. Similarly, the Average Price climbed 24.2% YoY to $296,250.00 in December and 25.7% YTD to $301,886.90, highlighting robust demand and premium transactions.

The Average List-to-Sale Ratio remained stable, with a 0.7% YoY drop to 98.1 in December and a 1.0% YTD rise to 96.1, showing sellers achieved prices close to their asking figures, indicating strong market alignment.

The December 2024 housing and land markets reflect reduced inventory, rising prices, and stable transaction times. Despite a quieter month for new listings in both segments, the strong YTD performance highlights a thriving and competitive environment heading into 2025.

Land Market Indicators

New Listings, Contracted Sales & Completed Sales

Average & Median Price