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 September 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 show significant shifts as of September 2024. Inventory constraints persist, with the number of New Listings down by 25.7% compared to September 2023, although there is a 16.5% increase YTD, indicating growing market demand and competition among buyers despite fewer homes being listed.

Contracted Sales have seen an uptick, rising by 16.7% YoY in September 2024, with a 45.7% YTD increase, signaling that buyer interest and activity remain high despite the tightening inventory. However, Completed Sales have fallen sharply, down by 42.3% YoY in September 2024 and 40.0% YTD, likely a result of fewer available listings and longer transactional processes.

The Median Price of homes has increased by 21.7% YoY in September 2024, reaching $695,000.00, while the Average Price surged by 50.3% to $1,272,333.33. Year-to-date, the Median Price has risen by 3.4%, and the Average Price by 44.6%, indicating strong price growth and reflecting the market’s competitive environment.

The Median Days on Market (DOM) decreased by 4.1% YoY in September 2024, bringing the average to 116 days, signaling slightly faster sales compared to last year, although YTD DOM has seen a slight increase of 1.4%.

Finally, the Average List-to-Sale Ratio decreased marginally by 1.7% YoY, now sitting at 92.6, indicating that sellers are accepting offers slightly below their asking prices, a shift from the more competitive pricing environment observed earlier in the year. YTD, the ratio remains relatively stable with a 0.3% increase at 93.8.

Overall, while demand remains strong, the market is increasingly defined by limited inventory, higher prices, and slightly longer transaction times as buyers continue to compete for fewer homes.

Home Market Indicators

New Listings, Contracted Sales & Completed Sales

 Average & Median Price

The Nassau and Paradise Island land market experienced several noteworthy changes in September 2024. New Listings rose by 20.5% year-over-year, reflecting an increase in the number of properties coming onto the market compared to the same time last year. On a year-to-date basis, New Listings are also up by 21.8%, indicating that overall activity in land listings remains strong throughout 2024. This suggests that, despite any short-term fluctuations, there has been a steady supply of new properties entering the market this year.

Contracted Sales showed a healthy increase of 8.3% year-over-year, and when looking at the year-to-date numbers, they have surged by a remarkable 108.3%. This indicates a strong demand for land, with a growing number of buyers successfully entering into contracts. However, Completed Sales dipped by 33.3% year-over-year, showing fewer finalized transactions compared to September 2023. Despite this decline, the year-to-date total is still up by 33.8%, highlighting that the market has seen an overall higher volume of sales throughout the year.

Prices continue to trend upward. The Median Price in September 2024 was 51.5% higher year-over-year, reflecting significant price growth compared to last year. Year-to-date, the Median Price has increased by 39.3%, suggesting land values have been consistently rising. The Average Price also saw a year-over-year rise of 13.7% and a year-to-date increase of 40.7%, indicating that more expensive properties are being sold this year.

Market speed improved, with the Median Days on Market (DOM) decreasing by 17.2% year-over-year, and down 5.9% year-to-date. This shows properties are selling more quickly.

The Average List-to-Sale Price Ratio also increased by 0.6% year-over-year and 2.2% year-to-date, indicating that sellers are getting closer to their asking prices in 2024.

 Overall, the land market remains highly active, with rising prices and a competitive environment. Despite a slight decline in completed sales, increased contracted sales and faster transaction times point to strong buyer demand. Sellers are benefiting from this, as properties are moving quickly, often at prices closer to their listing values, indicating a solid market trajectory heading forward.

Land Market Indicators

New Listings, Contracted Sales & Completed Sales

Average & Median Price