Our monthly Bahamas Real Estate Market Report provides meaningful and valuable information to empower buyers and sellers who are considering a real estate transaction in New Providence (Nassau).

If you're considering selling your property or buying property in The Bahamas, 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 this July 2023 analysis of the New Providence market. We also encourage you to review our quarterly market reports on Abaco, Eleuthera, Exuma and Grand Bahama.

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 volume of contracted home sales for July has remained fairly consistent since February. The median sales price continued to decrease since May and is the lowest it has been since August 2022. The volume of closed home sales continues to be consistent in the past 3 months but is still slightly lower than experienced throughout 2022. The number of new home listings for July (54) remains high in comparison to 2022 but fairly consistent since February 2023. For the last 6 months, the number of new home listings has far exceeded the number of contracted sales each month, thereby increasing the inventory of New Providence homes. The "Days on the Market" for July shows a slight decrease from June. The Central Bank of The Bahamas reported that new mortgages for Q1 2023 have increased for property purchases and new construction, supporting the higher-than-average number of contracted monthly sales since January 2023 and proving the strong demand for home sales.

Home Market Indicators

New Listings, Contracted Sales & Completed Sales

 Average & Median Price

The volume of contracted land sales for July (14) has remained reasonably consistent since January 2023. The median sales price shows a continued slight increase since February of this year and is now higher than the 2022 average median price. The volume of closed land sales for July was average for 2023, compared to what was experienced throughout 2022. The number of new land listings for July (25) was 50%  less than the number of new listings last month but still more than 100% more than the average for 2022. Since the start of 2023, new land listings have exceeded the contracted sales volume each month, increasing the inventory of New Providence land listings. There was an increase in the "Days on the Market" for July, most likely a result of the increased number of contracted sales in 2023. The Central Bank of The Bahamas reported that new mortgages for Q1 2023 have increased for property purchases and new construction, supporting the higher-than-average number of contracted monthly sales since January 2023 and proving the increased demand for land sales in 2023.

Land Market Indicators

New Listings, Contracted Sales & Completed Sales

Average & Median Price