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 monthly analysis of the New Providence market and encourage you to review our quarterly market reports on Abaco, Eleuthera, Exuma and Grand Bahama.

Our market reports provides 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 May has remained reasonably consistent since February. While the median sales price continued to decrease since March, the median price remains higher than experienced in 2022. The volume of closed home sales was slightly higher than in April but significantly lower than experienced throughout 2022. The number of new home listings for May (70) remains very high and consistent with March (78) and April (80). In fact, since February 2022, the number of new home listings has exceeded the number of contracted sales each month, thereby continuing to increase the inventory of New Providence homes. The increase in the "Days on the Market" for May is most likely a result of the increased inventory and the decreased number of completed sales. 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 May (6) has remained reasonably consistent since January. While the median sales price has decreased since January, the median price remains more or less equal to the 2022 average median price. The volume of closed land sales was slightly higher than in April but significantly lower than experienced throughout 2022. The number of new land listings for May (26) has remained very high since February, and the YTD comparison to 2022 shows an 1115% increase. Since May 2022, the number of new land listings has exceeded the number of contracted sales each month, increasing the inventory of New Providence land listings. The increase in the "Days on the Market" for May is most likely a result of the increased inventory and the decreased number of closed sales. 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 demand for land sales.

Land Market Indicators

New Listings, Contracted Sales & Completed Sales

Average & Median Price