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 2023 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 volume of contracted home sales for December (21) was slightly higher than November but the volume was still 61.5% higher than the December 2023 volume of contracted home sales. The median sales price decreased 13.8% from December 2022, while the YTD median price remains  11.1% higher than the 2022 YTD median price. The average sales price for December decreased from November 2023 but was fairly consistent with the May to October 2023 average sales price, but the 2023 YTD average price is 19.0% lower than the 2022 YTD average price. The volume of closed home sales for December (9) remains consistent with the past three months but is down 69.0%  versus December 2022. The number of new home listings for December (51) is lower than in November 2023, but YTD increased 500% over the YTD December 2022 volume of new listings. Throughout 2023, the number of new home listings each month far exceeded the number of contracted sales, thereby continuing to increase the inventory of Nassau and Paradise Island homes currently on the market. The "Days on the Market" for December contracted home sales (119) decreased 28.7% from December 2022 and decreased 14.8% YTD versus 2022 YTD. The Average List/Sale Ratio for December 2023 (90.9) was the lowest for all of 2023, while the 2023 YTD remained very consistent with the 2022 YTD.

Home Market Indicators

New Listings, Contracted Sales & Completed Sales

 Average & Median Price

The volume of contracted land sales for December (9) is slightly lower than the past 3 months but increased 200% over the December 2022 volume. The median sales price was 7.1% higher than in December 2022 and the 2023 YTD remains 18.6% higher than the 2022 YTD median price. The average sales price for December shows an increase of 68.8% over the December 2022 average price while the 2023 YTD average price remains 7.8% higher than the 2022 YTD average price. The volume of closed land sales for December decreased 12.5% from the December 2022 volume, and the 2023 YTD volume of completed sales increased 25.9% over the 2022 YTD completed sales. The volume of new land listings for December (32) is lower than in October and 255.6% higher than in December 2022. Since the start of 2023, each month, the volume of new land listings has exceeded the contracted sales volume, thereby increasing the inventory of available Nassau and Paradise Island land listings. There was a 282.4% increase in the "Days on the Market" for contracted land sales in December over December 2022 and the 2023 YTD increased 15.2% over the 2022 YTD Days on the Market. The Average List/Sale Ratio for December 2023 (98.8) increased slightly from November 2022, while the 2023 YTD increased slightly (1.1% ) from the 2022 YTD.

Land Market Indicators

New Listings, Contracted Sales & Completed Sales

Average & Median Price