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Nassau & Paradise Island Market Report - May 2024


We're Morley, a real estate company owned and operated by Bahamians with experience spanning four generations...

We're Morley, a real estate company owned and operated by Bahamians with experience spanning four generations...

Jun 11 5 minutes read

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 May 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 is experiencing some small changes compared to what we saw last year. New listings increased by 5.6% in May 2024 compared to May 2023. Year-to-date (YTD) comparisons reveal a much larger increase of 65.6% in new listings, indicating more options for buyers compared to last year.

Contracted home sales also saw increases, with a 14.8% rise from May 2023 and a 75.6% increase YTD in 2024. However, completed sales have decreased, with a 12.5% drop year-over-year and a 36.4% decrease YTD. Despite this, the overall demand for housing has shown slight increases, which is promising given the large supply of new listings.

In May 2024, house prices saw some increases, with the average sales price showing a 109.8% year-over-year rise due to a large sale. The median sales price, a better market measure, increased by 17.6%. YTD comparisons show that 2024 prices are nearly identical to 2023, with only a 2.3% increase.

As for the Days on the Market, homes are selling faster, with a 32.4% decrease year-over-year and a 20.1% decrease YTD. These decreases align with the small increases in demand.

Lastly, the Average List/Sale Price Ratio showed little change, with no year-over-year difference from May 2023. There were some small changes though as the YTD comparisons show a 1.4% increase.

Home Market Indicators

New Listings, Contracted Sales & Completed Sales


 Average & Median Price

The market for land in Nassau and Paradise Island showed signs of growth as supply and demand increased. Starting with New Listings, the volume in May 2024 was double that of May 2023. Year-to-date (YTD) comparisons also showed a big increase of 72.4% in new listings compared to 2023.

Contracted land sales saw the most significant growth, with May 2024 experiencing a 175% increase from May 2023. YTD comparisons reveal a similar 174.4% rise in 2024. However, completed sales did see a slightly smaller increase, with a 50% increase year-over-year and a 15% increase YTD. Despite this, the rising numbers for contracted and completed sales indicate growing demand for land in Nassau and Paradise Island.

The median sales price in May 2024 saw a substantial 117.2% increase. This spike is mainly due to a new neighborhood development that dominated May 2024 sales. YTD comparisons offer a clearer view, showing a smaller 34.7% increase in the median sales price and a modest 3% rise in the average sales price.

In May 2024, the median days on the market (DOM) dropped significantly compared to May 2023. Given the skewed data, YTD comparisons are more reliable, showing an 8.9% decrease in DOM for 2024 compared to 2023.

Land Market Indicators

New Listings, Contracted Sales & Completed Sales


Average & Median Price

Not sure if you are ready to buy or sell?

We're able to explain what these numbers mean for you and better guide you to make an informed decision that is best for you based on the current market conditions. 

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