Graham Real Estate — The Bahamas Q3 Market Report

Welcome to the Q4 2024 Bahamas Real Estate Market Report. This comprehensive analysis dives into key metrics and trends shaping the Bahamian real estate market, aimed at empowering real estate investors, local homebuyers, and international buyers with actionable insights.

 

The Bahamas real estate market showcased strong activity in Q4 2024, with 160 homes sold, a substantial increase from 104 homes in Q3, marking a 54% jump in transactions. This surge reflects growing buyer confidence and demand. Although the average property value adjusted to $495,000 from $545,700, this likely made homes more accessible to a broader range of buyers, driving up sales volume. Active listings grew to 853, compared to 787 in the previous quarter, offering a wider variety of options for potential buyers. Additionally, the market demonstrated increased efficiency, with the average days on market decreasing from 216 to 201, and days to closing improving from 105 to 95. These trends highlight a more dynamic and competitive real estate environment.

 

New Providence experienced robust growth in Q4, with home sales rising from 61 in Q3 to 105 in Q4, a 72% increase. While the average property value adjusted to $495,000 from $575,000, this likely encouraged more buyers to enter the market. Active listings rose to 401, up from 363, enhancing buyer options. The average days on market improved significantly from 225 to 180, and days to closing shortened from 102 to 91 days, emphasizing greater efficiency and activity in this vibrant market.

 

Cable Beach saw notable growth, with sales jumping from 6 in Q3 to 15 in Q4, more than doubling. Property values adjusted to $600,000, down from $690,500, potentially broadening accessibility for buyers. Active listings increased from 28 to 33, and the average days on market improved significantly from 230 to 158, reflecting quicker decision-making and transactions. Days to closing remained efficient at 86 days, maintaining a smooth process for buyers and sellers alike.

 

Eastern Road saw a modest increase in sales, with 7 homes soldcompared to 6 in Q3. Property values adjusted to $212,500, and active listings increased from 14 to 19, offering buyers more variety. The average days on market saw a dramatic improvement, dropping from 260 to 99 days, indicating faster sales. Days to closing extended to 139 days, reflecting the area's high value and unique appeal.

 

The West Bay Street market grew steadily, with sales increasing from 8 in Q3 to 11 in Q4. Property values adjusted to $652,000, reflecting accessibility for a wider buyer audience. Active listings rose slightly from 54 to 56, and the average days on market improved significantly from 251 to 134 days, indicating higher market efficiency. Days to closing remained swift at 85 days, supporting a reliable transaction environment.

 

This market experienced substantial growth, with sales surging from 2 in Q3 to 22 in Q4. Active listings jumped from 24 to 166, offering a much broader selection for buyers. Property values adjusted to $212,500, reflecting a wider range of properties catering to diverse budgets. While the average days on market increased to 222 from 153, this indicates an influx of new inventory.

The Abaco market remained stable, maintaining 20 homes soldin both Q4 and Q3. However, property values climbed to $710,000, a 3.6% increase from $685,000 in Q3, showcasing the region's growing appeal and value retention. Active listings increased from 153 to 161, providing buyers with additional inventory to explore. The market became slightly more efficient, with the average days on market improving from 222 to 220 and days to closing seeing a significant reduction, dropping from 136 to 98 days. These improvements reflect strong buyer interest and smoother transaction processes.

 

The Abaco Cays market displayed resilience and premium appeal despite a slight decline in sales, with 7 homes sold in Q4 compared to 10 in Q3. Property values rose significantly to $1,244,705, a 5.8% increase from $1,176,280, underscoring the enduring demand for high-value properties in this area. Active listings expanded from 62 to 68, giving buyers more opportunities. The average days on market improved slightly from 242 to 238, indicating steady buyer interest, while days to closing remained efficient at just 58 days, showcasing the market’s reliability for transactions.

 

Treasure Cay experienced remarkable growth in Q4, with home sales more than doubling from 4 in Q3 to 9 in Q4. Property values rose to $675,000, a 5% increase from $642,500, reflecting growing demand. Active listings increased from 30 to 33, offering more options to buyers. Although the average days on market extended to 226, up from 177, this likely indicates a rise in buyer consideration periods for higher-value properties. Days to closing saw a dramatic improvement, dropping from 202 to 103 days, signaling faster transactions and heightened efficiency in the closing process.

 

The Eleuthera market remained steady with 11 homes sold in both Q4 and Q3, demonstrating consistent demand. Property values rose significantly to $880,000, an increase of 13.5% from $775,000, highlighting Eleuthera's growing appeal. Active listings increased from 83 to 88, providing buyers with a broader selection. While the average days on market lengthened slightly from 208 to 223, this reflects continued interest in a competitive market. Days to closing, however, increased to 104 days from 73, potentially reflecting a shift toward more complex or higher-value transactions.

 

The Bahamas real estate market in Q4 2024 demonstrated vibrant activity and notable improvements across most regions. Increased home sales, rising property values in key areas, and more efficient transaction timelines reflect a dynamic and optimistic market outlook. While property values adjusted in certain segments, growing buyer interest, expanded listings, and quicker sales highlight the overall strength and resilience of the market.

 

The data presented in this report is based on information available at the time of publication and may be subject to change due to updates or corrections to the MLS. For the most up-to-date and accurate information, please contact us directly. Investors are encouraged to conduct their own due diligence and consult with a qualified professional before making any financial or investment decisions.