Single crystals of Nd$_2$O$_3$ were grown and characterized using neutron scattering and thermodynamic measurements. Nd$_2$O$_3$ has long-range antiferromagnetic order below $T_{rm N}$ = 0.55 K and specific heat measurements have demonstrated that a significant amount of the magnetic entropy is released above $T_{rm N}$. Inelastic neutron scattering experiments reveal a magnetic mode(s) with little dispersion peaked at $approx$ 0.37 meV that is of greatest intensity below $T_{rm N}$ but persists above 2$T_{rm N}$. This persistence of dynamic correlations is likely related to frustrated interactions associated with the nearly-ideal stacked triangular lattice geometry of $J_{textrm{eff}}$ = 1/2 spins on Nd$^{3+}$ ions. The magnetization is observed to be strongly anisotropic at all temperatures due to crystal field effects, with easy-plane anisotropy observed. A non-compensated magnetic structure is inferred from the temperature-dependence of the magnetization when a magnetic field of sufficient strength is applied within the basal plane near $T_{rm N}$, and the evolution of the long-range order is summarized in a temperature-field phase diagram.
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