Is Savannah, FL a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, Savannah has remained a Seller's Market.
Key Takeaway
Savannah is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Savannah, FL
How much do homes in Savannah, FL cost?
Median Sold Price
$598,500
$346/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Savannah have sold for 20.3% more than they did a year ago.
Summary: The median home sold price in Savannah was $598,500 in May 2024, up 20.3% from last year, and the median price per square foot was $346.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | - | $772.1K | N/A |
| 3 Bedrooms | $485K | $560K | +15.5% |
| 4 Bedrooms | $610K | $609K | -0.2% |
| 5+ Bedrooms | - | - | N/A |
Summary: Savannah housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes did not change, 3 bedroom homes increased by 15.5%, 4 bedroom homes decreased by 0.2%, and 5+ bedroom homes did not change.
Median Sold Price Compared To Nearby Neighborhoods
| Savannah | $497.5K | $598.5K | +20.3% |
| Sawgrass Mills | $360K | $377.5K | +4.9% |
Housing Supply in Savannah, FL
How many homes are available in Savannah, FL?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 15 | 17 | +13.3% |
Summary: The Savannah real estate market had 17 homes for sale in May 2024, a 13.3% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 12 | 14 | +16.7% |
| 4 Bedrooms | 3 | 3 | 0.0% |
| 5+ Bedrooms | 0 | 0 | 0.0% |
Summary: The Savannah housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes increased by 16.7%, 4 bedroom homes remained the same, and 5+ bedroom homes remained the same.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 2 | 7 | +250.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in Savannah, you may be able to get a good deal. 85.7% of homes here sold below asking price last month.
Summary: A total of 7 homes were sold or pending in Savannah in May 2024, up by 250.0% month-over-month. Of the 7 sold homes, 86% were sold under asking, 0% were sold at asking, and 14% were sold over asking.
Days on Market for Savannah, FL
How long does it take to sell a home in Savannah, FL?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 14 Days | 77 Days | +455.1% |
Summary: Homes in Savannah had an average of 77 days on market in May 2024, up by 455.1% compared to last year.
Breakdown of Home Sale Times
3 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Savannah are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 7 homes were sold in Savannah; 43% of homes were sold within 30 days, 29% of homes were sold within 30 to 90 days, and 29% of homes were sold over 90 days.
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