Is Savannah, GA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since June 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, GA
How much do homes in Savannah, GA cost?
Median Sold Price
$355,412
$212/sqft
Based on all homes sold in the last 12 months.
Difference Since June 2023
Key Takeaway
Homes in Savannah have sold for 9.1% more than they did a year ago.
Summary: The median home sold price in Savannah was $355,412 in June 2024, up 9.1% from last year, and the median price per square foot was $212.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195K | $222K | +13.8% |
| 2 Bedrooms | $224K | $249.9K | +11.6% |
| 3 Bedrooms | $299.3K | $325K | +8.6% |
| 4 Bedrooms | $390.2K | $419.2K | +7.4% |
| 5+ Bedrooms | $455K | $532.4K | +17.0% |
Summary: Savannah housing prices by bedroom type for June 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.8%, 2 bedroom homes increased by 11.6%, 3 bedroom homes increased by 8.6%, 4 bedroom homes increased by 7.4%, and 5+ bedroom homes increased by 17%.
Median Sold Price Compared To Nearby Cities
| Garden City | $212.5K | $258K | +21.4% |
| Savannah | $325.7K | $355.4K | +9.1% |
| Pooler-Bloomingdale | $334.9K | $349.2K | +4.3% |
| Pooler | $357.9K | $362.4K | +1.3% |
Housing Supply in Savannah, GA
How many homes are available in Savannah, GA?
Number of Homes For Sale
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 1,299 | 1,322 | +1.8% |
Summary: The Savannah real estate market had 1,322 homes for sale in June 2024, a 1.8% increase compared to May 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | May 2024 | Jun 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 29 | 29 | 0.0% |
| 2 Bedrooms | 190 | 193 | +1.6% |
| 3 Bedrooms | 572 | 580 | +1.4% |
| 4 Bedrooms | 364 | 372 | +2.2% |
| 5+ Bedrooms | 144 | 148 | +2.8% |
Summary: The Savannah housing inventory by bedroom type for June 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes increased by 1.6%, 3 bedroom homes increased by 1.4%, 4 bedroom homes increased by 2.2%, and 5+ bedroom homes increased by 2.8%.
Number of Homes Sold
| May 2024 | Jun 2024 | CHANGE |
|---|---|---|
| 364 | 318 | -12.6% |
Asking Price vs. Sold Price
150 Homes Were Sold
Under Asking
90 Homes Were Sold
At Asking
77 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Savannah, you may be able to get a good deal. 47.3% of homes here sold below asking price last month.
Summary: A total of 318 homes were sold or pending in Savannah in June 2024, down by 12.6% month-over-month. Of the 317 sold homes, 47% were sold under asking, 28% were sold at asking, and 24% were sold over asking.
Days on Market for Savannah, GA
How long does it take to sell a home in Savannah, GA?
Average Sale Time
| Jun 2023 | Jun 2024 | CHANGE |
|---|---|---|
| 18 Days | 22 Days | +21.6% |
Summary: Homes in Savannah had an average of 22 days on market in Jun 2024, up by 21.6% compared to last year.
Breakdown of Home Sale Times
23 Homes Were Sold
Under 30 Days
7 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Savannah are selling fast, if you're buying plan to act quickly.
Summary: During June 2024, 318 homes were sold in Savannah; 7% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
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