Is Savannah, GA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Savannah is a seller's market

Buyer's
Market

Difference Since March 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

$350,301

$209/sqft

Based on all homes sold in the last 12 months.

Difference Since March 2023

+$54,513(+18.4%)

Key Takeaway

Homes in Savannah have sold for 18.4% more than they did a year ago.

Summary: The median home sold price in Savannah was $350,301 in March 2024, up 18.4% from last year, and the median price per square foot was $209.

Median Sold Price By Bedroom Count

# BEDSMar 2023Mar 2024CHANGE
1 $195K$283K
+45.1%
2 $205K$245.7K
+19.9%
3 $279.9K$319.2K
+14.0%
4 $355K$416.6K
+17.4%
5+ $499.1K$504.8K
+1.1%

Summary: Savannah housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 45.1%, 2 bedroom homes increased by 19.9%, 3 bedroom homes increased by 14%, 4 bedroom homes increased by 17.4%, and 5+ bedroom homes increased by 1.1%.

Median Sold Price Compared To Nearby Cities

Garden City
+22.4%
Savannah
+18.4%
Pooler-Bloomingdale
+11.8%
Pooler
+10.6%

Housing Supply in Savannah, GA

How many homes are available in Savannah, GA?

Number of Homes For Sale

Feb 2024Mar 2024CHANGE
1,0801,204+11.5%

Summary: The Savannah real estate market had 1,204 homes for sale in March 2024, a 11.5% increase compared to February 2024.

Homes For Sale By Bedroom Count

# BEDSFeb 2024Mar 2024CHANGE
1 3137
+19.4%
2 151168
+11.3%
3 493553
+12.2%
4 280304
+8.6%
5+ 125142
+13.6%

Summary: The Savannah housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 19.4%, 2 bedroom homes increased by 11.3%, 3 bedroom homes increased by 12.2%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 13.6%.

Number of Homes Sold

Feb 2024Mar 2024CHANGE
270290+7.4%

Asking Price vs. Sold Price

136 Homes Were Sold
Under Asking

87 Homes Were Sold
At Asking

65 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Savannah, you may be able to get a good deal. 47.2% of homes here sold below asking price last month.

Summary: A total of 290 homes were sold or pending in Savannah in March 2024, up by 7.4% month-over-month. Of the 288 sold homes, 47% were sold under asking, 30% were sold at asking, and 23% 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

Mar 2023Mar 2024CHANGE
42 Days37 Days-12.2%

Summary: Homes in Savannah had an average of 37 days on market in Mar 2024, down by 12.2% compared to last year.

Breakdown of Home Sale Times

18 Homes Were Sold
Under 30 Days

7 Homes Were Sold
In 30 - 90 Days

5 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Savannah are selling fast, if you're buying plan to act quickly.

Summary: During March 2024, 290 homes were sold in Savannah; 6% of homes were sold within 30 days, 2% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 24 Days Ago

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