Is Savannah, GA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
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
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
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $195K | $283K | +45.1% |
| 2 Bedrooms | $205K | $245.7K | +19.9% |
| 3 Bedrooms | $279.9K | $319.2K | +14.0% |
| 4 Bedrooms | $355K | $416.6K | +17.4% |
| 5+ Bedrooms | $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 | $206.2K | $252.5K | +22.4% |
| Savannah | $295.7K | $350.3K | +18.4% |
| Pooler-Bloomingdale | $308.9K | $345.2K | +11.8% |
| Pooler | $330K | $364.9K | +10.6% |
Housing Supply in Savannah, GA
How many homes are available in Savannah, GA?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 1,080 | 1,204 | +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
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 31 | 37 | +19.4% |
| 2 Bedrooms | 151 | 168 | +11.3% |
| 3 Bedrooms | 493 | 553 | +12.2% |
| 4 Bedrooms | 280 | 304 | +8.6% |
| 5+ Bedrooms | 125 | 142 | +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 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 270 | 290 | +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
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 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 42 Days | 37 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
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.
Listings identified with the FMLS IDX logo come from FMLS and are held by brokerage firms other than the owner of this website. The listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed.