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

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Savannah is a neutral's market

Buyer's
Market

Difference Since October 2023

At the same time last year, Savannah was a Seller's Market.

Key Takeaway

Savannah is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

Housing Prices in Savannah, GA

How much do homes in Savannah, GA cost?

Median Sold Price

$364,570

$215/sqft

Based on all homes sold in the last 12 months.

Difference Since October 2023

+$29,065(+8.7%)

Key Takeaway

Homes in Savannah have sold for 8.7% more than they did a year ago.

Summary: The median home sold price in Savannah was $364,570 in October 2024, up 8.7% from last year, and the median price per square foot was $215.

Median Sold Price By Bedroom Count

# BEDSOct 2023Oct 2024CHANGE
1 $275K$215K
-21.8%
2 $238.2K$249.6K
+4.8%
3 $309.1K$328.9K
+6.4%
4 $395.7K$429.9K
+8.6%
5+ $502.5K$534.6K
+6.4%

Summary: Savannah housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 21.8%, 2 bedroom homes increased by 4.8%, 3 bedroom homes increased by 6.4%, 4 bedroom homes increased by 8.6%, and 5+ bedroom homes increased by 6.4%.

Median Sold Price Compared To Nearby Cities

Garden City
+14.5%
Savannah
+8.7%
Pooler-Bloomingdale
+2.4%
Pooler
-4.2%

Housing Supply in Savannah, GA

How many homes are available in Savannah, GA?

Number of Homes For Sale

Sep 2024Oct 2024CHANGE
1,2931,410+9.0%

Summary: The Savannah real estate market had 1,410 homes for sale in October 2024, a 9.0% increase compared to September 2024.

Homes For Sale By Bedroom Count

# BEDSSep 2024Oct 2024CHANGE
1 3135
+12.9%
2 161177
+9.9%
3 559613
+9.7%
4 386413
+7.0%
5+ 156172
+10.3%

Summary: The Savannah housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 12.9%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 9.7%, 4 bedroom homes increased by 7%, and 5+ bedroom homes increased by 10.3%.

Number of Homes Sold

Sep 2024Oct 2024CHANGE
262230-12.2%

Asking Price vs. Sold Price

128 Homes Were Sold
Under Asking

60 Homes Were Sold
At Asking

40 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. 56.1% of homes here sold below asking price last month.

Summary: A total of 230 homes were sold or pending in Savannah in October 2024, down by 12.2% month-over-month. Of the 228 sold homes, 56% were sold under asking, 26% were sold at asking, and 18% 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

Oct 2023Oct 2024CHANGE
14 Days58 Days+294.1%

Summary: Homes in Savannah had an average of 58 days on market in Oct 2024, up by 294.1% compared to last year.

Breakdown of Home Sale Times

7 Homes Were Sold
Under 30 Days

3 Homes Were Sold
In 30 - 90 Days

4 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 October 2024, 230 homes were sold in Savannah; 3% of homes were sold within 30 days, 1% 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 20 Days Ago

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