Inside the Savannah area Housing Market: What’s Cooling Off, What’s Heating Up

A headline grabbed my attention this week:

“The Housing Market Isn’t Making Sense. What’s Going On?”

It got me thinking about all the chatter out there. You’ve got numbers flying around about inventory going up and prices coming down—a buyer’s dream. But then, you see stats about record-high home prices, which is music to any seller's ears.

Initially, I was ready to dive in and clear up the confusion, breaking down what those numbers really mean. But then it hit me—the headlines and reports you're seeing are all about the national housing market. When it comes to buying or selling a home, what really matters is what’s happening right here, in our own backyard.

So, let’s dive into what the July 2024 housing market looked like in the Savannah area.

Savannah Housing Market Report for July 2024 

Single Family Homes: Data at a Glance

• Median Sale Price: $345,000 (+0.1% YoY)
• Average Days on Market: 52 (+18.2% YoY)
• Months of Inventory: 2.9 (+52.6% YoY)
• Active Listings: 1946 (+46.5% YoY)
• Sold Listings: 686 (-4.3% YoY)
• List-to-Sale Price Ratio: 99.1% (-0.8% YoY)

For those looking to buy a home, the current market conditions in Savannah are showing a slight increase in opportunities. The median sale price is relatively stable at $345,000, up just 0.1% from last year. This indicates that prices aren’t soaring out of reach, making it a potentially good time for buyers who’ve been waiting for a bit of stability. With homes staying on the market longer—52 days on average, compared to 44 days last year—buyers have more breathing room to explore their options and negotiate.

For homeowners considering selling, the market is still strong, but it’s clear that things are cooling slightly. The increase in inventory, with 2.9 months of available homes compared to 1.9 months last year, means there’s more competition. However, the list-to-sale price ratio remains high at 99.1%, so sellers can still expect to get close to their asking price, though they might need to be patient with the longer time on the market.

Overall, the Savannah housing market is showing signs of balance after a period of rapid growth. Prices are steady, and while inventory is up, it’s not overwhelming. For buyers, this means more choices and less pressure to make hasty decisions.

For sellers, it’s a signal to price their homes competitively and be prepared for a potentially longer selling process. The outlook is one of stability, offering opportunities for both buyers and sellers depending on their specific needs and timing.

The Bottom Line

The housing market may seem confusing right now, but with the right information and a focus on local data, you can navigate it confidently. For an even more personalized data report for your home or neighborhood, reach out to me here.