Savannah's Housing Market: Why It's Not Crashing—Just Changing

If you've been holding off on buying or selling a home because you're waiting for a market crash, let me save you some time—it’s not happening. But that doesn’t mean the market isn’t shifting.

Two of the biggest names in real estate, Ryan Serhant and Barbara Corcoran, are weighing in on what’s really going on from a national perspective, and their take is clear: it’s not a housing crisis—it’s an affordability crisis.

So, what does that mean for you if you’re looking to buy, sell, or invest in Savannah? Let’s break it down.

It’s Not a Housing Crisis—It’s an Affordability Problem

Ryan Serhant, CEO of SERHANT., recently told Fox Business that the problem isn’t a collapsing market—it’s that buyers are struggling to afford homes at today’s prices and interest rates.

“I don’t think there actually is necessarily a housing crisis the way you see and you read about it. I think there’s an affordability crisis.” — Ryan Serhant

Here’s the reality: Home prices aren’t dropping, but they’re becoming harder to afford. Even though we’re seeing more inventory in some markets, much of it isn’t in the entry-level price range. In fact, in many cities, the idea of a “starter home” now means something over $1 million—not exactly budget-friendly for first-time buyers.

And it’s not just homebuyers feeling the pinch—renters are struggling too. Serhant pointed out that more than half of all renters are spending 30-50% of their income on rent, leaving little room to save for a home purchase.

Why Home Prices Are Staying High

If affordability is such a problem, why aren’t prices coming down? The answer is simple: Homeowners don’t have to sell.

Barbara Corcoran put it plainly in a recent interview: “No one wants to move and [there are] fewer houses to choose from at higher rates. So it's difficult for homebuyers.”

Think about it—if you locked in a 3% mortgage rate in 2020, would you rush to trade that in for today’s 7%+ rates? Exactly. That’s why we’re seeing fewer listings, and even when homes do hit the market, many sellers are holding firm on their prices.

Corcoran also pointed out that sellers aren’t exactly known for being realistic. “Their house is always worth more... I don’t think prices will shake out at all. I think they'll hold out hoping interest rates will go down again.”

This has led to homes sitting on the market longer, with more than half of listings at the end of 2024 staying up for 60+ days. While that might seem like a slowdown compared to the frenzy of the past few years, it actually signals a return to a more balanced market—one where buyers have time to think before making an offer.

What This Means for Savannah Buyers, Sellers, and Renters

So, what should you do in Savannah’s current market?

For Buyers:

• Yes, affordability is a challenge, but you have more negotiating power now. With homes staying on the market longer, sellers are more willing to consider reasonable offers.
• The days of cutthroat bidding wars are fading. You can take your time to make a smart decision.

For Sellers:

• Prices aren’t tanking, but buyers are getting pickier. Homes that are priced competitively and move-in-ready will always get more attention.
• If you’re waiting for rates to drop to 3% again, you might be waiting a while. Selling now can still be profitable—if you have the right strategy.

For Renters:

• Rents are high, and they’re likely to stay that way. If you’re planning to buy in the next few years, now’s the time to start building your financial foundation.
• Talk to us about what it takes to qualify for a mortgage. You might be closer than you think.

The Bottom Line

The Savannah market isn’t crashing, it’s just evolving. Whether you’re buying, selling, or renting, there are always smart moves to make—if you know where to look.

Need help figuring out your best next step? Let’s talk. The right strategy makes all the difference, and I’m here to help you navigate it with confidence.