Savannah area real estate market sees higher prices, fewer sales, increased inventory in November

January 9, 2023

SAVANNAH, Ga. — Last month, the Savannah area residential real estate market saw increases in prices and inventory while sales decreased. While there were fewer closed sales, homes averaged 43 days on the market and sellers received 98.4% of their list price.

“While the number of homes sold and new listings are gradually returning to more normal levels, we continue to see strong demand, with homes selling quickly and prices pushing upward,” said Janet Howard, Savannah Multi-List Corporation (SMLC) 2022 Board President. “Inventory is still in seller’s market territory, and sellers are still receiving nearly 100% of their asking price. Overall, our market is demonstrating strength and consistency as we move into winter, when we typically see a seasonal slowdown.”

The inventory of homes for sale in the Savannah Area REALTORS® service area increased 31.2%, from 1,313 to 1,722. New listings decreased 23.4%, from 876 to 671. The months supply of inventory, which is an estimation of the time it would take for all homes on the market to be sold, jumped 61.5%, from 1.3 to 2.1. A months supply of inventory of less than five months is typically considered a seller’s market.

Pending sales dropped 43.4%, from 964 to 546, and closed sales were down 34.9%, from 918 to 598. Median sales prices increased 12.5%, from $280,000 to $315,000, and sellers received 98.4% of their list price, down 1.2% from last November. Average sales prices were up 8.3%, from $335,426 to $363,143. The average number of days homes spent on the market increased 4.9%, from 41 to 43.

  • New Listings: -23.4%
    • November 2022: 671
    • November 2021: 876
  • Pending Sales: -43.4%
    • November 2022: 546
    • November 2021: 964
  • Closed Sales: -34.9%
    • November 2022: 598
    • November 2021: 918
  • Average Days on Market: +4.9%
    • November 2022: 43
    • November 2021: 41
  • Median Sales Price: +12.5%
    • November 2022: $315,000
    • November 2021: $280,000
  • Average Sales Price: +8.3%
    • November 2022: $363,143
    • November 2021: $335,426
  • Percent of List Price Received: -1.2%
    • November 2022: 98.4%
    • November 2021: 99.6%
  • Inventory of Homes for Sale: +31.2%
    • November 2022: 1,722
    • November 2021: 1,313
  • Months Supply of Inventory: +61.5%
    • November 2022: 2.1
    • November 2021: 1.3

Savannah Multi-list Corporation (SMLC) is the real estate professional’s source for property information in the Coastal Empire. SMLC is wholly owned by the Savannah Real Estate Board, Inc. SMLC provides a platform where cooperation between authorized participants is enhanced, and information is accumulated and disseminated to those participants for the preparation of appraisals, analyses, and other valuations of real property for bona fide clients and customers. For more information, visit https://savannaharearealtors.com/mls/.

Posted in