Demand remains strong in the Savannah Area real estate market

June 22, 2023

The Savannah area real estate market saw continued strong demand in May, with median sales prices reaching their highest point in two years. While the number of closed sales decreased slightly, homes sold at nearly 100% of list price.

“Our real estate market continues to see strong demand and a tight inventory of available homes,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “Prices increased again in May, and sellers continue to receive nearly all of their asking prices. While conditions are not as extreme as they were a year or two ago, we remain in seller’s market territory as we move into summer, which is typically the most active season for real estate.” 

The number of new listings decreased 15.6% in May compared to last year, from 1,273 to 1,075. Pending sales fell 6%, from 966 to 908. The number of closed sales dropped 5.3%, from 964 to 913. The average number of days homes spent on the market increased 51.4%, from 35 to 53. Median sales prices increased 7.9%, from $315,000 to $340,000. The percent of list price received decreased slightly by 2.6%, from 102.3% to 99.6%. Inventory increased 1.6%, from 1,479 to 1,503. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 18.8%, from 1.6 to 1.9.

  • New Listings: -15.6%
    • May 2023: 1,075
    • May 2022: 1,273
       
  • Pending Sales: -6%
    • May 2023: 908
    • May 2022: 966
       
  • Closed Sales: –5.3%
    • May 2023: 913
    • May 2022: 964
  • Average Days on Market: +51.4%
    • May 2023: 53
    • May 2022: 35
  • Median Sales Price: +7.9%
    • May 2023: $340,000
    • May 2022: $315,000
  • Average Sales Price: +2.8%
    • May 2023: $407,319
    • May 2022: $396,384
  • Percent of List Price Received: -2.6%
    • May 2023: 99.6%
    • May 2022: 102.3%
  • Inventory of Homes for Sale: +1.6%
    • May 2023: 1,503
    • May 2022: 1,479
  • Months Supply of Inventory: +18.8%
    • May 2023: 1.9
    • May 2022: 1.6

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