Seller’s market persists in the Savannah area real estate market

July 28, 2023

Prices rise while inventory remains tight

Seller’s market conditions persisted during June in the Savannah area real estate market. Strong demand coupled with lower inventory and fewer new listings pushed prices slightly higher, while the number of homes sold decreased.

“Prices are holding steady, and sellers are still receiving nearly all of their asking price, so the demand for homes is still there,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “The decrease in sales is likely due to the limited inventory. On the flip side, potential sellers are probably holding back from listing their homes because of the current high-interest rates, and homes are spending longer on the market than they did a year ago.”

The number of new listings decreased 12.7% in June compared to last year, from 1,153 to 1,007. Pending sales fell 8%, from 948 to 872. The number of closed sales dropped 10.4%, from 1,076 to 964. The average number of days homes spent on the market increased 40.6%, from 32 to 45. Median sales prices increased 6.3%, from $315,000 to $335,000. The percent of list price received decreased slightly by 2.2%, from 101.8% to 99.6%. Inventory dropped 6.3%, from 1,604 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 11.8%, from 1.7 to 1.9. Below five months is generally considered a seller’s market.

  • New Listings: -12.7%
    • June 2023: 1,007
    • June 2022: 1,153
       
  • Pending Sales: -8%
    • June 2023: 872
    • June 2022: 948
       
  • Closed Sales: –10.4%
    • June 2023: 964
    • June 2022: 1,076
  • Average Days on Market: +40.6%
    • June 2023: 45
    • June 2022: 32
  • Median Sales Price: +6.3%
    • June 2023: $335,000
    • June 2022: $315,000
  • Average Sales Price: +3%
    • June 2023: $388,925
    • June 2022: $377,472
  • Percent of List Price Received: -2.2%
    • June 2023: 99.6%
    • June 2022: 101.8%
  • Inventory of Homes for Sale: -6.3%
    • June 2023: 1,503
    • June 2022: 1,604
  • Months Supply of Inventory: +11.8%
    • June 2023: 1.9
    • June 2022: 1.7

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://www.savannaharearealtors.com/mls/.

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