Savannah real estate market sees higher prices, fewer homes sold in September

November 14, 2023

Sellers still receiving nearly all of asking price

September brought higher homes prices, fewer homes sold, fewer new listings and a slight uptick in inventory to Savannah’s real estate market compared to last year.  While homes are spending more time on the market than a year ago, sellers continue to receive nearly all of their asking price.

“While real estate markets are experiencing a cooling trend nationally as we enter the final quarter of the fiscal year, Savannah’s market once again saw higher prices in September, with sellers receiving nearly all of their list price,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “While inventory is up slightly and there were fewer homes sold compared to last year, the months supply of inventory is still well within seller’s market range.”

The number of new listings decreased 4.4% in September compared to last year, from 909 to 869. Pending sales fell 16.1%, from 818 to 686. The number of closed sales dropped 22.0%, from 906 to 707. The average number of days homes spent on the market increased 28.1%, from 32 to 41. Median sales prices increased 10.9%, from $295,595 to $327,750. The percent of list price received decreased slightly by 1%, from 99.6% to 98.6%. The inventory of available homes increased by 1.0%, from 1,670 to 1,686. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 15.8%, from 1.9 to 2.2. Below five months is generally considered a seller’s market.

  • New Listings: -4.4%
    • September 2023: 869
    • September 2022: 909
  • Pending Sales: -16.1%
    • September 2023: 686
    • September 2022: 818
  • Closed Sales: –22.0%
    • September 2023: 707
    • September 2022: 906
  • Average Days on Market: +28.1%
    • September 2023: 41
    • September 2022: 32
  • Median Sales Price: +10.9%
    • September 2023: $327,750
    • September 2022: $295,595
  • Average Sales Price: +16.4%
    • September 2023: $410,267
    • September 2022: $352,360
  • Percent of List Price Received: -1.0%
    • September 2023: 98.6%
    • September 2022: 99.6%
  • Inventory of Homes for Sale: +1.0%
    • September 2023: 1,686
    • September 2022: 1,670
  • Months Supply of Inventory: +15.8%
    • September 2023: 2.2
    • September 2022: 1.9

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/.

Posted in