Savannah area real estate market still in seller’s market territory

December 1, 2023

October sees higher prices, fewer homes sold, fewer new listings

The Savannah area estate market remained in seller’s market territory in October, with higher prices and homes averaging just over a month on the market.

“While real estate activity tends to slow down as we move into winter, demand for new homes remains strong in the Savannah area,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “While we saw fewer homes sold last month, we saw higher prices, and sellers continue to receive a high percentage of their asking price. When you add in the fact that our average days on market is still well within seller’s market range, it is clear that our market remains active and competitive as we move into the holiday season.”

The number of new listings decreased 2.4% in October compared to last year, from 912 to 890. Pending sales fell 12.7%, from 705 to 655. The number of closed sales dropped 17.4%, from 857 to 708. The average number of days homes spent on the market inched up by 2.5%, from 40 to 41. Median sales prices increased 6.3%, from $315,000 to $335,000. The percent of list price received remained unchanged at 98.7%. The inventory of available homes increased 5.3%, from 1,716 to 1,807. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 20.0%, from 2.0 to 2.4. Below five months is generally considered a seller’s market.

  • New Listings: -2.4%
    • October 2023: 890
    • October 2022: 912
       
  • Pending Sales: -12.7%
    • October 2023: 655
    • October 2022: 705
       
  • Closed Sales: –17.4%
    • October 2023: 708
    • October 2022: 857
  • Average Days on Market: +2.5%
    • October 2023: 41
    • October 2022: 40
  • Median Sales Price: +6.3%
    • October 2023: $335,000
    • October 2022: $315,000
  • Average Sales Price: +4.1%
    • October 2023: $395,831
    • September 2022: $380,153
  • Percent of List Price Received: 0.0%
    • October 2023: 98.7%
    • October 2022: 98.7%
  • Inventory of Homes for Sale: +5.3%
    • October 2023: 1,807
    • October 2022: 1,716
  • Months Supply of Inventory: +20.0%
    • October 2023: 2.4
    • October 2022: 2.0

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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