New Year, Same Seller’s Market

January 23, 2024

Savannah real estate market closes out 2023 with strong demand, fewer homes sold

The Savannah area real estate market closed out 2023 where it has been all year: in seller’s market territory. December saw higher prices, fewer homes sold, and slight increases in new listings and inventory compared to December 2022.

“Real estate activity typically decreases in the winter, and December’s numbers are consistent with that pattern,” said Sonny Wright, Savannah Multi-List Corporation (SMLC) 2024 Board President. “While we saw fewer homes sold, demand for homes remains strong in our area. We expect prices to continue pushing higher, and we expect our market to remain in a seller’s market for the foreseeable future.”

The number of new listings increased 2.2% in December compared to last year, from 594 to 607. Pending sales increased 6.2%, from 601 to 638. The number of closed sales decreased 5.9%, from 714 to 672. The average number of days homes spent on the market increased 8.5%, from 47 to 51. Median sales prices increased 5.2%, from $300,000 to $315,500. The percent of list price received decreased slightly by 0.4%, from 98.0% to 97.6%. The inventory of available homes increased 2.2%, from 1,574 to 1,609. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 10.5%, from 1.9 to 2.1. Below five months is generally considered a seller’s market.

  • New Listings: +2.2%
    • December 2023: 607
    • December 2022: 594
       
  • Pending Sales: +6.2%
    • December 2023: 638
    • December 2022: 601
       
  • Closed Sales: -5.9%
    • December 2023: 672
    • December 2022: 714
  • Average Days on Market: +8.5%
    • December 2023: 51
    • December 2022: 47
  • Median Sales Price: +5.2%
    • December 2023: $315,500
    • December 2022: $300,000
  • Average Sales Price: +3.4%
    • December 2023: $365,276
    • December 2022: $353,159
  • Percent of List Price Received: -0.4%
    • December 2023: 97.6%
    • December 2022: 98.0%
  • Inventory of Homes for Sale: +2.2%
    • December 2023: 1,609
    • December 2022: 1,574
  • Months Supply of Inventory: +10.5%
    • December 2023: 2.1
    • December 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/.

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