Savannah’s real estate market sees higher inventory, continued strong demand

February 28, 2024

The Savannah area residential real estate market saw increases in inventory and new listings in January. While inventory jumped, higher prices and an increase in closed sales indicates continued strong demand. 

“It’s no secret that Savannah has been a sellers’ market for the past few years,” said Sonny Wright, Savannah Multi-List Corporation (SMLC) 2024 Board President. “Due to the increases in inventory, it seems sellers are looking to take advantage of the seller’s market while it’s still here. Demand remains high, evidenced by rising prices and increased sales activity, and we expect these trends to continue into February.” 

The number of new listings increased 29% in January compared to last year, from 703 to 907. Pending sales decreased 4.4%, from 687 to 657. The number of closed sales increased 4.7%, from 535 to 560. The average number of days homes spent on the market decreased 7.1%, from 56 to 52. Median sales prices increased 11.2%, from $300,000 to $333,620. The percent of list price received increased slightly by 0.3%, from 97.2% to 97.5%. The inventory of available homes increased 17.3%, from 1,462 to 1,715. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 27.8%, from 1.8 to 2.3. Below five months is generally considered a seller’s market.  

  • New Listings: +29% 
    • January 2024: 907 
    • January 2023: 703
  • Pending Sales: -4.4% 
    • January 2024: 657 
    • January 2023: 687 
  • Closed Sales: +4.7% 
    • January 2024: 560 
    • January 2023: 535 
  • Average Days on Market: -7.1% 
    • January 2024: 52 
    • January 2023: 56 
  • Median Sales Price: +11.2% 
    • January 2024: $333,620 
    • January 2023: $300,000 
  • Average Sales Price: +6.7% 
    • January 2024: $381,187 
    • January 2023: $357,187 
  • Percent of List Price Received: +0.3%  
    • January 2024: 97.5% 
    • January 2023: 97.2% 
  • Inventory of Homes for Sale: +17.3%  
    • January 2024: 1,715 
    • January 2023: 1,462 
  • Months Supply of Inventory: +27.8% 
    • January 2024: 2.3 
    • January 2023: 1.8 

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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