Demand remains steady in the Savannah area real estate market; new listings, sales both increase

March 22, 2024

The Savannah area residential real estate market saw increases in new listings and closed sales as demand for new homes remained steady in February.

“February was another good month for sellers, but there’s a little more to the story than that,” said Sonny Wright, Savannah Multi-List Corporation (SMLC) 2024 Board President. “Sales activity has remained at a high level since the start of 2024, with increases in both closed and pending sales and a decrease in the average days on market. There was an increase in the median sales price this February with a decrease in average sales price, indicating that middle class housing may be the more influential market this year.”

The number of new listings increased 22.4% in February compared to last year, from 731 to 895. Pending sales increased 4%, from 678 to 705. The number of closed sales increased 10.5%, from 620 to 685. The average number of days homes spent on the market decreased 14.1%, from 64 to 55. Median sales prices increased 1.4%, from $320,495 to $325,000, while average sales prices decreased 4.6%, from $403,057 to $383,374. The percent of list price received increased slightly by 0.3%, from 97.6% to 97.9%. The inventory of available homes increased 21.7%, from 1,444 to 1,757. 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: +22.4%
    • February 2024: 895
    • February 2023: 731
       
  • Pending Sales: +4%
    • February 2024: 705
    • February 2023: 678
       
  • Closed Sales: +10.5%
    • February 2024: 685
    • February 2023: 620
  • Average Days on Market: -14.1%
    • February 2024: 55
    • February 2023: 64
  • Median Sales Price: +1.4%
    • February 2024: $325,000
    • February 2023: $320,495
  • Average Sales Price: -4.9%
    • February 2024: $383,374
    • February 2023: $403,057
  • Percent of List Price Received: +0.3%
    • February 2024: 97.9%
    • February 2023: 97.6%
  • Inventory of Homes for Sale: +21.7%
    • February 2024: 1,757
    • February 2023: 1,444
  • Months Supply of Inventory: +27.8%
    • February 2024: 2.3
    • February 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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