Median sales prices and inventory reach two-year highs in the Savannah area real estate market

April 19, 2024

Sales activity takes a dip compared to last March

March saw continued strong demand in the Savannah area residential real estate market, but there are signs the market may be trending in a more balanced direction. Prices were up and the number of days homes spent on the market decreased slightly, both indicators of strong demand, while inventory, months supply of inventory, and the number of pending sales and closed sales all increased. Additionally, median sale prices and the inventory of available homes both reached two-year highs in March.

“While demand remains strong in the Savannah area real estate market, we are well within seller’s market territory even with last month’s jump in inventory,” said Sonny Wright, Savannah Multi-List Corporation (SMLC) 2024 Board President. “Spring and summer are typically the busiest times of the year for real estate, and we expect our market to remain in strong shape for the foreseeable future.”

The number of new listings increased 7.6% in March compared to last year, from 959 to 1,032. Pending sales decreased 7.3%, from 864 to 801. The number of closed sales decreased 4.6%, from 808 to 771. The average number of days homes spent on the market decreased by 1.8%, from 56 to 55. Median sales prices increased 4.2%, from $329,990 to $344,000, while average sales prices also increased 7.6%, from $378,861 to $407,470. The percent of list price received decreased slightly by 0.3%, from 98.2% to 97.9%. The inventory of available homes increased 28.5%, from 1,436 to 1,845. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 33.3%, from 1.8 to 2.4. Below five months is generally considered a seller’s market.

  • New Listings: +7.6%
    • March 2024: 1,032
    • March 2023: 959
       
  • Pending Sales: -7.3%
    • March 2024: 801
    • March 2023: 864
       
  • Closed Sales: -4.6%
    • March 2024: 771
    • March 2023: 808
  • Average Days on Market: -1.8%
    • March 2024: 55
    • March 2023: 56
  • Median Sales Price: +4.2%
    • March 2024: $344,000
    • March 2023: $329,990
  • Average Sales Price: +7.6%
    • March 2024: $407,470
    • March 2023: $378,861
  • Percent of List Price Received: -0.3%
    • March 2024: 97.9%
    • March 2023: 98.2%
  • Inventory of Homes for Sale: +28.5%
    • March 2024: 1,845
    • March 2023: 1,436
  • Months Supply of Inventory: +33.3%
    • March 2024: 2.4
    • March 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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