Savannah area real estate market inventory rises, demand remains steady

June 28, 2024

The Savannah area residential real estate market saw a significant spike in the inventory of available homes in May, while slightly higher prices and fewer days on the market pointed to continued strong demand.

“While our market’s increased inventory points to improved conditions for buyers, we’re still solidly in seller’s market territory,” said Sonny Wright, Savannah Multi-List Corporation (SMLC) 2024 Board President. “More homes are coming onto the market, they continue to sell quickly, and sellers continue to receive a high percentage of their asking prices. These indicators make it clear that Savannah’s market remains highly competitive as we move into summer.”

“The surge in housing inventory is providing more choices for potential buyers, which is a welcome development for our market,” said Sharon Miller, Savannah Area REALTORS® (SAR) 2024 Board President. “However, buyers need to be prepared to act quickly, as desirable properties are still moving fast. Given the highly competitive environment, it’s essential for buyers to stay informed about market trends and engage a professional REALTOR® to navigate the process effectively.”

The number of new listings increased 8.3% in May compared to last year, from 1,085 to 1,175. Pending sales decreased 3%, from 937 to 909. The number of closed sales increased 5.4%, from 925 to 875. The average number of days homes spent on the market dropped by 4%, from 50 to 48 days. Median sales prices inched up 2.3%, from $339,000 to $346,745, while average sales prices also increased 4.3%, from $404,862 to $422,242. The percent of list price received decreased by 1.4%, from 99.4% to 98%. The inventory of available homes increased 44.6%, from 1,471 to 2,127. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 47.4%, from 1.9 to 2.8. Below five months is generally considered a seller’s market.

  • New Listings: +8.3%
    • May 2024: 1,175
    • May 2023: 1,085
       
  • Pending Sales: -3%
    • May 2024: 909
    • May 2023: 937
       
  • Closed Sales: -5.4%
    • May 2024: 875
    • May 2023: 925
  • Average Days on Market: -4%
    • May 2024: 48
    • May 2023: 50
  • Median Sales Price: +2.3%
    • May 2024: $346,745
    • May 2023: $339,000
  • Average Sales Price: +4.3%
    • May 2024: $422,242
    • May 2023: $404,862
  • Percent of List Price Received: -1.4%
    • May 2024: 98.0%
    • May 2023: 99.4%
  • Inventory of Homes for Sale: +44.6%
    • May 2024: 2,127
    • May 2023: 1,471
  • Months Supply of Inventory: +47.4%
    • May 2024: 2.8
    • May 2023: 1.9

About Savannah Area REALTORS®
Savannah Area REALTORS® (SAR) is the trade association for real estate licensees in Chatham, Bryan and Effingham counties, representing approximately 2,400 members. SAR is the voice for real estate in the Coastal Empire and works to provide education, promote the highest professional and ethical standards and address the changing needs of members while protecting private property rights and being active in the community. For more information, visit https://savannaharearealtors.com.    

About Savannah Multi-List Corporation
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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