Savannah area real estate market remains in seller’s market despite increased supply of available homes

June 5, 2024

While the Savannah area real estate market saw increases in new listings and the inventory of available homes in April, demand remains strong, with prices inching upward and homes spending slightly fewer days on the market. Additionally, the months supply of inventory remains well within seller’s market territory.

“The inventory of available homes grew significantly in April, but the increase in supply doesn’t mean our market is slowing down,” said Sonny Wright, Savannah Multi-List Corporation (SMLC) 2024 Board President. “Our market shows all the typical signs of strong demand with increased prices, increased sales, and a decrease in the average days on the market. As we enter what is traditionally our busiest time of year, it will be interesting to see what happens to the inventory numbers in May.”

The number of new listings increased 32.9% in April compared to last year, from 897 to 1,192. Pending sales decreased 0.6%, from 846 to 841. The number of closed sales increased 12.8%, from 755 to 852. The average number of days homes spent on the market decreased by 8.8%, from 57 to 52 days. Median sales prices increased 7.7%, from $325,000 to $350,000, while average sales prices also increased 7.4%, from $390,558 to $419,295. The percent of list price received decreased slightly by 0.9%, from 98.8% to 97.9%. The inventory of available homes increased 48.8%, from 1,410 to 2,098. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 50%, from 1.8 to 2.7. Below five months is generally considered a seller’s market.

  • New Listings: +32.9%
    • April 2024: 1,192
    • April 2023: 897
       
  • Pending Sales: -0.6%
    • April 2024: 841
    • April 2023: 846
       
  • Closed Sales: +12.8%
    • April 2024: 852
    • April 2023: 755

  • Average Days on Market: -8.8%
    • April 2024: 52
    • April 2023: 57

  • Median Sales Price: +7.7%
    • April 2024: $350,000
    • April 2023: $325,000

  • Average Sales Price: +7.4%
    • April 2024: $419,295
    • April 2023: $390,558
  • Percent of List Price Received: -0.9%
    • April 2024: 97.9%
    • April 2023: 98.8%

  • Inventory of Homes for Sale: +48.8%
    • April 2024: 2,098
    • April 2023: 1,410

  • Months Supply of Inventory: +50%
    • April 2024: 2.7
    • April 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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