Savannah area real estate market remains in seller’s territory as inventory and prices rise
The Savannah area residential real estate market remained in seller’s market territory during June. Inventory grew and homes spent about a month and a half on the market. Meanwhile, prices increased compared to last June and sellers received nearly all of their asking price, indicating that demand remains strong.
“The inventory growth we saw last month helped push our market toward more balanced conditions, however, demand is still strong, as shown by the fact that sellers are still receiving a high percentage of their asking price as home prices rise,” said Sharon Miller, Savannah Area REALTORS® (SAR) 2024 Board President. “This could be a signal for some buyers that now is the time to make a move.”
The number of new listings increased slightly by 1.2% in June compared to last year, from 1,013 to 1,025. Pending sales decreased 12.9%, from 920 to 801. The number of closed sales decreased 12.7%, from 1,000 to 873. The average number of days homes spent on the market increased by 2.3%, from 43 to 44 days. Median sales prices increased 4.1%, from $336,000 to $349,900, while average sales prices also increased 11.7%, from $393,108 to $439,027. The percent of list price received decreased by 1%, from 99.4% to 98.4%. The inventory of available homes increased 51.5%, from 1,463 to 2,217. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 52.6%, from 1.9 to 2.9. Below five months is generally considered a seller’s market.
- New Listings: +1.2%
- June 2024: 1,025
- June 2023: 1,013
- Pending Sales: -12.9%
- June 2024: 801
- June 2023: 920
- Closed Sales: -12.7%
- June 2024: 873
- June 2023: 1,000
- Average Days on Market: +2.3%
- June 2024: 44
- June 2023: 43
- Median Sales Price: +4.1%
- June 2024: $349,900
- June 2023: $336,000
- Average Sales Price: +11.7%
- June 2024: $439,027
- June 2023: $393,108
- Percent of List Price Received: -1%
- June 2024: 98.4%
- June 2023: 99.4%
- Inventory of Homes for Sale: +51.5%
- June 2024: 2,217
- June 2023: 1,463
- Months Supply of Inventory: +52.6%
- June 2024: 2.9
- June 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/.