Strong Demand, Growing Inventory
Savannah area real estate market prices hold steady despite significant inventory spike
The Savannah area residential real estate market saw continued strong demand paired with a significant spike in the inventory of available homes in July. New listings and median sale prices both increased slightly compared to July 2023, while the number of homes sold was down.
“While our market has seen an influx of new listings, the demand for those listings remains strong,” said Sharon Miller, Savannah Area REALTORS® (SAR) 2024 Board President. “Prices continue to hold steady, sellers are still receiving a high percentage of their asking price, and our months supply of inventory is still well within seller’s market range.”
The number of new listings increased 3.8% in July compared to last year, from 918 to 953. Pending sales decreased 12.9%, from 784 to 683. The number of closed sales decreased 5.9%, from 817 to 769. The average number of days homes spent on the market increased 18.2%, from 44 to 52 days. Median sales prices increased 2.7%, from $330,000 to $339,000, while average sales prices also increased 0.9%, from $412,654 to $416,310. The percent of list price received decreased by 1.3%, from 99.4% to 98.1%. The inventory of available homes increased 54.7%, from 1,499 to 2,319. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 63.2%, from 1.9 to 3.1. Below five months is generally considered a seller’s market.
- New Listings: +3.8%
- July 2024: 953
- July 2023: 918
- Pending Sales: -12.9%
- July 2024: 683
- July 2023: 784
- Closed Sales: -5.9%
- July 2024: 769
- July 2023: 817
- Average Days on Market: +18.2%
- July 2024: 52
- July 2023: 44
- Median Sales Price: +2.7%
- July 2024: $339,000
- July 2023: $330,000
- Average Sales Price: +0.9%
- July 2024: $416,310
- July 2023: $412,654
- Percent of List Price Received: -1.3%
- July 2024: 98.1%
- July 2023: 99.4%
- Inventory of Homes for Sale: +54.7%
- July 2024: 2,319
- July 2023: 1,499
- Months Supply of Inventory: +63.2%
- July 2024: 3.1
- July 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/.