Is the Savannah real estate market becoming more buyer-friendly?

September 15, 2022

Inventory reaches highest point in two years

SAVANNAH, Ga. — The Savannah area’s residential real estate market saw fewer homes sold and higher prices in August, with inventory reaching its highest point in the past two years. Homes are still selling quickly, spending just over a month on the market.

“With inventory on the rise, the Savannah area real estate market may be on the verge of moving out of ‘sellers’ market’ territory,” said Steve Candler, Savannah Area REALTORS® CEO. “While inventory is on the rise and we saw fewer homes sold during August, homes continue to sell quickly and prices continue to increase, indicating that our market remains highly competitive. Both buyers and sellers alike would be well-served to work with a professional REALTOR®.”

The inventory of homes for sale increased 81.9%, from 2,162 to 3,932. New listings in the Savannah Area REALTORS® service area decreased 4.3%, from 1,028 to 984. Pending sales dropped 48.6%, from 1,007 to 518, and closed sales were down 14.3%, from 1,072 to 919.

Median sales prices increased 19.2%, from $260,000 to $310,000, and sellers received 99.6% of their list price, down 0.4% from last August. Average sales prices were up 30.3%, from $306,319 to $399,205. The average number of days homes spent on the market decreased 20.9%, from 43 to 34. The months supply of inventory jumped 113.6%, from 2.2 to 4.7.

  • New Listings: -4.3%
    • August 2022: 984
    • August 2021: 1,028
       
  • Pending Sales: -48.6%
    • August 2022: 518
    • August 2021: 1,007
       
  • Closed Sales: -14.3%
    • August 2022: 919
    • August 2021: 1,072
  • Average Days on Market: -20.9%
    • August 2022: 34
    • August 2021: 43
  • Median Sales Price: +19.2%
    • August 2022: $310,000
    • August 2021: $260,000
  • Average Sales Price: +30.3%
    • August 2022: $399,205
    • August 2021: $306,319
  • Percent of List Price Received: -0.4%
    • August 2022: 99.6%
    • August 2021: 100%
  • Inventory of Homes for Sale: +81.9%
    • August 2022: 3,932
    • August 2021: 2,162
  • Months Supply of Inventory: +113.6%
    • August 2022: 4.7
    • August 2021: 2.2

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.

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