Savannah area real estate market remains in seller’s market territory despite rising inventory
The Savannah area residential real estate market remains in a seller’s market despite significant increases in the inventory of available homes in August. While prices increased compared to last year, the number of closed sales and pending sales both decreased.
“Our market saw both a robust supply of homes and a strong demand for those homes in August,” said Sharon Miller, Savannah Area REALTORS® (SAR) 2024 Board President. “While the inventory of available homes jumped by more than half, the months supply of inventory is still in seller’s market territory, and the increase in sale prices demonstrates that demand remains strong as we move into Fall.”
The number of new listings decreased 0.9% in August compared to last year, from 971 to 962. Pending sales decreased 5.6%, from 772 to 729. The number of closed sales decreased 10.9%, from 847 to 755. The average number of days homes spent on the market increased 35%, from 40 to 54 days. Median sales prices increased 2.1%, from $328,000 to $335,000, while average sales prices also increased 1.9%, from $388,817 to $396,342. The percent of list price received decreased by 1.7%, from 98.5% to 96.8%. The inventory of available homes increased 51.1%, from 1,584 to 2,394. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 52.4%, from 2.1 to 3.2. Below five months is generally considered a seller’s market.
- New Listings: -0.9%
- August 2024: 962
- August 2023: 971
- Pending Sales: -5.6%
- August 2024: 729
- August 2023: 772
- Closed Sales: -10.9%
- August 2024: 755
- August 2023: 847
- Average Days on Market: +35%
- August 2024: 54
- August 2023: 40
- Median Sales Price: +2.1%
- August 2024: $335,000
- August 2023: $328,000
- Average Sales Price: +1.9%
- August 2024: $396,342
- August 2023: $388,817
- Percent of List Price Received: -1.7%
- August 2024: 96.8%
- August 2023: 98.5%
- Inventory of Homes for Sale: +51.1%
- August 2024: 2,394
- August 2023: 1,584
- Months Supply of Inventory: +52.4%
- August 2024: 3.2
- August 2023: 2.1
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/.