Inventory continues to climb in Savannah’s housing market

August 15, 2022

Homes still selling in just over a month

SAVANNAH, Ga. — July brought more of the same in Savannah’s residential real estate market, with the market following a familiar pattern of increased prices, more inventory and quick sales.

“While new listings and the number of homes sold were both down in July, our market once again saw strong demand with higher prices, sellers receiving more than their asking price, and homes selling quickly,” said Steve Candler, CEO of the Savannah Area REALTORS®. “As we’re beginning to see the market balance out with a higher inventory of available homes, we expect our market to remain competitive as we close out the summer selling season.”

The inventory of homes for sale increased 77.5%, from 2,142 to 3,801. New listings in the Savannah Area REALTORS® service area decreased 14.7%, from 1,142 to 974. Pending sales dropped 54%, from 1,101 to 507, and closed sales were down 17.4%, from 1,086 to 897.

Median sales prices increased 15.1%, from $265,000 to $305,000, and sellers received 100.5% of their list price, same as last July. Average sales prices were up 11.8%, from $324,482 to $362,678. The average number of days homes spent on the market decreased 29.2%, from 48 to 34. The months supply of inventory jumped 104.5%, from 2.2 to 4.5.

  • New Listings: -14.7%
    • July 2022: 974
    • July 2021: 1,142
       
  • Pending Sales: -54%
    • July 2022: 507
    • July 2021: 1,101
       
  • Closed Sales: -17.4%
    • July 2022: 897
    • July 2021: 1,086
  • Average Days on Market: -29.2%
    • July 2022: 34
    • July 2021: 48
  • Median Sales Price: +15.1%
    • July 2022: $305,000
    • July 2021: $265,000
  • Average Sales Price: +11.8%
    • July 2022: $362,678
    • July 2021: $324,482
  • Percent of List Price Received: 0%
    • July 2022: 100.5%
    • July 2021: 100.5%
  • Inventory of Homes for Sale: +77.5%
    • July 2022: 3,801
    • July 2021: 2,142
  • Months Supply of Inventory: +104.5%
    • July 2022: 4.5
    • July 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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