The Savannah housing market is a dynamic landscape that has captured the attention of homebuyers, sellers, and real estate enthusiasts alike. In 2023, the market has experienced notable shifts in house prices and trends, making it a pivotal moment for anyone interested in the city's real estate.
Current Savannah Housing Market Prices & Trends
According to Redfin, in October 2023, Savannah's housing market exhibited robust growth with home prices experiencing a significant surge. The median sale price stood at $338K, marking a remarkable 14.5% increase compared to the previous year. Homes in Savannah sold, on average, after 36 days on the market, a trend consistent with the previous year. However, the total number of homes sold in October decreased slightly, from 223 to 196.
Competitiveness in Savannah
Savannah's housing market is classified as somewhat competitive, with homes selling in 32 days on average. The Redfin Compete Score, a measure of competitiveness, rates the area on a scale of 0 to 100, with 100 being the most competitive. Some homes receive multiple offers, and the average homes sell for about 1% below the list price, going pending in approximately 32 days. Hot homes, in contrast, may sell for about 2% above the list price and go pending in around 13 days.
Sale-to-List Price Ratio
The sale-to-list price ratio for all home types in Savannah stands at 99.6%. This indicates that, on average, homes are selling for nearly the full list price. It's noteworthy that the ratio was 80.0% in 2022, demonstrating a significant increase in seller advantage in the current market.
Migration & Relocation Trends
Examining migration trends in Savannah, approximately 0.24% of homebuyers searched to move into Savannah from outside metros. Atlanta, GA, leads in the number of homebuyers searching to move into Savannah, followed by Washington, DC, and New York. Meanwhile, Gulfport, MS, emerges as the most popular destination among Savannah homebuyers.
Savannah Housing Market Forecast 2023-2024
The Savannah housing market has experienced significant growth, with the average home value reaching $296,777, reflecting a notable 9.5% increase over the past year. Homes in Savannah typically go pending in a swift 19 days, indicating a high demand for real estate in the area. According to Redfin and Zillow, as of October 31, 2023, the market inventory includes 753 homes for sale, with 259 new listings, suggesting a dynamic and active market.
Key Metrics and Prices
- Median Sale to List Ratio (Sep 30, 2023): 1.001
- Median Sale Price (Sep 30, 2023): $304,083
- Median List Price (Oct 31, 2023): $371,633
- Percent of Sales Over List Price (Sep 30, 2023): 43.9%
- Percent of Sales Under List Price (Sep 30, 2023): 37.3%
These figures highlight the competitiveness and growth in the Savannah housing market, making it an attractive option for both buyers and sellers.
Savannah MSA Housing Market Forecast (2023-2024)
The Savannah Metropolitan Statistical Area (MSA) is poised for continued growth, as indicated by the housing market forecast. The forecast for November 30, 2023 predicts a 0.4% increase, with further growth anticipated in January 31, 2024 (0.5%) and October 31, 2024 (1.8%). This positive trajectory suggests a robust and flourishing real estate market in the Savannah MSA.
The Savannah MSA encompasses a region that includes multiple counties in Georgia (GA). Understanding the unique attributes of each county provides valuable insights into the diversity and scale of the real estate landscape within the Savannah Metropolitan Statistical Area.
The Savannah housing market offers lucrative opportunities for real estate investors looking for long-term growth and stability. Here are some reasons why Savannah is a hidden gem for real estate investment:
- Strong and Stable Market: Savannah's real estate market has shown steady growth over the years, and experts predict that it will continue to do so in the future. This stability provides a solid return on investment.
- Historic Charm: Savannah is known for its historic charm, attracting tourists from around the world. The demand for short-term rentals and vacation properties is high, making it an ideal location for real estate investors.
- Thriving Economy: Savannah's diverse economy, including industries like manufacturing, tourism, and logistics, creates a strong demand for rental properties.
- Low Cost of Living: Compared to other major cities in the United States, Savannah has a relatively low cost of living. This affordability attracts people looking to relocate, driving demand for rental properties.
- Strong Rental Market: Savannah has a high occupancy rate and low vacancy rates, making it an excellent location for buy-and-hold investors to generate passive income from rental properties.
In conclusion, Savannah is a hidden gem for real estate investment. Its strong and stable market, historic charm, thriving economy, low cost of living, and strong rental market make it an ideal location for real estate investors. Whether you are a seasoned investor or just starting, Savannah offers a wealth of opportunities to maximize profitability. So, why not consider investing in Savannah's real estate market today?
Disclaimer: The information presented in this article was derived from reliable sources, but it is always advisable to independently verify the information for accuracy and current market conditions. Norada Real Estate Investments does not guarantee or assert claims about future housing market conditions.