Savannah Real Estate Market Update – July 2024

Savannah Real Estate Market Update – July 2024

Welcome to the latest update on the Savannah real estate market! Here are the two most important things happening right now that most of my private clients are keen to know.

1. Has the Value of My Home Gone Up or Down? 

Great news for homeowners! The value of single-family homes in Savannah has seen a positive change. Over the past year, the single-family home price has increased by 2.9%. Meanwhile, the average price has also risen by 1.7% year-over-year for those owning condos or townhomes. This upward trend indicates a healthy and appreciating market.

The median sales price for single-family homes has also reached $377,788, reflecting a 3.2% increase from last year. The average sales price for single-family homes is now $506,376, which is a significant 15.5% increase year-over-year. For condos and townhomes, the median sales price is $299,000, up 1.4% from last year, and the average sales price is $428,296, up 3.4% year-over-year.

2. If I Wanted to Sell My House Right Now, How Long Would It Take?

Timing is crucial when it comes to selling your home, and the current market conditions are promising. Most neighborhoods in Savannah are experiencing a balanced market. This means that if you decide to sell your home today, using my comprehensive marketing strategy, it would likely take you approximately 3 to 6 weeks to sell, depending on your specific area.

To give you a clearer picture, single-family homes in Savannah currently have an average days on market of 41 days, a slight increase of 13.9% from last year. For condos and townhomes, the average days on the market remain steady at 46 days.

Balanced Market Dynamics

The balanced market status signifies that there's a good equilibrium between buyers and sellers. Neither side has a significant advantage, making it an ideal time for transactions. This balance helps in achieving fair market values and reasonable selling timelines. The inventory of homes for sale has significantly increased, with single-family home inventory up 48.8% to 976 homes and condo/townhome inventory up 91.3% to 287 homes. This has resulted in an increased months supply of inventory to 2.9 months for single-family homes and 4.1 months for condos/townhomes.

Personalized Insights

Every home and neighborhood is unique. If you're curious about the specific value of your home, the dynamics of your neighborhood, your street, or even your neighbor's house, feel free to contact me. I can provide detailed, tailored information to help you make informed decisions.

The Savannah real estate market is currently favorable for both buying and selling. With rising home values and a balanced market, it's an excellent time to consider your next move. Whether you're planning to sell or just curious about your home's value, I'm here to help you navigate the market confidently.