The Savannah housing market has been on a steady rise in recent years, with home prices increasing and demand remaining strong. In this blog post, we will explore the current trends in the Savannah housing market and provide insights into what to expect in 2023. The Savannah housing market has been on an upward trend, with home prices increasing and demand remaining strong. The market is somewhat competitive, with homes receiving an average of three offers and selling after 50 days on the market.
With mortgage rates expected to rise slightly in 2023 and a lack of housing inventory, the market may become more challenging for buyers. However, Savannah remains a popular destination for people looking to relocate, with highly-rated schools and an attractive climate. As always, it is essential to work with a local real estate agent to navigate the market and make informed decisions.
Savannah Housing Market Update
The Savannah housing market has been experiencing a moderate level of competition. With an average of 4 offers per home, properties in Savannah sell in approximately 35 days. Over the past year, the median sale price of homes in Savannah has increased by 6.8%, with the current median sale price being $315,000. The median sale price per square foot is $196, reflecting a 9.5% increase compared to the previous year.
Current State of the Savannah Housing Market
As of April 2023, Savannah's housing market has shown positive growth. Home prices have risen by 6.8% compared to the previous year, with a median sale price of $315,000. The average number of days homes spend on the market has slightly increased to 35 days, compared to 34 days in the previous year. However, the number of homes sold in April 2023 decreased to 224, down from 310 in the previous year.
Savannah vs. National Average
Savannah's median sale price is 18% lower than the national average, making it an attractive option for homebuyers looking for more affordable housing. Additionally, the overall cost of living in Savannah is 10% lower than the national average, making it an appealing destination for those seeking a lower cost of living.
Competitiveness in the Savannah Housing Market
The Savannah housing market is characterized as somewhat competitive. Homes typically sell within 34 days, indicating a reasonably active market. Some homes even receive multiple offers, further demonstrating the competitive nature of certain properties. On average, homes in Savannah sell for approximately the list price, and hot homes may sell for around 3% above the list price within just 15 days.
To provide a comparison, nearby cities have varying levels of competitiveness. Some cities have a more competitive market with multiple offers being rare, while others have homes selling for slightly below the list price and spending more time on the market.
Savannah Housing Market Forecast 2023-2024
The Savannah housing market continues to show positive signs of growth and competitiveness. With an average home value of $279,826 (Zillow), there has been a significant increase of 12.2% over the past year. Homes in Savannah are in high demand, going to pending status in just around 7 days.
Current Market Statistics
As of April 30, 2023, the median sale-to-list ratio in Savannah stands at 0.999, indicating that homes are generally selling close to their list prices. Additionally, around 31.4% of sales have been recorded to be over the list price, showing the competitiveness of the market. On the other hand, approximately 47.5% of sales have been under the list price.
The median time for homes to go pending in Savannah is 7 days, indicating a fast-paced market with high buyer demand.
Savannah MSA Housing Market Forecast
Looking ahead, the forecast for the Savannah metropolitan statistical area (MSA) suggests continued growth in the housing market. As of April 30, 2023, the forecast for the period ending on May 31, 2023, shows a projected increase of 0.8% in housing market performance. By July 31, 2023, the forecast indicates a more significant growth of 1.9%. Looking further into the future, the forecast for April 30, 2024, suggests a notable increase of 7.3% in the housing market.
These forecasts indicate a positive outlook for the Savannah MSA, with expected growth and potential opportunities for homeowners and investors. The housing market forecast for the Savannah MSA shows a promising outlook, with expected growth in the coming months and years. This indicates potential opportunities for both buyers and sellers in the market. It's important for individuals interested in the Savannah housing market to stay informed and work with real estate professionals to make well-informed decisions.
Is Savannah a Good Place to Invest in Real Estate?
Are you considering investing in the Savannah real estate market? Look no further! Savannah is a beautiful city in Georgia that offers a variety of benefits for real estate investors. Whether you are a seasoned investor or just getting started, there are many reasons to consider investing in this charming city. We will discuss the top reasons why Savannah is a great place to invest in real estate for the long term.
- Strong and Stable Market: Savannah's real estate market is known for its stability and consistency. The market has shown steady growth over the years, and experts predict that it will continue to do so in the future. This means that your investment in Savannah is likely to appreciate in value over time, providing a solid return on your investment.
- Historic Charm: Savannah is known for its historic charm, which draws tourists from around the world. The city has a rich history that is reflected in its architecture and culture, making it a unique and appealing destination for visitors. This appeal helps drive demand for short-term rentals and vacation properties, making it an ideal location for real estate investors.
- Thriving Economy: Savannah's economy is diverse and thriving, with a variety of industries including manufacturing, tourism, and logistics. This means that there is a strong demand for rental properties, as people move to the city for job opportunities.
- Low Cost of Living: Compared to other major cities in the United States, Savannah has a relatively low cost of living. This makes it an attractive location for people looking to relocate, which further drives demand for rental properties.
- Strong Rental Market: Savannah has a strong rental market, with a high occupancy rate and relatively low vacancy rates. This makes it a great location for buy-and-hold investors looking to generate passive income from rental properties.
In conclusion, Savannah is a great place to invest in real estate for the long term. 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. The strong rental market in Savannah is a major draw for real estate investors. With a high occupancy rate and relatively low vacancy rates, rental properties in Savannah are in high demand. This is due to several factors, including the city's growing economy, tourism industry, and job opportunities.
The growing economy in Savannah has attracted many new residents to the city in search of job opportunities. This has resulted in an increase in demand for rental properties as these new residents need a place to live while they establish themselves in the city. Additionally, the city's thriving tourism industry has created a steady demand for short-term rental properties, such as vacation rentals and Airbnb listings.
Another factor contributing to the strong rental market in Savannah is the city's relatively low cost of living. Compared to other major cities in the United States, Savannah is more affordable, which makes it an attractive location for people looking to relocate. As a result, the demand for rental properties is high as people look for a place to live while they get settled in the city.
Real estate investors looking for a passive income stream can benefit greatly from the strong rental market in Savannah. Properties that are rented out long-term can generate consistent rental income, providing investors with a steady cash flow. Additionally, investors who purchase short-term rental properties can take advantage of the city's strong tourism industry to generate additional income.
Overall, the strong rental market in Savannah is a major benefit for real estate investors. With high demand for rental properties, investors have the opportunity to generate consistent rental income and take advantage of the city's growing economy and tourism industry.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market area, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
NORADA REAL ESTATE INVESTMENTS strives to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in the U.S. growth markets. We can help you succeed by minimizing risk and maximizing profitability.
Remember, caveat emptor still applies when buying a property anywhere. The information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.