Savannah Housing Market Trends for 2023
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 Overview
According to Redfin's data, in January 2023, the median sale price of a home in Savannah was $303,000, representing an increase of 18.6% compared to the same period last year. According to Redfin, the average home in Savannah sells after 50 days on the market, up from 39 days last year. The market is somewhat competitive, with homes receiving an average of three offers.
Sale-to-List Price Ratio
The average sale-to-list price ratio in Savannah is 97.5%, indicating that most homes are selling close to their list price. This trend has been consistent over the past few years, with slight fluctuations but generally remaining around 97%.
Housing Inventory
In January 2023, 164 homes were sold in Savannah, a decrease from 244 homes sold in January 2022. This trend could be attributed to a lack of housing inventory, which has been a problem in many markets across the United States.
Savannah Migration & Relocation Trends
Savannah has been a popular destination for people looking to move from other metros. According to Redfin, in December 2022 – February 2023, 0.26% of homebuyers searched to move into Savannah from outside metros. Washington, DC, was the top metro searched, followed by New York and Atlanta.
Home values in Savannah, GA
If you're looking to buy or sell a home in Savannah, GA, it's important to understand the current housing market conditions. The recently released report reveals some interesting statistics that can help you make informed decisions. These housing market trends are based on single-family, condo, and townhome properties listed for sale on Realtor.com. Land, multi-unit, and other property types are excluded.
Based on the recent report, the housing market in Savannah, GA, is currently in favor of sellers, with rising home prices and high demand for homes in the area. However, buyers may still be able to negotiate on the price, as the median home sold price is slightly lower than the median listing home price. With homes selling relatively quickly and a sale-to-list price ratio of almost 100%, sellers in Savannah, GA should feel confident in listing their homes on the market.
The Median Listing Home Price
The median listing home price in Savannah, GA, as of February 2023, was $325,000, which is an increase of 8.7% from the previous year. This means that the median home price has been trending upwards, making it a great time to sell a home in the area. The median listing home price per square foot was $193, which is also an increase from the previous year.
Median Listing Home Price vs. Median Home Sold Price
The median home sold price in Savannah, GA, as of February 2023, was $320,800, which is slightly lower than the median listing home price. This indicates that buyers may have some room to negotiate when purchasing a home in Savannah, GA. The chart comparing the median listing home price and the median home sold price shows that the difference between the two has been relatively consistent over the past year.
Sale-to-List Price Ratio
The sale-to-list price ratio in Savannah, GA, as of February 2023, was 99.35%, which means that homes in the area sold for approximately the asking price on average. This is a positive sign for sellers, as it indicates that buyers are willing to pay close to the asking price for homes in Savannah, GA.
Seller's Market
Savannah, GA is currently a seller's market, which means that there are more people looking to buy homes than there are homes available for sale. This creates a competitive market, which can lead to higher home prices and faster sales. For sellers, this is great news, as it means that there is a high demand for homes in the area.
Median Days on Market
On average, homes in Savannah, GA, sell after 55 days on the market. This is slightly higher than the previous year and the previous month, indicating a slight upward trend. The chart showing the median days on market over the past year reveals that there have been some fluctuations in this metric, but overall, homes in Savannah, GA, tend to sell relatively quickly.
Savannah Housing Market Forecast 2023-2024
The Savannah housing market has been on an upward trajectory for the past year, with home values skyrocketing and homes selling quickly. According to the recently released Zillow Home Value Index (ZHVI), the average Savannah home value is now $265,881, which is up by 18.8% over the past year. This significant increase in home values has caught the attention of many homebuyers and real estate investors, making Savannah a hot spot for real estate activity.
Key Takeaways for Savannah Housing Market
The following are some key takeaways from the Zillow Home Value Index for the Savannah housing market:
The typical home value in Savannah is $265,881, which is up by 18.8% over the past year. The median sale-to-list ratio is a measure of the difference between the listing price and the actual sale price of homes. In this case, the median sale-to-list ratio is 1.000, which means that homes are selling at their list price. The percent of sales over list price is 36.7%, indicating that many homes are being sold for more than their list price.
This suggests that the market is competitive, with buyers willing to pay more than the listed price in order to secure a home. On the other hand, the percent of sales under list price is 42.5%, indicating that some homes are selling for less than their list price. This could be due to a variety of factors such as overpricing, market saturation, or the condition of the home. Overall, these lines suggest that the Savannah housing market is dynamic and that there are opportunities for both buyers and sellers to negotiate deals.
Market Overview and 1-Year Forecast
The Savannah housing market is expected to remain stable in 2023, with a positive 1-year forecast. The median days to pending is only 11 days, which indicates that homes are selling quickly. This rapid pace of home sales may create a sense of urgency for buyers, making it crucial for them to act quickly when they find a home that fits their needs.
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.
Sources:
- https://www.zillow.com/Savannah-ga/home-values
- https://www.realtor.com/realestateandhomes-search/Savannah_GA/overview
- https://www.redfin.com/city/17651/GA/Savannah/housing-market
- https://www.neighborhoodscout.com/ga/savannah/real-estate
