The Savannah, GA metro area housing market in February 2025 presents a complex landscape with varying trends across different metrics. The Median Sales Price for homes in this region stands at $372,500, reflecting a decrease of 2.0% year-over-year (YoY). In contrast, the Median List Price has increased by 2.6% YoY, reaching $399,950. This divergence suggests a potential gap between seller expectations and buyer willingness, possibly influenced by broader economic conditions or local market dynamics.

Price Per Square Foot metrics further illustrate the market's dynamics. The median Price Per Square Foot has risen by 6.1% YoY to $200.69, while the Median List Price per square foot has surged by 9.3% YoY to $217.65. These increases indicate a strong demand for space, even as overall sales prices have softened slightly.

Sales activity has experienced a notable decline, with 517 Homes Sold, marking a 9.5% decrease YoY. Pending Sales have also dropped by 9.5% YoY, totaling 637. This reduction in sales activity could be attributed to various factors, including economic uncertainty or shifts in buyer preferences. New Listings have decreased by 2.2% YoY, with 720 homes entering the market, suggesting a cautious approach by sellers.

Inventory levels have seen a significant increase, with a 45.6% YoY rise, bringing the total to 1,977 homes. This increase in inventory, coupled with a 140.0% YoY rise in Months of Supply to 3.80, indicates a shift towards a more balanced market, potentially offering buyers more options and negotiating power.

The Median Days on Market have increased by 28.0% YoY to 70 days, reflecting a slower pace of sales. The average sale to list ratio has slightly decreased by 0.8% YoY to 98.0%, indicating that homes are selling closer to their list prices, albeit with some negotiation. The sold above list ratio has declined by 4.8% YoY to 15.7%, suggesting fewer bidding wars and a more tempered market environment.

Price Drops have increased by 6.9% YoY, affecting 26.9% of listings, which may indicate sellers adjusting their expectations in response to market conditions. Additionally, the percentage of homes going off market in two weeks has decreased by 11.9% YoY to 35.6%, further highlighting the slower market pace.

Overall, the Savannah, GA housing market in February 2025 reflects a period of adjustment, with increased inventory and slower sales activity. While some metrics indicate a cooling market, others, such as Price Per Square Foot, suggest continued demand for quality space. Buyers may find more opportunities for negotiation, while sellers may need to adjust expectations to align with current market realities.