Savannah, GA Housing Market: November 2024 Analysis
The Savannah, GA metro area housing market in November 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased by 1.6% year-over-year (YoY) to $374,990, indicating a modest appreciation in home values. Meanwhile, the Median List Price has risen by 4.1% YoY to $395,450, suggesting sellers are optimistic about the market's potential.
Price Per Square Foot metrics also reflect upward trends. The median Price Per Square Foot has grown by 3.3% YoY to $197.31, while the Median List Price per square foot has surged by 9.0% YoY to $211.55. This significant increase in list Price Per Square Foot may indicate a shift towards higher-end listings or a general increase in property values.
However, the number of Homes Sold has decreased by 5.5% YoY, with 503 Homes Sold in November 2024. This decline in sales volume could be attributed to various factors, including higher prices or changing buyer preferences. Pending Sales have shown a slight increase of 0.9% YoY, totaling 542, which may suggest a stabilization or potential rebound in future sales activity.
New Listings have dropped by 9.9% YoY to 556, while inventory has increased significantly by 37.5% YoY to 1,902 homes. This rise in inventory, coupled with a 120.0% YoY increase in Months of Supply to 3.8 months, indicates a shift towards a more balanced market, potentially easing the competitive pressure seen in previous years.
The Median Days on Market have increased by 18.0% YoY to 58 days, suggesting that homes are taking longer to sell. This could be a result of the increased inventory or buyers taking more time to make purchasing decisions. The average sale to list ratio has slightly decreased by 0.6% YoY to 98.4%, indicating that homes are selling closer to their list prices, but with less frequency than before.
The percentage of Homes Sold above list price has decreased by 4.1% YoY to 17.1%, reflecting a cooling in competitive bidding situations. Price Drops have remained relatively stable, with a slight decrease of 0.6% YoY to 24.2%. Additionally, the percentage of homes going off the market in two weeks has decreased by 10.5% YoY to 31.0%, further indicating a slowdown in the pace of sales.
Overall, the Savannah, GA metro area housing market in November 2024 shows signs of transitioning towards a more balanced state. While prices continue to rise, the increase in inventory and longer time on the market suggest a shift from the rapid pace of previous years. Buyers may find more opportunities as the market adjusts, while sellers may need to temper expectations in terms of pricing and time to sell.
