Savannah, GA Housing Market: September 2024 Analysis
The Savannah, GA metro area housing market in September 2024 presents a complex landscape with varying trends across different metrics. The Median Sales Price has increased to $364,900, reflecting a year-over-year (YoY) growth of 2.8%. This indicates a steady appreciation in home values, albeit at a moderate pace compared to the Median List Price, which has risen by 6.1% YoY to $399,900.
In terms of Price Per Square Foot, the Median Sales Price per square foot stands at $198.21, marking a 3.1% increase YoY. Meanwhile, the Median List Price per square foot has seen a more significant rise of 8.6% YoY, reaching $214.30. This suggests that sellers are optimistic about the market's potential, setting higher asking prices.
The number of Homes Sold in September 2024 was 575, which represents a slight decline of 2.0% YoY. Pending Sales have decreased more sharply by 10.8% YoY, totaling 559. New Listings have also dropped by 13.0% YoY, with 616 new properties entering the market. Despite these declines, inventory has surged by 37.9% YoY, reaching 1,834 homes, which has contributed to an increase in the Months of Supply to 3.20, a substantial 90.0% rise YoY. This indicates a shift towards a more balanced market, with more options available for buyers.
The Median Days on Market have increased by 17.0% YoY to 52 days, suggesting that homes are taking longer to sell. The average sale to list ratio has slightly decreased by 0.4% YoY to 98.5%, indicating that homes are selling closer to their list prices, but with less frequency of bidding wars. The percentage of Homes Sold above list price has dropped by 6.4% YoY to 19.7%, further highlighting a cooling in competitive buying.
Price Drops have slightly decreased by 1.7% YoY, with 25.8% of listings experiencing reductions. Additionally, the percentage of homes going off the market within two weeks has fallen by 19.5% YoY to 35.2%, suggesting a slower pace in buyer decision-making.
Overall, the Savannah housing market in September 2024 is characterized by rising prices and increased inventory, coupled with a slowdown in sales activity and longer market times. This environment may offer opportunities for buyers to negotiate better deals, while sellers may need to adjust expectations in terms of pricing and time on the market.
