The Savannah, GA metro area housing market is currently experiencing a complex set of dynamics as of January 2025. The market is characterized by rising prices, increased inventory, and a slowdown in sales activity.

The Median Sales Price in the Savannah area stands at $379,990, reflecting a year-over-year increase of 2.7%. This upward trend is also evident in the Median List Price, which has risen by 5.1% to $395,000. The Price Per Square Foot has seen a notable increase, with the median Price Per Square Foot up by 7.6% to $204.24, and the Median List Price per square foot rising by 6.9% to $210.98.

Despite the increase in prices, the number of Homes Sold has decreased significantly, with a year-over-year decline of 16.9%, totaling 407 Homes Sold. Pending Sales have also dropped by 22.8%, indicating a potential slowdown in future sales activity. New Listings have decreased by 8.3%, with 643 new properties entering the market.

Inventory levels have surged, with a 40.5% increase year-over-year, bringing the total inventory to 1,815 homes. This rise in inventory has contributed to a substantial increase in the Months of Supply, which has grown by 190.0% to 4.5 months. The Median Days on Market have also increased by 23.0%, now averaging 69 days, suggesting that homes are taking longer to sell.

The average sale to list ratio has slightly decreased by 0.6%, now at 97.9%, indicating that homes are selling closer to their list prices. The percentage of Homes Sold above list price has dropped by 4.8% to 12.5%. Additionally, the proportion of Price Drops has increased by 6.8%, with 29.1% of listings experiencing a reduction in price.

Finally, the percentage of homes going off the market within two weeks has decreased by 18.9%, now at 26.9%, further highlighting the slower pace of the market.

Overall, the Savannah housing market is experiencing rising prices amidst a backdrop of increased inventory and slower sales activity. Buyers and sellers alike should be aware of these trends as they navigate the current market conditions.