Greater Savannah, GA Area Housing Market Update August 2024: A Closer Look at the Latest Trends

Welcome to your go-to guide for the latest Savannah, GA area housing market insights!  Whether you are buying, selling, or just keeping an eye on the trends, this report is packed with valuable information that's sure to keep you in the loop. Let's take a look at what's been happening over the last 30 days in our local real estate market.

New Listings: A Fresh Surge of Options

The Savannah area market has seen an uptick in new listings, with a 3.8% increase bringing us to a total of 953 new homes hitting the market. If you've been struggling to find that perfect property, the tide may be turning in your favor. More listings mean more choices, but with inventory still relatively tight, you'll want to act quickly to snag that dream home before someone else does!

Pending Sales: A Slower Pace

While new listings are on the rise, pending sales have taken a bit of a dip, decreasing by 12.9% to 683. What does this mean? Buyers are being more selective and taking their time, perhaps waiting for the right moment - or the right deal. However, this doesn't necessarily signal an increased slowdown; rather, it could be a sign that buyers are becoming more strategic in this evolving market.

Inventory: A Dramatic Increase in Choices

Here's some exciting news for prospective buyers: inventory has jumped by a whopping 54.7%, bringing the total to 2,319 homes on the market. That's a significant increase in available options, giving you more flexibility to find a property that truly suits your needs. Regardless of what style home you are searching for, the expanded inventory means there's more out there for you to explore.

Median Sales Price: Steady Climb Continues

Home prices in the Greater Savannah Area are still on the rise, with the median sales price increasing by 2.7% from $330,000 to $339,000. This upward trend is consistent with what we're seeing across much of the country, where prices are maintaining their momentum despite shifts in inventory and sales volume. For sellers, this is good news - your home is likely gaining value, even in a market that's showing signs of balancing out.

Days on Market: Taking a Little Longer

On average, homes in the Greater Savannah Area are now spending more time on the market, with the average days on market (DOM) increasing by 18.2% to 52 days. This means buyers have a bit more time to weigh their options, though it's still important to stay proactive. If you're selling, a slightly longer time on the market isn't necessarily a bad thing - it's an opportunity to connect with the right buyer who truly appreciates your property.

Months Supply of Inventory: Breathing Room for Buyers

The months' supply of inventory has jumped 63.2% to 3.1 months, signaling a market that's beginning to shift towards equilibrium. A balanced market typically has 4-6 month supply, so while we're not there yet, this increase gives buyers a little more breathing room to make decisions without the intense pressure of previous months.

What Does This All Mean For You?

The Greater Savannah Area real estate market is in an interesting phase. On the one hand, home prices continue to rise, which is great news for sellers. On the other hand, the increase in inventory and days on market suggests that buyers are gaining a bit more control. It's a market where both buyers and sellers can find opportunities if they know where to look and how to navigate the current conditions.

Key Takeaways for Buyers and Sellers

For Buyers: With more homes to choose from and a little more time to decide, now might be the perfect moment to find your next home. However, don't wait too long - prices are still climbing, so locking in a deal sooner rather than later could save you money in the long run.

For Sellers: The market is still in your favor with rising prices, but be prepared for your home to stay on the market a bit longer than before. Proper pricing and staging are crucial to attracting the right buyer.

Considering a move? Whether you are looking to buy, sell, or just curious about what these trends mean for you, I'm here to help! Reach out today to discuss how the latest market changes might affect your real estate goals.

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