Savannah, GA Housing Market Report - September 2024: Key Insights for Buyers and Sellers

Welcome to the latest edition of my Savannah real estate market update! If you're eyeing a new home or thinking of selling, you're in the right place. Here are the latest market conditions to give you a clear picture of what's happening in Savannah and the surrounding areas.  Let's take a look at the numbers and what they mean for you.

Savannah Area Housing Market at a Glance

New Listings: A Small Decline

New Listings in the Savannah area have decreased by 0.9%, bringing the total to 962. This slight drop means fewer new properties are hitting the market, which could lead to more competition among buyers for available homes just listed.

Pending Sales: A Slight Slowdown

Pending sales fell by 5.6% to 729. This decrease indicates that while buyers are still active, they may be taking a bit more time to commit to a purchase. This trend could offer opportunities for buyers who are patient and strategic, but waiting too long could mean missing out on their dream home to someone else.

Inventory: A Significant Increase

Inventory has seen a remarkable increase of 51.1%, reaching 2,394 homes. This surge in available properties provides buyers with a broader selection and may give sellers more options to consider as they navigate the current market.

Median Sales Price: A Gentle Rise

The median sales price has risen by 2.1% from $328,000 to $335,000. This modest increase suggests a stable market where home values are gradually appreciating, reflecting a steady demand.

Days on Market: A Longer Wait

Homes are now taking longer to sell, with the average days on market climbing to 54. For buyers, this may mean more time to weigh options, but you may not want to wait too long. For sellers, it's crucial to ensure your property stands out.

Months Supply of Inventory: A Notable Increase

The months supply of inventory has increased, reaching 3.2 months. This metric signals a more balanced market, offering buyers a little more to choose from and giving sellers a clearer idea of market conditions.

What This Means for Buyers

If you're considering buying a home but are holding out for lower interest rates or a drop in prices, here's what you need to know:

Interest Rates and Prices: What to Expect:

While waiting for interest rates to decrease or home prices to fall might seem like a good strategy, it's essential to consider the potential trade-offs. Interest rates have been unpredictable, and even if they do decrease, they might not significantly impact the overall market conditions. Meanwhile, home prices are showing a steady upward trend, even if gradual. By waiting, you might miss out on the current opportunities available in a market with increased inventory.

While we are seeing a significant rise in available homes, if you find a home that fits your needs and budget, it might be wise to act sooner rather than later to take advantage of the current selection before the market shifts.

The Importance of Local Expertise

While these statistics provide a broad view of the Savannah area housing market, they represent the overall trends for the entire area. It's essential to consult with a local Realtor who can provide insights specific to the area where you're looking to buy or sell. Market conditions can vary significantly from one location to another, and a Realtor can offer detailed information and guidance tailored to your particular situation.

What This Means for Sellers

For Sellers, the increased inventory and longer time on the market require a strategic approach. Highlighting your home's unique features, ensuring it is well-presented, and pricing it competitively are crucial steps to stand out in a more crowded field. While the market is more balanced, a well-prepared property can still attract motivated buyers and achieve favorable results.

Final Thoughts: Real Estate as a Long-Term Investment

No matter the current market conditions, real estate remains one of the most reliable ways to build wealth over time. With its potential for appreciation and long-term value, investing in property continues to be a solid choice for financial growth. Whether you are buying or selling, keeping a long-term perspective will help you navigate the market and make the most of your real estate goals.

For personalized advice or to discuss how these trends affect your plans, feel free to reach out. As always, I am here to help you make the best decisions.

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