Savannah, Georgia Housing Market Trends

If you are planning to buy or sell a home in Savannah, GA, relying on national headlines or outdated estimates will cost you leverage at the negotiating table. The local market shifts month to month, and understanding the exact transaction data across each property type is the only way to make a strategic move.

The Savannah market is currently transitioning, experiencing dynamic shifts across single-family homes, townhomes, and condominiums. This analysis is based on comprehensive residential data pulled directly from the Savannah MLS.

Current Market by Property Type in Savannah

Single-Family Home Sales in Savannah

Townhome Sales in Savannah

Condominium Sales in Savannah

Key Market Takeaways & Inventory Dynamics

1. Pricing Sees a Slight Normalization:
Unlike some neighboring coastal areas, Savannah's overall average residential sale price experienced a slight year-over-year dip of 4.8%, bringing it to $461,735. However, zooming in by property type reveals a more nuanced story: while single-family homes normalized, townhomes actually surged, crossing the $590k mark in August.

2. Inventory Pushes Toward a Balanced Market:
Months of Inventory (MOI) measures how long existing supply would last at the current pace of sales. Savannah's overall inventory has steadily climbed, pushing from a tight 4.46 months a year ago to 5.93 months today. This is right on the cusp of a neutral, historically balanced market, providing much-needed relief and selection for buyers.

3. Townhomes and Condos Pace Slower:
Higher-density property types are seeing extended days on market, with townhomes averaging 124 days and condos averaging 95 days. Inventory for condos notably spiked earlier in the year (hitting over 22 months in January) before settling back down to a more manageable 8.2 months as the summer progressed.

What This Means for Sellers in Savannah

With inventory nearing 6 months and overall days on market stretching to 90 days, patience and presentation are key. The days of throwing a sign in the yard and expecting immediate multiple offers have cooled in Savannah. You must price accurately based on very recent comps, not last year's peaks, to prevent your listing from growing stale.

What This Means for Buyers in Savannah

You finally have room to breathe. With inventory up and homes staying on the market nearly two weeks longer than they did a year ago, you have far more choices and improved negotiating power. This is an excellent time to secure a property without feeling pressured into waiving appraisals or rushing inspections.

To discuss custom comparative market data or specific subdivision trends, contact me directly at 912-289-7355.

Jim Hawkins, REALTOR® | GRI, MRP, RENE, BA Marketing