The Savannah housing market is highly competitive, with homes receiving an average of 5 offers and selling in about 34 days. The median sale price of homes in Savannah was $335,000 last month, reflecting a 10.9% increase compared to last year. The median sale price per square foot is $194, which is up 9.0% from the previous year. In June 2023, the median home price in Savannah was $335,000, representing a 10.9% increase from the previous year. On average, homes in Savannah sold after 34 days on the market, compared to 28 days the previous year. There were 251 homes sold in June this year, which is a decrease from 317 homes sold the previous year.
In Savannah, the median sale price is 20% lower than the national average, meaning that homes in Savannah are more affordable compared to the rest of the country. Additionally, the overall cost of living in Savannah is 9% lower than the national average, making it a relatively cheaper place to live overall.
In the current housing market, it is common for homes to receive multiple offers, some of which may come without any conditions or contingencies. On average, homes are selling for around their listed price and going under contract within approximately 31 days. However, in high-demand areas, homes that are considered “hot” can sell for about 3% above the listed price and go under contract within approximately 13 days.
According to recent data, in the period from April to June 2023, 33% of homebuyers in Savannah were looking to move out of the city, while 67% were searching for homes within the Savannah metropolitan area. When it comes to people moving into Savannah, only 0.23% of homebuyers came from outside metropolitan areas. Among those moving into Savannah, homebuyers from Washington were the most prevalent, followed by New York and Los Angeles. On the other hand, 67% of Savannah homebuyers searched for properties within the Savannah metropolitan area, with Asheville being the most popular destination, followed by Brunswick and Pensacola.