Savannah’s residential real estate market is as hot as the weather

Inventory increases, homes sell quickly and above asking price

SAVANNAH, G.A. — Homes in the Savannah Area REALTORS® (SAR) service area sold quickly in May, spending just over a month on the market, with sellers receiving more than asking price on average.

“While the inventory of available homes is significantly higher than the same time last year, homes continue to sell quickly and for more than asking price,” said Steve Candler, SAR CEO. “Our market is still hot, and both buyers and sellers would benefit from working with a professional REALTOR® to navigate these competitive market conditions.”

“While the real estate market remains hot, there are signs that we may return to pre-pandemic home sales activity in the coming months,” said Paula Nash, SAR’s Multiple Listing Service (MLS) Director. “The pace of home sales is slowing, and we’ve seen an uptick in inventory. If prices remain high and mortgage rates continue to increase, we may see a drop in demand. We’ll continue to watch these trends as we move through summer.”

New listings in the Savannah Area REALTORS® service area increased 0.7%, from 1,192 to 1,200. Pending sales dropped by 45.9%, from 1,080 to 584, and closed sales fell slightly by 6.8%, from 1,019 to 950. The inventory of homes for sale increased 69%, from 2,071 to 3,499.

Median sales prices increased 21.4%, from $259,450 to $315,000, and sellers received 102.3% of their list price, up from 100.3% last May. The average number of days homes spent on the market decreased 31.4%, from 51 to 35. The months supply of inventory jumped 95.2%, from 2.1 to 4.1.

  • New Listings: +0.7%
    • May 2022: 1,200
    • May 2021: 1,192
  • Pending Sales: -45.9%
    • May 2022: 584
    • May 2021: 1,080
  • Closed Sales: -6.8%
    • May 2022: 950
    • May 2021: 1,019
  • Average Days on Market: -31.4%
    • May 2022: 35
    • May 2021: 51
  • Median Sales Price: +21.4%
    • May 2022: $315,000
    • May 2021: $259,450
  • Percent of List Price Received: +2%
    • May 2022: 102.3%
    • May 2021: 100.3%
  • Inventory of Homes for Sale: +69%
    • May 2022: 3,499
    • May 2021: 2,071
  • Months Supply of Inventory: +95.2%
    • May 2022: 4.1
    • May 2021: 2.1

Savannah Area REALTORS® (SAR) is the trade association for real estate licensees in Chatham, Bryan and Effingham counties, representing approximately 2,400 members. SAR is the voice for real estate in the Coastal Empire and works to provide education, promote the highest professional and ethical standards and address the changing needs of members while protecting private property rights and being active in the community. For more information visit https://www.savannaharearealtors.com.

Posted in