Demand remains strong as prices increase
SAVANNAH, Ga. — June saw inventory in Savannah’s residential real estate market increase to the highest level in two years, while the homes are spending just over a month on the market, the lowest mark in two years. Prices also increased last month, with sellers receiving more than asking price on average.
“While our market is seeing higher inventory than at any point in the past two years, demand remains strong, with homes selling quickly and for above asking price,” said Steve Candler, SAR CEO. “The strong demand continued to push prices upward in June, and we expect the market to remain competitive in the coming months.”
The inventory of homes for sale increased 75.5%, from 2,104 to 3,962. New listings in the Savannah Area REALTORS® service area decreased 2.7%, from 1,149 to 1,118. Pending sales dropped 47.2%, from 1,114 to 588, and closed sales were down 12.8%, from 1,199 to 1,045.
Median sales prices increased 21.2%, from $259,900 to $315,000, and sellers received 101.8% of their list price, up from 100.4% last June. The average number of days homes spent on the market decreased 34.7%, from 49 to 32. The months supply of inventory jumped 104.8%, from 2.1 to 4.3.
- New Listings: -2.7%
- June 2022: 1,118
- June 2021: 1,149
- Pending Sales: -47.2%
- June 2022: 588
- June 2021: 1,114
- Closed Sales: -12.8%
- June 2022: 1,045
- June 2021: 1,199
- Average Days on Market: -34.7%
- June 2022: 32
- June 2021: 49
- Median Sales Price: +21.2%
- June 2022: $315,000
- June 2021: $259,900
- Percent of List Price Received: +1.4%
- June 2022: 101.8%
- June 2021: 100.4%
- Inventory of Homes for Sale: +75.5%
- June 2022: 3,692
- June 2021: 2,104
- Months Supply of Inventory: +104.8%
- June 2022: 4.3
- June 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://savannaharearealtors.com.