Savannah area real estate market’s pace slows but demand remains strong

SAVANNAH, Ga. — After an extended period of quick sales and low inventory, the Savannah Area residential real estate market returned to more typical numbers in December. The number of homes sold dropped, while the inventory of available homes and the amount of time homes spend on the market both increased compared to December of 2021. Sellers continue to receive a high percentage of their asking price, and median sales prices increased compared to the prior year.  

“While our market’s pace has slowed, demand for homes in the Savannah area remains strong,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “In December we saw fewer homes sold and fewer new listings, which may sound like a downturn, but it’s important to remember that our market has been performing at unprecedented levels since the pandemic. Additionally, it is common for real estate activity to slow down during the winter months.”

The number of new listings decreased 20.6% compared to December 2021, from 746 to 592. Pending sales fell 30.8%, from 832 to 576. The number of closed sales dropped 33%, from 1,043 to 699. Home spent an average of 50 days on the market in December, up from 40 days last year. Median sales prices increased 9.1%, from $275,000 to $300,000. The percent of list price received decreased slightly by 2%, from 100.3% to 98.3%. Inventory jumped 40.5%, from 1,141 to 1,603. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 81.8%, from 1.1 to 2.0.

  • New Listings: -20.6%
    • December 2022: 592
    • December 2021: 746
  • Pending Sales: -30.8%
    • December 2022: 576
    • December 2021: 832
  • Closed Sales: -33%
    • December 2022: 699
    • December 2021: 1,043
  • Average Days on Market: +25%
    • December 2022: 50
    • December 2021: 40
  • Median Sales Price: +9.1%
    • December 2022: $300,000
    • December 2021: $275,000
  • Average Sales Price: +10.4%
    • December 2022: $353,523
    • December 2021: $320,132
  • Percent of List Price Received: -2%
    • December 2022: 98.3%
    • December 2021: 100.3%
  • Inventory of Homes for Sale: +40.5%
    • December 2022: 1,603
    • December 2021: 1,141
  • Months Supply of Inventory: +81.8%
    • December 2022: 2
    • December 2021: 1.1

Savannah Multi-list Corporation (SMLC) is the real estate professional’s source for property information in the Coastal Empire. SMLC is wholly owned by the Savannah Real Estate Board, Inc. SMLC provides a platform where cooperation between authorized participants is enhanced, and information is accumulated and disseminated to those participants for the preparation of appraisals, analyses, and other valuations of real property for bona fide clients and customers. For more information, visit https://www.savannaharearealtors.com/mls/.

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