Savannah area real estate market continues to normalize

February 20, 2023

The Savannah area residential real estate market continued its trend toward more typical market conditions in January, with fewer homes sold and higher inventory compared to January 2022. Prices increased slightly, while homes spent more time on the market.

“What we saw in January was a continuation of our market’s recent rebalancing trend,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “While the decrease in homes sold and the increase in days on market could be interpreted as a slowdown, it’s really more of a normalization. While our market isn’t moving at the frenetic pace we’ve seen over last couple of years, our sales cycle is strong and our numbers are healthy, even when we typically see a slowdown during winter.”

The number of new listings decreased 10.8% compared to January 2022, from 781 to 697. Pending sales fell 13.9%, from 764 to 658. The number of closed sales dropped 22.6%, from 678 to 525. Home spent an average of 60 days on the market in January, up from 46 days last year. Median sales prices increased 6.7%, from $281,288 to $300,000. The percent of list price received decreased slightly by 2.4%, from 100.1% to 97.7%. Inventory jumped 40.5%, from 1,069 to 1,502. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 63.6%, from 1.1 to 1.8.

  • New Listings: -10.8%
    • January 2023: 697
    • January 2022: 781
  • Pending Sales: -13.9%
    • January 2023: 658
    • January 2022: 764
  • Closed Sales: -22.6%
    • January 2023: 525
    • January 2022: 678
  • Average Days on Market: +30.4%
    • January 2023: 60
    • January 2022: 46
  • Median Sales Price: +6.7%
    • January 2023: $300,000
    • January 2022: $281,288
  • Average Sales Price: +7.3%
    • January 2023: $357,670
    • January 2022: $333,486
  • Percent of List Price Received: -2.4%
    • January 2023: 97.7%
    • January 2022: 100.1%
  • Inventory of Homes for Sale: +40.5%
    • January 2023: 1,502
    • January 2022: 1,069
  • Months Supply of Inventory: +63.6%
    • January 2023: 1.8
    • January 2022: 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://savannaharearealtors.com/mls/.

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