Savannah Real Estate Soars: Average Values Hit $410K Amid Rising Sales in 2024

Savannah, GA’s real estate market sees a steady growth with a ~5% rise in property values from June 2023 to May 2024 and a 21% increase in sold properties.

authorWritten by Manuel MartinezJun 17, 2024

Property investors in Savannah, GA, are likely rubbing their hands right now: homes have increased in average value, from $388,780 in June 2023 to $410,000 by May 2024. This rise is accompanied by fluctuations in sale prices and the number of properties sold, suggesting a complex yet growing market. The city not only demonstrates a robust increase in per square foot values but also outshines neighboring cities when it comes to the number of homes changing hands.

Trends and Comparisons

An observable upward trend in property values marks Savannah’s real estate market. Over the span from June 2023 to May 2024, the average property value rose from $388,780 to $410,000, representing an approximately 5% increase. This rise reflects the growing appeal of the region and possibly greater demand in the local real estate sector.

  • Sale Price Fluctuations. The average sale price in Savannah showed volatility throughout the year. Notably, February 2024 witnessed a peak with an average sale price of $346,383, which later adjusted to $326,533 by May 2024. Such fluctuations indicate varying buyer interest and possibly differing inventory levels through the year.
  • Per Square Foot Value Trends. May 2024 recorded the highest per square foot value at $239, a potential indicator of high-quality properties entering the market or increases in market valuation standards. This value accentuates the appeal of Savannah properties based on their intrinsic qualities and not just their sheer availability.
  • Volume of Properties Sold. The number of properties sold showed significant variance with a peak of 2028 properties in May 2024, compared to 1671 properties in June 2023. This nearly 21% increase in sold properties volume underscores a strengthening market with enhanced buying and selling activities.

Nearby Cities’ Market Analysis

When expanding the scope to nearby cities, each area reflects unique trends, particularly:

  • Pooler witnessed a property value rise from $352,000 in July 2023 to $384,950 in May 2024, with a sale price average of $342,464 in May 2024.
  • Richmond Hill showed significant upscale market trends with a notable property value at $489,900 and a high average sale price of $403,920 in May 2024.
  • Port Wentworth presented as the most affordable option with average property values at $300,000 and sale prices at $260,533 in May 2024.
  • Bloomingdale balances a median value of $400,000 against a lower average sale price of $264,105 in May 2024.
  • Tybee Island stands out with the highest values, a significant $799,500 average property value and an average sale price of $726,922 in May 2024.

The real estate market in Savannah, GA, is characterized by steady growth in property values, variable sale prices, and an increasing volume of properties sold, which aligns with a vibrant and expanding market scenario. Compared to its neighboring cities, Savannah not only maintains a competitive edge in terms of property sold volume but also demonstrates a strong potential for investment.

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