Savannah Ga January Real Estate Monthly Market Update Jaw-Dropping SHORTAGE OF INVENTORY Trend!
Channel: Team Yannett
Date: 2024-02-15

Savannah's Real Estate Market Update - January 2024: A HUGE Shortage of Inventory Trend Continues! 
As we dive into the new year, the Savannah, GA, real estate market has presented some continuing trends that are worth every homebuyer and seller's attention. The January 2024 market report reveals critical insights that underscore a significant local real estate dynamics shift. Here's a concise breakdown of the essential findings and what they mean for you.

Unprecedented Price Trends
The average home price in Savannah has climbed to an impressive $335,000. This increase clearly indicates the market's strength and the high demand for homes in the area. What's more remarkable is that sellers are receiving an average of 100% of their asking price. The negotiation table sees less back-and-forth, pointing towards a seller's market where buyers are willing to meet prices head-on.

The Inventory Crunch
A jaw-dropping trend that has emerged is the shortage of inventory. With only 2.3 months of inventory available, Savannah is experiencing a significant squeeze in available homes for sale. This scarcity is reflected in the number of closed sales, which has decreased by about 100 homes, settling at 526. Despite an uptick in new listings to 900, the overall count remains alarmingly low, about half of what is considered normal for a healthy market.

Market Dynamics
The price per square foot has slightly increased to $182, further emphasizing the market's robustness. However, the days on market average is 37 days, suggesting that while homes are in short supply, they are moving relatively quickly.

An interesting aspect to note is the activity in the buyer's market. Showings per listing have risen to 4.7, and showings to pending sales are up to 8. This indicates a growing interest from buyers, even amidst rising interest rates, likely fueled by the economic growth spurred by significant job market expansions led by the Hyundai plant.

What This Means for You
For sellers, the current market conditions are favorable. The demand for homes and the limited inventory means selling your home might fetch you the full asking price if not more. For buyers, while the market is competitive, opportunities can still be found if you're ready to act quickly and decisively. The key for buyers in this market is to have your financing in order and be prepared to make strong offers. With the average days on the market at 37 days, homes are selling relatively quickly, so hesitation could mean missing out on the perfect property.

The market couldn't be more inviting for those considering selling their homes. With low inventory levels, your property will likely attract significant attention, potentially leading to multiple offers. Pricing and preparing your home for showings will be crucial to capitalize on this seller's market.

Savannah's economic growth, highlighted by expansions like the Hyundai plant, is a positive sign for the real estate market's long-term health. This growth brings more buyers into the market and keeps home values higher. The shortage of inventory we have been experiencing and the elevated prices are here to stay for the distant future! 

In conclusion, the January 2024 Savannah real estate market report paints a picture of a robust market characterized by high demand, rising prices, and low inventory. These conditions create unique challenges and opportunities for buyers and sellers alike. Staying informed and working with our team can help you navigate this dynamic market successfully. Whether you're looking to invest in a new home or considering selling your property, now is the time to take action and make the most of the current market conditions. Please share this article with anyone who might benefit from it! 
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