Comprehensive Guide to Savannah Real Estate Market - May 2023 Update!
Channel: Team Yannett
Date: 2023-05-09

May 2023 Analysis of the Savannah Real Estate Market
In May 2023, the Savannah real estate market saw some interesting trends. The average sales price decreased from $320,831 to $320,000. The median price per square foot remained stable at $174, up slightly from $171.
Houses are selling slightly faster, with the average days on the market dropping from 38 to 36 days. The total number of homes for sale increased slightly from 2,162 to 2,260 but still represents only about half the historical inventory.
New listings fell from 1,099 to 1,032, and the months supply of homes for sale remained relatively flat at 2.5 months. This figure is lower than the typical 5 to 7 months, indicating a sellers' market.
Pending sales, an indicator of future market activity, dropped from 952 to 832. Similarly, closed sales decreased from 895 to 778, possibly pointing to a slight cooling in the market.
Lastly, each listing saw an average of 5.4 showings, with the median number of showings before a house goes under contract standing at nine. These figures are essential for understanding buyer activity and competition in the Savannah real estate market.
In conclusion, the current trends suggest a seller's market, but with signs of potential cooling. As always, it's crucial to understand these market dynamics when considering buying or selling property in Savannah.

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