Property Values and Sales on the Rise in Savannah, Georgia – April 2024

Overview of Savannah’s Real Estate Market Trends

Savannah’s real estate market has grown over the past year. The average property value in the historic city has seen a steady climb, jumping from $383,088 in April 2023 to nearly $399,900 by March 2024. Simultaneously, there’s been a notable uptick in the sale price per square foot, which has grown from $186 to $206 during the same period. These figures do not exist in isolation but are part of a wider context wherein the average sale price of properties has reached approximately $319,037, with a high volume of homes changing hands—1,754 properties sold—a testament to Savannah’s burgeoning market.

While these numbers present a general picture of growth, what adds dimension to these statistics is the granular detail of month-over-month metrics. The consistent rise in both property values and sale price per square foot indicates a stable market with increasing demand. For homeowners and investors, this suggests robust returns on investment and sustained interest in the market. However, for potential buyers, this may point to a market with lessening affordability—an important consideration for many.

Comparative Insight into Nearby City Markets

In contrast to Savannah’s performance, surrounding areas have shown more variability, highlighting the dynamic nature of real estate in Georgia’s coastal region.

• Pooler, GA, a stone’s throw away from Savannah, has seen a less dramatic but still positive increase in average property values, rising to $387,450, and a stable sale price per square foot sitting at $173. The consistency in sale price per square foot may reflect a market that’s keeping pace with demand without substantial fluctuations, providing a seemingly more predictable investment landscape.
• In Richmond Hill, GA, we observe something intriguing—a noteworthy increase in property values up to $465,000 but a decrease in the sale price per square foot from $175 to $195. The slight ebb in the sale price per square foot could indicate that larger homes are becoming more common in the market mix or perhaps a shift in buyer preferences. The overall increase in property values, however, underscores continuing interest in the area.
• Conversely, Port Wentworth, GA, experienced a downtrend, with property values dipping to $310,000 and the sale price per square foot falling from $144 to $170. A lower property count of 17 could be a contributing factor—less inventory might imply greater variability in the numbers.
• Bloomingdale, GA has taken a significant stride in terms of property values, leaping to $462,500, with the sale price per square foot also growing to $169. The substantial gains in Bloomingdale suggest that this might be an area witnessing rapid growth or redevelopment, an aspect that can greatly attract real estate investors and homebuyers looking for up-and-coming locations.
• Finally, Tybee Island, GA stands out with the highest property values by a large margin at $825,000. The sale price per square foot increased close to $488, reflecting the island’s unique position as a prime coastal destination with limited real estate due to its geography.
• Current Real Estate Snapshot for Savannah and Surrounding Areas

Looking at the figures from March 2024 gives us a snapshot of the current state of the real estate market in Savannah and its nearby cities. With an average property value of nearly $399,900, an average sale price per square foot of $206, and a vigorous volume of sales—over 1,700 properties sold—Savannah does not seem to be cooling off anytime soon.

The surrounding cities present diverse opportunities and challenges. Pooler with its steady growth in property values and consistent sale price per square foot may offer a stable environment for both living and investing; Richmond Hill continues to draw attention with its elevated average property values despite the fluctuations in sale price per square foot; Port Wentworth might appeal to those looking for potentially lower-cost entries into the market; Bloomingdale’s significant spikes point toward an area on the rise; and Tybee Island remains the luxury market with exclusive real estate commanding top dollar.

From a comparative standpoint, these communities present a spectrum of possibilities that cater to various demographics, from suburban families to high-end coastal seekers. The data-centric approach allows us to understand not just the present conditions but also suggests the evolution of these markets over time.

In conclusion, the real estate market in Savannah and its neighboring cities is as complex as it is dynamic. With each city reflecting unique trends and averages, the regional market is nuanced, offering something for nearly every type of buyer and investor. Whether these trends will hold remains to be seen, but for now, the data points toward a broadly healthy market, full of opportunities for those willing to navigate its intricacies.