Savannah’s current housing market trends and stats
It is no secret that the housing market nationwide has been moving at a slower than normal pace. The affordability of a new home requires a median income of $117,000, according to Habitat for Humanity. This number is up 20% from previous years. Most home buyers aren’t able to afford a first time home or in some cases, a second time home. This is creating a slower than average housing market across the country. Fortunately for anyone looking to move or buy in Savannah, GA, this does not apply.
The current housing market in Savannah is defying all odds. According to WSAV Now, Savannah is ranked 37 out of 133 for small cities with the best housing market. A large part of this positive real estate market can be credited to the economic growth that is surging in Savannah right now. The economic growth in Savannah right now is due mostly to tourism and port activity. The tourist industry brought in roughly 4.4 billion dollars last year. This has driven large amounts of growth in Savannah over the last 18 months. With this growth has come an increase in businesses and building permits. All of which are causing Savannah’s housing market to excel when others are not.
What do building permits have to do with the housing market?
Building permits are a leading indicator of the overall health of the economy. They also help to shed light on the future of construction performance. In the first six months of the year, Savannah’s building permits for residential builds was just over 2,000. That number is a great indicator of a strong economy and housing market for the Hostess City.
What are some pricing trends of the current Savannah housing market?
Let’s dig a little deeper into the Savannah housing market by taking a look into pricing trends and stats of the current market. According to RedFin, homes listed in Savannah sell within 29 days once on the market, with multiple offers on the table. If you are looking to buy a home in Savannah, the median home price is 21% lower than the national average. The average home price in Savannah is $293,446, making it a popular place for people to relocate from higher priced metropolitan areas. Another positive stat for local real estate is the increase in home values. According to Fortune Builders, the home values in Savannah have increased 2.5% in the last year. Along with this positive stat, roughly 49.1% of homes that are listed, sell over asking price, according to Norada Real Estate Investments. With home prices remaining competitive and houses still selling, buying a home in Savannah could be the right move for you. If you have your sights set on moving south, Savannah is a great option. You will appreciate that the local economy is booming, which in turn will help your home appreciate well.
The beauty, history, weather and thriving economy in Savannah, make it a great place to relocate. Consider investing your money in Savannah Real Estate. For all of your real estate needs check out Southbridge Greater Savannah Realty for available properties and access to trusted real estate agents.