Trophy Point Realty Group operates under the direction of Eighteen O’Two Realty, LLC & broker Rich Blenz. Office phone: 912-330-2998
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Monthly Market Update: June
For the month of June in the entire Savannah MLS (which covers all of Chatham, Effingham, Bryan, and parts of Long and Liberty Counties), we have seen the following:
– 1,401 new listings, compared to 1,482 new listings in May & 1,364 new listings in June of last year, 2021
– 1,218 homes sold, compared to 1,112 homes sold in May & 1,367 homes sold in June of last year, 2021
There were 1,831 homes total on the market in June. This brings us to a total of 1.68 months of inventory, compared to 1.49 months of inventory in April, and 1.66 months worth in May. In a balanced market, we expect to see 6 months of inventory, so we are still very much in a seller’s market.
And this chart shows us the trends, also over the last 5 years, of the number of new listings (green) & number of houses sold (blue):
Another interesting trend we can see through this graph is the number of homes that have sold each month over the past 5 years for under $250,000:
For those interested in multifamily properties, here are a few graphs to look at:
Savannah’s number of multifamily listings was up to 63 properties in June 2022, compared to 52 active in May 2022 and 61 active last June (2021).
This chart shows us trends over 5 years of new listings (in green) compared with the number of closings (in blue) for multifamily properties:
And this zooms in to just the past year’s number of multifamily new listings and closings by month:
There are a lot of people moving to Savannah, and supply is not keeping up – even with a slight uptick in new listings. Months of inventory continues to stay low even though the number of new listings is roughly in line with historic trends. The houses aren’t selling themselves quite as fast as they have been recently, but it doesn’t mean prices aren’t still far higher than they were even just 1 year ago. This is good news if you’re a seller of course, not so much if you’re a buyer.
However, with less buyers in the market than there were about a year ago, our boots on the ground have seen sellers agreeing to a few more asks from the buyer in order to sell their home. The other positive for buyers is this – population forecasts for the next five years point to a continued trend of migration to Savannah. We do not believe that prices will decline as long as folks are still moving here faster than they’re building houses – that’s basic economics. So as long as buyers will be in their new home longer than a few years, they should be able to come out on top when they sell.
While the rise in housing prices seems to be leveling (or at the very least slowing its increase) in Savannah, rents are very high, and supply of available rentals is very tight. For example, on July 5th of this year we were able to find all of 4 rentals (3-bed) in Chatham county for less than $1600/mo. 2 years ago, we would’ve been able to find 30 or more.
If you’re interested in seeing some trends in individual segments of the market, please keep scrolling. As always, we love to answer your questions – please don’t hesitate to reach out if you’d like to pick our brains about any of the information you see here today!
Here is our index of neighborhoods:
1. Ardsley Park/Chatham Crescent/Baldwin Park/Parkside
4. Starland/Thomas Square/South Victorian District
6. Pine Gardens/Savannah Gardens/Avondale “The States”/Victory Heights
7. LaRoche/Fernwood/Glynnwood/Savannah State/Skidaway Terrace/Magnolia Park/Thunderbolt
9. Cloverdale/Tremont Park/Liberty City
10. Cuyler Brownsville/Cann Park
13. Georgetown/Chevis/Little Neck
14. The Landings/Isle of Hope/Dutch Island/Burnside Island
16. Garden City/Old Port Wentworth
1. Ardsley Park, Chatham Crescent, Baldwin Park, & Parkside
- 25 new listings
- 30 new listings in May 2022
- 42 new listings this time last year (June 2021)
- 21 properties sold
- Average sale price: $575k
- Price difference from last year to now: +$185k
2. The Islands
- 94 new listings
- 96 new listings in May 2022
- 118 new listings this time last year (June 2021)
- 61 properties sold
- Average sale price: $400k
- Price difference from last year to now: +$40k
3. Historic Downtown Districts
- 32 new listings
- 27 new listings in May 2022
- 38 new listings this time last year (June 2021)
- 11 properties sold
- Average sale price: $700k
- Price difference from last year to now: +$95k
4. Starland, Thomas Square, & South Victorian District
- 37 new listings
- 28 new listings in May 2022
- 37 new listings this time last year (June 2021)
- 27 properties sold
- Average sale price: $490k
- Price difference from last year to now: +$50k
5. Eastside
- 36 new listings
- 30 new listings in May 2022
- 25 new listings this time last year (June 2021)
- 23 properties sold
- Average sale price: $250k
- Price difference from last year to now: +$38k
6. Pine Gardens, Savannah Gardens, Avondale/”The States”, & Victory Heights
- 29 new listings
- 34 new listings in May 2022
- 13 new listings this time last year (June 2021)
- 32 properties sold
- Average sale price: $190k
- Price difference from last year to now: +$60k
7. LaRoche, Fernwood, Glynnwood, Savannah State, Skidaway Terrace, Magnolia Park, & Thunderbolt
- 25 new listings
- 37 new listings in May 2022
- 38 new listings this time last year (June 2021)
- 31 properties sold
- Average sale price: $225k
- Price difference from last year to now: +$15k
8. West Savannah
- 9 new listings
- 3 new listings in May 2022
- 4 new listings this time last year (June 2021)
- 5 property sold
- Average sale price: $120k
- Price difference from last year to now: +$91k
9. Cloverdale, Tremont Park, & Liberty City
- 11 new listings
- 6 new listings in May 2022
- 10 new listings this time last year (June 2021)
- 6 properties sold
- Average sale price: $140k
- Price difference from last year to now: -$2k
10. Cuyler/Brownsville & Cann Park
- 20 new listings
- 11 new listings in May 2022
- 7 new listings this time last year (June 2021)
- 14 properties sold
- Average sale price: $160k
- Price difference from last year to now: +$86k
11. Midtown
- 34 new listings
- 27 new listings in May 2022
- 39 new listings this time last year (June 2021)
- 23 properties sold
- Average sale price: $403k
- Price difference from last year to now: +$140k
12. Southside
- 65 new listings
- 72 new listings in May 2022
- 72 new listings this time last year (June 2021)
- 61 properties sold
- Average sale price: $255k
- Price difference from last year to now: +$57k
13. Georgetown, Chevis, & Little Neck
- 59 new listings
- 50 new listings in May 2022
- 49 new listings this time last year (June 2021)
- 40 properties sold
- Average sale price: $276k
- Price difference from last year to now: +$40k
14. The Landings, Isle of Hope, Dutch Island, & Burnside Island
- 43 new listings
- 55 new listings in May 2022
- 53 new listings this time last year (June 2021)
- 45 properties sold
- Average sale price: $750k
- Price difference from last year to now: +$205k
15. Berwick & Southbridge
- 35 new listings
- 44 new listings in May 2022
- 39 new listings this time last year (June 2021)
- 36 properties sold
- Average sale price: $334k
- Price difference from last year to now: -$8k
16. Garden City & Old Port Wentworth
- 12 new listings
- 8 new listings in May 2022
- 9 new listings this time last year (June 2021)
- 3 properties sold
- Average sale price: $149k
- Price difference from last year to now: +$19k
17. New Port Wentworth & North Pooler
- 47 new listings
- 34 new listings in May 2022
- 61 new listings this time last year (June 2021)
- 30 properties sold
- Average sale price: $322k
- Price difference from last year to now: +$73k
18. Pooler & Bloomingdale
- 114 new listings
- 126 new listings in May 2022
- 108 new listings this time last year (June 2021)
- 80 properties sold
- Average sale price: $347k
- Price difference from last year to now: +$87k
19. Rincon
- 70 new listings
- 91 new listings in May 2022
- 77 new listings this time last year (June 2021)
- 60 properties sold
- Average sale price: $335k
- Price difference from last year to now: +$45k
20. Guyton & Springfield
- 59 new listings
- 48 new listings in May 2022
- 45 new listings this time last year (June 2021)
- 65 properties sold
- Average sale price: $308k
- Price difference from last year to now: +$68k
21. Richmond Hill
- 102 new listings
- 107 new listings in May 2022
- 88 new listings this time last year (June 2021)
- 120 properties sold
- Average sale price: $343k
- Price difference from last year to now: +$78k
22. Keller
- 68 new listings
- 80 new listings in May 2022
- 76 new listings this time last year (June 2021)
- 75 properties sold
- Average sale price: $440k
- Price difference from last year to now: +$97k
23. Midway
- 52 new listings
- 55 new listings in May 2022
- 65 new listings this time last year (June 2021)
- 49 properties sold
24. Hinesville
- 88 new listings
- 85 new listings in May 2022
- 90 new listings this time last year (June 2021)
- 68 properties sold
