Savannah, GA, is the Hostess City of the South because of its welcoming spirit. It is also the oldest city in Georgia.
Savannah's marketplace is growing, making it a great place for living and investing. At the start of June 2021, the city's real estate market is expected to grow. So, let's take a closer look:
Quick Facts:
- 145,000 population
- The cost of living is 3% below the national average.
- 85 neighborhoods make the city.
- The house prices range from $8.5K to $4.9M (depends on the area).
- Savannah, GA, is currently a seller's market.
Exploring Savannah, GA
Savannah, GA, is a welcoming place in the south.
Weather and Temperature
The city experiences seasons! Hot summers and cold, although short, winters. Thus, the temperature typically ranges from 42F to 91F. It is rarely below 29F or above 96F.
How's the Economy?
The most common jobs in the city are in defense, aerospace, tourism, healthcare, and education. Furthermore, Savannah's seaport is also one of the many reasons why its market is booming.
The market is rising if there is fast and active growth in some of the city's sectors. Such sectors include:
- Construction
- Trade
- Transportation
- Business services
Moreover, the city also has walkable and bikeable places. In fact, Savannah gives a unique bike loan system for its residents. The city has great transportation too. Buses and free shuttles are what locals use to travel. So, if a car isn't available, people can always commute - hassle-free!
Public Schools
Around 56 public schools are operating well in Savannah, GA. Here are some of the best public schools in the city:
- Esther F. Garrison School of Visual and Performing Arts
- Godley Station School
- The Stem Academy At Bartlett
- Savannah Early College High School
Sought-after Neighborhoods
Savannah, GA, has 85 neighborhoods. Some of the best are Windsor Forest, North Historic District, and Mid-City. Meanwhile, West Savannah, Benjamin Van Clark Park, and Avondale are best for people who are looking for affordable areas to buy.
Real Estate Condition In Savannah, GA
(Data from June 2021)
Savannah, GA, experienced a drastic change in its market after the pandemic. The inventory of homes for sale in Savannah last 2020 is 1,415. But in June 2021, there were only about 858.
Moreover, the low mortgage rates during the pandemic caused homeowners to refinance and stay in their current homes. As a result, the housing inventory is low.
While the reported inventory at the beginning of 2021 was low, there are still places in Savannah with a higher stock. For instance, in Windsor Forest, North Historic District, and Mid-City, there are 1,167 homes for sale. As for rentals, there are 204 homes for rent.
Housing Market In Savannah, GA
The median listing home price is $279K, and the median listing home price per square foot is $150. Hence, most houses are sold for around $279.9K - which is higher than the asking price.
That is to say, in June 2021, most homes have been sold around their asking price and never below. At the same time, from May 2021, the housing market in Savannah is trending up 2.3%.
On average, homes in Savannah stay on the market for 47 days. Unlike in May and April 2021, houses remain on the market for a longer period. The longest in 2021 in which homes stayed on the market was 61 days.
What to expect?
From here, realtors and investors can see a favorable bounce on the real estate market. According to local data from Georgia Realtors Association, Savannah's median sale price increased.
For example, the median sale price for single-family houses increased by 14.8% since last year. That is to say, the average sale price increased by 21%.
As of now, the in-demand real estate activity in Savannah is home renovation. Homeowners invest in this to maximize the resale value of their houses.
Final Thoughts
The real estate market can sometimes be a surprise. Truth be told, many experts expect the real estate market of Savannah to rise - again. However, it will depend on neighborhoods. At present, the historic areas in Savannah have the most eye for real estate sales and investment. Further, experts say that sellers and homeowners should maximize these coming months to upgrade their properties. Therefore, the home value will increase!
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