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Savannah Real Estate Market Overview 2024

Setting Sail for Savannah: A 2024 Real Estate Market Overview

Savannah, Georgia, with its cobblestone streets, vibrant squares, and Spanish moss-draped live oaks, continues to captivate hearts and spark real estate interest. But is it the right time to buy or sell in this charming Southern city? Let’s navigate the 2024 Savannah real estate market with Teresa Cowart Team, your trusted local guides.


Market Snapshot:

Prices: Steady appreciation. As of January 2024, the median home price hit $347,478, marking a 21.9% increase year-over-year (Rocket Homes). Prices vary by neighborhood, with the South Historic District boasting the highest median listing price of $1.3 million (realtor.com).

Inventory: Slowly rising. While still favoring sellers, active listings are increasing, offering buyers more options. December 2023 saw 81 neighborhoods with homes for sale (realtor.com).

Competition: Moderate. Bidding wars are less common, but qualified buyers ready to act are still essential. Homes typically stay on the market for around 24 days (Zillow).


What Experts Predict:

Growth: Expect moderate price increases throughout 2024. Norada Real Estate Investments forecasts a 5.9% rise in the Savannah MSA by year-end, fueled by a growing population and diverse housing market.

Stability: The market is expected to remain balanced, neither favoring buyers nor sellers exclusively. Expert Quotes on the 2024 Housing Market Forecast anticipates “easing inventory constraints” and “slightly increasing transaction volume.”


Why Choose Savannah?

Beyond the undeniable charm, Savannah offers:

Thriving economy: Savannah is a hub for tourism, healthcare, and logistics, attracting new residents and businesses.

High quality of life: Affordable cost of living, rich cultural scene, and proximity to beaches make Savannah a desirable place to call home.

Investment potential: With steady growth and increasing rental demand, Savannah presents a potentially lucrative investment opportunity.

Ready to Explore Your Savannah Dream?

Whether you’re a first-time buyer, seasoned investor, or looking to make a lifestyle change, Teresa Cowart Team is your local real estate resource. With extensive market knowledge, negotiation expertise, and unwavering dedication to clients, they’ll guide you through every step of your Savannah real estate journey.

Contact Teresa Cowart Team today and let them help you navigate the exciting waters of the 2024 Savannah real estate market!


Sources:

Rocket Homes: [https://www.rockethomes.com/real-estate-trends/ga/savannah]

realtor.com: [https://www.realtor.com/realestateandhomes-search/Savannah_GA/overview]

Norada Real Estate Investments: [https://www.noradarealestate.com/blog/housing-market-forecast-for-next-5-years/]

Exclusive Buyer’s Realty: [https://www.ebrsavannah.com/news/expert-quotes-on-the-2024-housing-market-forecast]

Teresa Cowart Team: [https://www.teresacowartteam.com/]

Disclaimer: This blog post is for informational purposes only and should not be considered financial advice. Please consult a qualified professional before making any real estate decisions.

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