Turn on the national news, and you’ll hear that loan applications are steady and the market is normalizing. Walk through the streets of Savannah’s Historic District with me, however, and you’ll see a very different story.
We are currently navigating a market defined by friction. On one side, we have Buyers rigorously seeking better prices and value. On the other, we have Sellers holding onto the "good ole days" of the recent frenzy, expecting multiple offers regardless of condition.
If you are wondering, "How is the Savannah real estate market right now?" the honest answer is that it depends entirely on who you are—and more importantly, how you handle the price tag.
National Myth vs. Savannah Reality
One of the biggest misconceptions I’m seeing right now involves financing. The media reports steady loan volume, but that doesn't track with what I’m seeing locally.
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Median-Priced Homes: Inventory is collecting. These homes are sitting longer as interest rates continue to impact everyday buyers.
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The Luxury Market ($1M+): This sector is moving, but it’s often driven by cash or creative financing.
The reality is we have a glut of sub-par inventory lingering at last year's prices, while "good" inventory at a fair market rate is surprisingly scarce.
The "Price Band" Strategy: A Case Study
Pricing is not just about the number; it’s about psychology. I recently worked with a Seller who was incredibly frustrated because their home simply wasn't being shown. It was a beautiful property, but the market silence was deafening.
The Fix: I advised them to recalibrate and drop the price to the next "price band"—in this case, just under the $1.0M mark.
The Result: Showings increased by 1000%.
The biggest mistake Sellers are making right now is pricing high, receiving a weak response, and refusing to adjust. Many claim the market is just "hard" or hope that "Spring will bring our price." In reality, the market is speaking clearly; you just have to listen.
The "Hidden" Costs of Coastal Living
If you are moving to Savannah from out of state, there are two line items you must investigate immediately:
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Insurance Rates: Coastal Georgia has seen significant rate hikes in recent years. Do not rely on old quotes.
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Property Taxes: Between higher valuations and increased millage rates, your tax bill might be higher than expected.
Expert Tip: When calculating your monthly payment, ensure you are using today’s insurance and tax figures, not estimates from 2022.
My Advice to a Close Friend Buying Today
If a close friend were moving to Savannah tomorrow, here is exactly what I would tell them:
"Find a home that is priced slightly higher than you want to spend, and Make an Offer."
Because so many Sellers are sitting on stale inventory, they may be more ready to sell than their list price suggests. They can always say no, but you might find a Seller who is tired of waiting for a unicorn buyer and is ready to negotiate a fair deal.
The Forecast: Chasing the Dragon
Looking ahead to the next 6 months, I expect interest rates to trend down. As we hit the Spring market, we are going to see a divergence:
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Homes priced at or below current market rates will sell quickly.
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Homes that remain overpriced will be "chasing the dragon"—constantly dropping price to catch up to where the market was months ago, likely netting less in the long run.
The Bottom Line
Savannah is still an incredible place to invest and live, but the "easy" deals are gone. You need a strategy.
If you are thinking of buying in Savannah, don't guess.
[Link: Book a Buyer Consultation] with me today. Let's sit down, look at the real numbers, and ask the hard questions that will get you into the right home at the right price.