2025 Savannah Real Estate Market Update: Insights from the Redfin Report
As we step into 2025, the real estate market in Savannah, Georgia, is showing signs of stability—a welcome shift after several years of volatility. A recent analysis by Redfin reveals key insights into housing affordability and market trends, offering a clearer picture of what buyers and sellers can expect in the coming year.
A Stabilizing Market in Savannah
Savannah's charm, historic appeal, and vibrant community have long made it a sought-after destination for homebuyers. While national data shows that 2024 was the second least affordable year for homebuyers on record, surpassed only by 2023, there’s optimism in Savannah’s market dynamics. Affordability improved in 25 of the top 50 U.S. metros, and Savannah continues to offer competitive opportunities compared to other regions.
According to the Redfin report, the slight improvement in affordability nationwide stems from wage growth outpacing the rise in monthly housing payments. The national average mortgage rate for 2024 settled at 6.72%, marginally lower than 2023's 6.81%, contributing to the slight affordability gains.
What Does This Mean for Savannah Buyers?
For Savannah buyers, this stabilization offers a moment to reassess opportunities. Savannah remains more affordable than coastal counterparts like Miami or Los Angeles, where affordability challenges persist. Here in Georgia, median home prices and household incomes align more closely, allowing buyers to find properties within reach of their budgets.
As a Realtor and Mortgage Loan Officer with over 17 years of experience, I’m here to guide you through these evolving conditions. Whether you’re purchasing your first home, upgrading, or investing, understanding the market’s nuances is crucial for making informed decisions.
Opportunities for Sellers
Sellers in Savannah can benefit from a market where demand remains strong, particularly for well-priced homes in desirable neighborhoods. With inventory levels gradually increasing, setting the right price and showcasing your home effectively will be key to attracting motivated buyers.
Looking Ahead to 2025
The Redfin report predicts continued price growth in 2025, driven by limited inventory. For Savannah, this underscores the importance of acting decisively, whether buying or selling. As housing remains a significant financial commitment, having a trusted professional by your side can make all the difference.
If you’re considering buying or selling in Savannah this year, let’s connect. I’m here to provide expert guidance and help you navigate the opportunities in our vibrant market.
