Savannah, Georgia Housing Market

How much can you negotiate in Savannah?

Only 34 out of every 100 homes for sale have found a buyer. The other 66 are still waiting. Your offer may be the only one on the table. About 1 in 4 sellers has already dropped their price. Each one has learned their first price was too high. Start below their new price, not their old one.

A typical Savannah home takes 69 days to find a buyer. Half of them take even longer. That is 15% slower than a year ago. Those sellers are paying to own a house they want to sell. Search for homes listed 90+ days ago. There are 1,232 homes for sale in Savannah. That is 5.6 times the tightest month on record, but below the peak of 1,747. Supply is growing against last year.

What to do about it

• Start in 31404, 31415, and 31408. Those are the three softest ZIP codes in Savannah.
• Filter for homes listed 90+ days ago that have already cut their price.
• Offer below the reduced price.
• Keep your inspection and financing contingencies.
• In 31404 only 24 out of 100 homes have a buyer. You can lose a few offers there and still win.

Is now a good time to buy in Savannah?

Asking prices are 19.9% below their Jun 2024 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower. Savannah prices have risen in 92 of the last 108 months. Drops here have been short and shallow. Buying in a slow month has rarely hurt a long hold.

There is no rush. Prices are still coming down. Watch the homes you like. Come back after they cut. Let the seller move first.

Who will rent from you in Savannah?

In Savannah, 44 out of every 100 households rent. That is nearly half. The renter share is shrinking. Five years ago it was 46 in 100. Savannah lost about 600 renter households in five years. Renter households average 2.4 people. Two and three bedrooms fit the typical renter.

Households grew 5% in five years. The housing stock grew 4%. The two are moving in step. 12.4% of homes sit empty. Tenants have options. Budget extra weeks of vacancy between leases.

The median Savannah household earns $68,505 a year. Incomes here have grown 4.9% a year since 2019. Home prices have outrun incomes. Locals are being priced out. A typical home costs 6.8 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. A tenant on the median income can pay about $1,713 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast.

That is the market, not your address. Run an address through the app to see its rent estimate and cash flow.

What numbers should you underwrite a Savannah deal with?

• Price growth to assume — +6.7%/yr. Savannah has grown about 6.7% a year for five years and for ten. That is a durable trend, not a boom artifact. It is a fair long-run input. Prices fell 5.6% over the last year. That is a timing signal, not a trend.
• Months of carrying cost — 3. A typical home takes 69 days to sell. Budget that long when you exit or refinance. It is 15% slower than a year ago.
• Odds you cut your price to sell — 1 in 4. About 24% of homes on the Savannah market right now have already cut their asking price. Assume you are one of them when you sell. Do not underwrite an exit at your asking price.
• Comp on this, not median price — $274/sqft. The typical Savannah listing shrank from 2,085 to 1,797 sqft since Jul 2016. So median price hides real growth: 111% per sqft versus 68% on the median. Comp on median price and you will overpay for small homes.
• Competition when you exit — +35%. That is how much the number of homes for sale grew in a year. Your resale will face a bigger crowd than today's comps did.
• Price-to-income ratio — 6.8×. A typical home costs 6.8 times the median income. Most locals cannot buy. That keeps rental demand deep. It also caps the rent they can pay. Home prices have outrun incomes. Locals are being priced out.
• Tenant rent ceiling — $1,713/mo. 30% of the median household income of $68,505. Rents above this line shrink your tenant pool fast.

Is Savannah a buyer's or seller's market in 2026?

Yes, if you negotiate. Buyers have the upper hand in Savannah right now. 34 out of every 100 homes for sale have a buyer, 24% of sellers have cut their price, and a typical home takes 69 days to sell.

Are Savannah home prices going up or down?

Asking prices are 19.9% below their Jun 2024 peak. You are not buying at the top. Prices are still falling. Waiting has paid off so far. Let listings age, then come back lower.

What price growth should I assume for Savannah?

Assume +6.7% a year. Savannah has grown about 6.7% a year for five years and for ten. That is a durable trend, not a boom artifact. It is a fair long-run input. Prices fell 5.6% over the last year. That is a timing signal, not a trend.

How fast are homes selling in Savannah?

A typical Savannah home takes 69 days to find a buyer. Half of them take even longer. That is 15% slower than a year ago. Those sellers are paying to own a house they want to sell. Search for homes listed 90+ days ago.

Is Savannah a renters' market or an owners' market?

In Savannah, 44 out of every 100 households rent. That is nearly half. The renter share is shrinking. Five years ago it was 46 in 100. 12.4% of homes sit empty. Tenants have options. Budget extra weeks of vacancy between leases.

What rent can Savannah tenants afford?

A tenant on the median income can pay about $1,713 a month. That is the standard 30% affordability line. Rents above it thin your tenant pool fast. The median Savannah household earns $68,505 a year.

Which Savannah ZIP code has the most negotiating room?

31404. Only 24 out of 100 homes there have a buyer. 33% of sellers there have cut their price, and a typical home takes 70 days to sell.