Welcome to our latest update on the vibrant real estate scene in Chatham County, GA! March 2024 has brought forth some compelling data. This sheds light on the evolving dynamics of our local housing market. Let’s delve into the numbers and explore what they reveal. This helps prospective buyers, sellers, and enthusiasts alike.

Data from Realtor.com

A thorough analysis of data from Realtor.com, the median listing price for homes in Chatham County soared to $440,000 in March. A marking a notable 2.8% increase from February’s figure of $427,875. Compared to March 2023, this represents a robust 9.7% surge from $401,055. This indicates a significant upward trajectory in home values over the past year.

Chatham County homes for sale Realtor.com
Chatham County homes for sale
Realtor.com

The Specifics

Highlighting the specifics, the median home in Chatham County spans 1,863 square feet, listed at an average of $244 per square foot. Notably, the price per square foot for homes on the market has seen a substantial 12.8% increase. This is from March 2023, underlining the market’s resilience and growth.

Beyond Pricing

Moving beyond pricing, the pace of listings in Chatham County is equally noteworthy. Homes here typically spend a median of 44 days listed, compared to the national median of 50 days on the market in March. In the preceding month, homes had a median listing duration of 49 days. Furthermore, March saw a notable increase in new listings. Around 496 homes entering the market, representing an 18.7% surge from March 2023.

It’s important to acknowledge that the median home prices reported by Realtor.com may not encompass the entirety of the market. They primarily include single-family homes, condominiums, and townhomes. It excludes most new constructions as well as pending and contingent sales.

Savannah Metro Area

Zooming out to the broader Savannah metro area, median home prices rose to $439,900. This slightly surpassing the previous month’s figures. These homes typically span 2,060 square feet, with a listing price of $227 per square foot. Similarly, in Georgia as a whole, median home prices saw a slight uptick to $389,715. The typical Georgia home listed for sale featuring 2,084 square feet and a price of $188 per square foot.

Savannah homes for sale
Savannah homes for sale

National

Nationally, the median home price in the United States stood at $424,900. It represents a slight increase from the previous month. The median American home for sale measured 1,826 square feet, with a price of $228 per square foot.

In conclusion

The median home list price serves as a reliable indicator of market trends. It offers a more accurate reflection than the average list price. This can be influenced by outlier prices. As we navigate through Chatham County’s dynamic housing landscape. Staying informed about these trends is crucial for making well-informed decisions.

If you’re looking for an agent who understands the Savannah, GA real estate market, give us a call or text today. We’d love to be of assistance to you.

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