Housing market in Savannah continues to be competitive

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Published: Aug. 19, 2022 at 6:03 AM EDT
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SAVANNAH, Ga. (WTOC) - As we continue to focus on the need for affordable housing, we’ve highlighted programs in our area to help people purchase houses for the first time.

More than 100 people showed up yesterday for a program by Representative Carl Gilliard and close to 100 people are already registered for the next event.

But are there even houses available for them to buy? The Savannah Area Realtors say the latest numbers from July are encouraging and heading the right direction.

The best news is that inventory is more than double this year compared to last year. Last month was the highest it has been all year with about four and a half months supply, around six months is what is considered to be normal.

The continued struggle is with pricing – finding affordable housing is difficult as prices continue to rise. The median sales price for a home in the Savannah region is around $350,000.

Steve Candler the CEO of Savannah Area Realtors says if you are looking to buy, houses are still going fast and not staying on the market long so do your research and get a realtor before jumping in.

“If you look at the increase in rents, some of those rents are going to be higher than what you make for a house payment so that is why people really need to look at their financial situation to see what is out there. Sometimes it doesn’t take much to get that financial end of your characteristics and personality in shape, doesn’t take much at all, takes a little bit work and if you have these things in place and by getting a realtor, they give you the things you need in this market to be prepared for when that 250,000 house comes on the market,” Candler said.

While Savannah numbers fall in line with numbers nation wide, there is an added level of competitiveness in the market because of all the people relocating to the area from other parts in the country.