Savannah appreciation rates and housing market information

Savannah housing market information

With 131,603 people, 57,496 houses or apartments, and a median cost of homes of $163,800, Savannah real estate prices are well above average cost compared to national prices.

single-family detached homes are the single most common housing type in Savannah, accounting for 56.92% of the city's housing units. Other types of housing that are prevalent in Savannah include duplexes, homes converted to apartments, or other small apartment buildings (17.34%), large apartment complexes or high rise apartments (16.97%), row houses and other attached homes (7.36%), and a few mobile homes or trailers (1.38%).

People in Savannah primarily live in small (one, two, or no bedroom) single-family detached homes. Savannah has a mixture of owner-occupied and renter-occupied housing.

At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Savannah's housing was primarily built during this period, from the '40s through the '60s. A full 47.15% of the city's housing hails from this era. Other housing ages represented in Savannah include homes built between 1970-1994 (33.39%), and housing constructed from 1939 and earlier (16.35%). There's also some housing in Savannah built between 1995 and later (3.11%).

Vacant housing appears to be an issue in Savannah. Fully 10.55% of the housing stock is classified as vacant. Left unchecked, vacant Savannah homes and apartments can be a drag on the real estate market, holding Savannah real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.

Savannah home appreciation rates

Appreciation rates for homes in Savannah have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 94.72%, which ranks in the top 40% nationwide. This equates to an annual average Savannah house appreciation rate of 9.47%.

Over the last year, Savannah appreciation rates have trailed the rest of the nation. In the last twelve months, Savannah's appreciation rate has been 1.01%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Savannah were at 0.98%, which equates to an annual appreciation rate of 3.92%.

Importantly, this makes Savannah one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.

Relative to Georgia, our data show that Savannah's latest annual appreciation rate is higher than 16% of the other cities and towns in Georgia.

One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Savannah differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Savannah - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 1990, to assist you in making the best Savannah real estate investment or home purchase decisions.