Savannah, GA
APPRECIATION RATE TRENDS AND HOUSING MARKET DATA




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Savannah, GA Real Estate Data

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q1 2017. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2015 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more

Savannah Housing Market Information

With 145,674 people, 52,798 houses or apartments, and a median cost of homes of $153,880, Savannah real estate and house prices are near the national average for all cities and towns.

Single-family detached homes are the single most common housing type in Savannah, accounting for 55.94% of the city's housing units. Other types of housing that are prevalent in Savannah include large apartment complexes or high rise apartments ( 19.49%), duplexes, homes converted to apartments or other small apartment buildings ( 15.65%), and a few row houses and other attached homes ( 7.11%).

The most prevalent building size and type in Savannah are three and four bedroom dwellings, chiefly found in single-family detached homes. The city has a mixture of owners and renters, with 40.81% owning and 59.19% renting.

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 35.88% of the city's housing hails from this era. Other housing ages represented in Savannah include homes built between 1970-1999 ( 32.81%) and housing constructed before 1939 ( 17.24%). There's also some housing in Savannah built between 2000 and later ( 14.07%).

Vacant housing appears to be an issue in Savannah. Fully 15.30% 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

Real estate appreciation rates in Savannah's have tracked to near the national average over the last then years, with the annual appreciation rate averaging -0.72% during the period.

Appreciation rates are so strong in Savannah that despite a nationwide downturn in the housing market, Savannah real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Savannah appreciation rates continue to be some of the highest in America, at 5.74%, which is higher than appreciation rates in 71.77% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Savannah. Savannah appreciation rates in the latest quarter were at 1.26%, which equates to an annual appreciation rate of 5.15%.

Relative to Georgia, our data show that Savannah's latest annual appreciation rate is higher than 60% 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 2000, to assist you in making the best Savannah real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$153,880

Savannah, GA HOME PRICES

Value Range
> $1,165,000 1.1
$873,001 - $1,165,000 1.0
$582,001 - $873,000 2.5
$466,001 - $582,000 2.3
$349,001 - $466,000 5.4
$233,001 - $349,000 12.8
$117,001 - $233,000 39.5
$58,001 - $117,000 26.4
$0 - $58,000 9.0

High for GA
Average for Nation

Value Relative to Nation Value Relative to State
48.3651705144732 29.5983086680761

Number Of Homes And Apartments:
52,798

Savannah Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
GA*
Compared To
America*
Latest Quarter:
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
Since 2000:
2000 Q1 - 2017 Q1
55.42% 2.59% 10 7
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$1,149 / per month

Homeownership Rate

Homeownership
Owners 40.81
Renters 59.19
Vacant 15.30

Housing Market Details

 

Age of Homes

AGE OF Savannah HOMES
2000 or Newer 14.1
1970 - 1999 32.8
1940 - 1969 35.9
1939 or Older 17.2

Types of Homes

TYPE OF Savannah HOMES
Single-Family 55.9
Townhomes 7.1
Small Apt. Buildings 15.6
Apt. Complexes 19.5
Mobile Homes 1.8
Other 0.0

Home Size

SIZE OF Savannah HOMES
No Bedroom 2.38
1 Bedroom 12.93
2 Bedrooms 33.55
3 Bedrooms 39.44
4 Bedrooms 10.03
5 or more bedrooms 1.67