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Savannah real estate market overview
- Average Monthly Rent: $1,604
- Home Price/Value Percentage Change: 14.20%
- Median Home Value: $275,413
- Best Time To Sell a Home: May
- Affordability Index: Moderate
- Days To Sell a House: 49
- Job Market: Fair
- Public School Ranking: 36
Location and weather
The charming city of Savannah is located in east Georgia along the Atlantic Ocean. It borders South Carolina to the north and is the county seat of Chatham County. This city is known as an industrial center and important Atlantic seaport. It is also Georgia's 4th largest city and the home of the Savannah Historic District, which is one of the largest National Historic Landmark Districts in the United States. Savannah is also full of stunning green spaces, art and architecture, trendy boutiques, and impressive cuisine.
This city has a coastal climate, with warm temperatures almost year-round. Winters are pleasant, and summers can be hot and humid.
Population, job market and cost of living
Savannah has a population of 151,227, with a growth rate of 0.77% annually.
The job market has decreased by -4.78% over the last year. In ten years, job growth is predicted to be 38.47%. Some of the largest economic drivers of Savannah include tourism, military, manufacturing and film industries. Healthcare is also a thriving industry in Savannah, as it is home to two nationally recognized medical centers—the Memorial University Medical Center and the St. Joseph's/Candler Health System. Other major employers include Walmart, Target, UTC Overseas, and a variety of large retail, restaurant, and distribution corporations.
The cost of living here is lower than Georgia and the US average cost of living. Housing costs specifically are considered quite affordable.
Savannah real estate market details
- Thomas Square Streetcar District
- Dutch Island
- Ardsley Park
- Isle of Hope
- Pooler
The average monthly rent in Savannah is $1,604 for an average apartment size of 969 sq. feet.
There has been a 14.3% increase in Savannah's median home value over the last year. As of 2023, the median home value is $275,413
On average, homes in Savannah sell after 49 days on the market.
May sales provide home sellers with the most profitable sale, while July sales are the fastest.
The affordability index in Savannah is 88. This number indicates moderate affordability in this city.
The top ranked public schools are Howard Elementary School, Esther F. Garrison, Savannah Arts Academy, Savannah Early College High School, and Island's High School. This information is supported by data measuring academic performance and equity.