Savannah, GA home prices and housing market

Nearly one in four homes for sale in Savannah has already taken a price cut, and that tells you most of what you need to know about this market right now. About 25 percent of active listings have dropped their asking price, which is what happens when sellers aim high and buyers don't bite. And sellers are aiming high. The median list price is about three hundred seventy-four thousand dollars, while the typical home value is roughly three hundred eighteen thousand dollars, down about 3.4 percent over the past year. That gap between what sellers ask and what homes are actually worth is why properties are sitting. The median home now takes about 70 days to go under contract, and with roughly one thousand two hundred homes for sale and about 350 new listings hitting the market, buyers have real choices. If you're selling this summer, pricing to last year's market is the mistake to avoid. The sellers who price right from day one are the ones selling. Everyone else joins the price cut column.