Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Savannah | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $282,523 | $238,631 | $242,182 |
| Price Trend (Annual %) | 19.3% | 9.0% | 8.2% |
| Median Gross Rent | $1,306 | $1,306 | $1,342 |
| Rent Trend (Annual %) | 5.2% | 5.6% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Savannah is about 18% higher than in Georgia. Rent follows a similar pattern, running close to the Georgia average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Savannah, up about 19.3% and 5.2% a year respectively. Home prices are changing faster.
Median rent in Savannah rose about 44.1% between 2015 and 2023, from $906 to $1,306. Over the same span, rent in Georgia rose about 48.7%.
Affordability
On average, housing unit costs 4.8 yearly household incomes in Savannah.
Buying the median-priced home in Savannah costs roughly 18.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Savannah. The price-to-rent ratio in Georgia is about 15.2.
| Metric | Savannah | Georgia Avg | US Average |
|---|---|---|---|
| Median Home Price | $282,523 | $238,631 | $242,182 |
| Median Household Income | $59,261 | $74,683 | $78,145 |
| Price-to-Income Ratio | 4.8 | 3.2 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Savannah rose about 203.5%, while median household income rose about 70.2% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Savannah | Georgia Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.1% | 58.4% | 58.2% |
| Rental Rate | 46.0% | 31.0% | 31.3% |
| Vacancy Rate | 13.9% | 10.6% | 10.6% |
| Median Tenure (years) | 11.0 | 14.0 | 15.0 |
| Median Year Moved In | 2015 | 2012 | 2011 |
Savannah has a homeownership rate of 40.1%, lower than the Georgia average of 58.4%. Its housing vacancy rate is 13.9%, compared with 10.6% in Georgia.
Housing Stock
| Metric | Savannah | Georgia Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.40 people | 2.64 people | 2.54 people |
| Median Structure Built Year | 1974 | 1989 | 1978 |
| Median Number of Rooms | 5.4 | 5.9 | 5.5 |
The typical housing unit in Savannah was built around 1974. On average, 2.4 people live in a home with about 5.4 rooms, staying for about 11.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Savannah, Georgia.
What is the median home price in Savannah, Georgia?
The median home price in Savannah, Georgia is $282,523, higher than the Georgia average of $238,631.
What is the average home price in Savannah, Georgia?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Savannah, Georgia?
The median gross rent in Savannah, Georgia is $1,306 per month, about the same as the Georgia average.
What was the median gross rent in Savannah in 2020?
In 2020, the median gross rent in Savannah, Georgia was $1,049 per month.
What is the price-to-rent ratio in Savannah, Georgia?
The price-to-rent ratio in Savannah, Georgia is about 18.0, meaning it would take roughly 18.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Savannah.
Are home prices or rent rising faster in Savannah, Georgia?
Both home prices and rent are rising in Savannah, up about 19.3% and 5.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Savannah, Georgia?
40.1% of households in Savannah, Georgia own their home, lower than the Georgia average of 58.4%.
What is the vacancy rate in Savannah, Georgia?
The housing vacancy rate in Savannah, Georgia is 13.9%, higher than the Georgia average of 10.6%.