Property Transfers: Savannah's average home values expected to rise at least 3% over next year

Realtor.com reports in its latest Housing Market Trends study that the South continues to be the fastest growing region, continuing a trend that began during the COVID-19 pandemic of people leaving more expensive states, such as New York and California, and moving down to Florida, Georgia, North Carolina and Texas, where housing prices were more affordable.

The consequence of that population shift: housing prices have soared the past three years. According to GOBankingRates.com, Savannah is among the top 35 Southern cities where home values are expected to spike over the next 12 months. The city ranked in 31st place, with the average home price of $328,730 anticipated to rise 3% to $338,592 by February 2025. The city of Statesboro in nearby Bulloch County ranked fourth, with average home values expected to climb by nearly 4% to more than $262,000 over the next year.

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This article originally appeared on Savannah Morning News: Property transfers Bryan, Chatham, Effingham counties April 16, 2024