According to Savannah Area Realtors, residential listings increased by 7.6%, closings dropped by 4.6%, and inventory increased nearly 30%, and yet home prices continued to rise by another 4.2% in March 2024.

These stats track with findings by the National Association of Realtors, as higher interest rates and home prices combined give first-time homebuyers and low-rate mortgage holders pause before committing to sell or buy. Mortgage rates nationally still hover around 7%. Across the country, the median existing home sales price is just under $394,00; in Savannah, it's around $344,000.

In the Savannah area, listed homes are sitting on the market for about 55 days, which gives buyers a little wiggle room and has cooled the frenzy of multiple cash offers. Sellers, however, are still receiving nearly 98% of their asking prices, according to figures provided by the Savannah Multi-List Corporation (SMLC).

How can entry-level buyers enter today's homebuying market?

Part I: Mortgage-lockup effect' impacts availability of homes on the market

Part II: Government-backed loans for first-time homebuyers harder to secure

Part III: What neighborhoods are affordable for Savannah's first-time homebuyers? Here's some advice

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This article originally appeared on Savannah Morning News: property transfers for bryan, chatham, effingham county georgia for may 21 2024