Multifamily Mortgage Bankers and Brokers since 1997

Get Your Free Multifamily Loan Quote

 

Savannah, Georgia

In Savannah, Georgia, the median home worth is $126,500. In the last year, the value of homes has increased by 5.2 percent. It has been forecasted that the worth of homes will increase 9.8 percent in the following year.

Housing inventory in Savannah is about a month. In a balanced market inventory is 6 months. When there is an open house in Savannah, a buyer needs to arrange for a rocket to get them there to be first to arrive.

Median list price per square foot, in Savannah is $110. The metro area of Savannah has a higher per square foot median list price of $114.
Presently, the median list price is $219,995, which is almost double the median sale price of homes ($126,500). 

Rentals average $1,350/month in Savannah, Georgia. In the metro area of Savannah calls for higher rental prices averaging  $1,395.

Households in Savannah, Georgia have a median household annual income of $37,108.

Foreclosures are a factor when it comes to house value. The lower the rate of foreclosure, the higher the house value in any particular location. 
A homeowner having a delinquent mortgage is the first thing that happens in the process of a home being foreclosed. A delinquent mortgage happens when an owner of a house misses making a payment on their mortgage. In Savannah, mortgage delinquencies are at 1.8 percent. This is greater than the metro area of Savannah has which is1.6 percent.

House values dropped more than 20 percent in the United States as a result of the 2008 recession. And currently, there are still a lot of owners of homes nationally who are underwater with their mortgages. When a homeowner is underwater with their mortgage, it means that their mortgage debt is bigger than the worth of their house. 16.1 percent of homeowners in Savannah, Georgia are underwater with their mortgages.

In the realm of commercial real estate, there is a boutique apartment community on the east side of Savannah downtown, located at 1020 E. Broad St. The community is home to 70 one and two bedroom units with 12-foot ceiling and maximum natural light. A renter can choose from 15 floor plans. Also, there is a 24-hour fitness center, a fire pit and gas grills, gated off-street parking, and available storage lockers.