Categorized | Residential

Savannah Housing Market Thriving

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Although many residential housing markets are struggling to meet even the most diminished expectations, home sales in Savannah, Georgia have drastically increased in the past few months. In fact, the number of sales reported in the last monthly report marked a four-year high. With that said, there is great hope that the real estate market has turned around for good in the area.

For the second time in just three months, there were over four hundred home sales in Savannah. That feat had previously not been accomplished since 2008.  There is great hope, as well, that the trend will continue into future months. Analysts and realtors believe that many potential homebuyers in the Savannah area recognize that the state of the country’s real estate market does not necessarily reflect that of the local market. The economy and job market in Savannah is strong, and as such, the real estate market is once again starting to thrive.

The low prices and very low mortgage loan rates are definitely a contributing factor as well. Homes in the Savannah area have dropped in price, which has resulted in more out-of-towners looking to move into the area. Other suburbs around the Savannah area are also seeing an improvement in their real estate markets as well.

Unlike most cities, there is not a tremendous glut of inventory available in the Savannah residential real estate market. Although prices have fallen, they have not nearly taken the dive that they have in other cities around the country. Some analysts are hopeful that Savannah’s success will spread to other housing markets around the country, though the possibility of that happening is not very likely at this point in time.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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