Savannahโs real estate market held steady throughout 2023 despite higher interest rates, rising inflation and the ongoing threat of a recession.
Inventory of available homes remained tight in Savannah throughout the year, and it may take some time for inventory levels to be restored. According to Savannah MLS data, Chatham County had 2.81 months of residential inventory in November, which marked the highest level of inventory in 2023. Since August, we have seen inventory levels inching up, but the local market still has strong demand and a shortage of available homes. The Savannah area is currently a seller’s market, as a balanced market has approximately five months of inventory.
Although overall sales volume is down slightly from 2022, a number of families, professionals and retirees continued to move to Savannah from other cities in 2023. Factors attracting buyers to Savannah include the Hostess Cityโs quality of life, variety of housing options, direct flights to a growing number of cities and a relaxed coastal lifestyle.
According to Savannah MLS data, the median sale price for residential property in Chatham County in November 2023 was $361,460, marking a significant increase over the median sale price of $320,000 in November 2022. Home prices in Savannah continue to hold their value, particularly compared to declining markets on the West Coast, including California, Nevada and Washington.
Ultimately, Savannahโs luxury market continued to be perform well this year, setting an all-time record for the highest residential sale in the Savannah MLS, even in the face of rising interest rates and talk about a potential recession.
Hereโs a quick overview of the five most expensive luxury home sales in Chatham County for 2023:
1. Wilmington Island Waterfront Compound – $8,400,000
This stunning 4.5-acre waterfront estate was originally built by Food Network star Paula Deen and her husband, Michael Groover, in 2009 and features 28,000 square feet of living space, including a main house, two guest cottages, a private deepwater dock house and additional buildings on-site. Ridley Stallings and Melissa Rowan of Corcoran Austin Hill Realty represented the seller in this landmark transaction. Taavo Roos of Seabolt Real Estate represented the buyer in the highest residential sale in Chatham County history.
2. Greek Revival Mansion on Whitaker Street – $6,166,500
This opulent c. 1903 Greek Revival mansion, which is the only private home directly facing the fountain at Forsyth Park, features stately Corinthian columns, a spacious veranda, hand-carved wooden columns, an Italian marble fireplace and an elegant grand staircase. Originally built in 1903 this sophisticated six-bedroom residence offers more than 10,000 square feet of luxurious living space in the heart of downtown Savannah and is home to an active veterinary office on the garden level. Ridley Stallings and Melissa Rowan with Corcoran Austin Hill Realty represented the buyer and seller.
3. Georgian Revival Jewel Overlooking Forsyth Park- $4,750,000
One of Savannahโs most elegant historic homes, this architectural masterpiece features breathtaking views of Forsyth Park and is featured in the movie โThe Legend of Bagger Vance.โ This six-bedroom Georgian Revival jewel was originally built in 1908 for Georgia banking magnate Mills B. Lane and offers magnificent architectural details, grand spaces for entertaining as well as a wine cellar, billiards room, covered verandas, an in-ground swimming pool and a pool house. Staci Donegan of Seabolt Real Estate represented the seller, and Elaine Seabolt of Seabolt Real Estate represented the buyer in this off-market transaction.
4. Oceanfront Home on Tybee Island – $3,750,000
This immaculate six-bedroom residence overlooking the Atlantic Ocean on Tybee Islandโs north end offers some of the most spectacular panoramic water views in the area. Highlights of this stylish waterfront home include luxurious appointments, a private elevator, heated swimming pool, hot tub, gazebo and spacious porches for entertaining. Deborah Haupt with Keller Williams represented the seller, and Brett Strickland with Engel & Volkers represented the buyer.
5. Taylor Street Treasure – $3,600,000
Originally built in 1913, this beautifully renovated four-bedroom home located steps from Monterey Square and the Downtown Design District blends historic charm and contemporary style, offering stunning natural light, soaring ceilings, oak floors, designer lighting, gas fireplaces, an open-air rooftop deck and lush outdoor spaces. Spectacular interiors overlook a dramatic three-story atrium and feature LaCantina glass bi-fold doors that bring the outdoors inside year-round. Staci Donegan and Ruthie Seese of Seabolt Real Estate represented the seller, and Staci Donegan of Seabolt Real Estate represented the buyer.
If youโre thinking about buying or selling a home in Savannah in 2024, be sure to work with a real estate professional who has extensive experience with luxury residential real estate. Inventory is currently tight in the luxury market, but exquisite homes and impressive condominiums are still available throughout the area for interested buyers.
