Luxury Homes In Savannah: What To Expect And Where To Find Them

Savannah, Georgia is quickly establishing itself as a premier destination for luxury real estate. This historic Southern city is known for its charming architecture, historical sights, and picturesque coastal setting – and now it’s drawing the attention of high-end buyers across the country.

If you’re wondering if Savannah is the right city for investing in a luxury home, keep reading! In this guide, we explore the trends and predictions shaping the Savannah luxury home market, note average prices, and compare its high-end real estate landscape to other prominent U.S. cities.

Trend Predictions For Savannah’s Luxury Home Market

Savannah’s thriving economy, lower cost of living, and coastal proximity have earned the attention of more prospective high-net-worth buyers in recent years, pushing the market to upward trends. Here are key metrics that give more details about the city’s luxury home market:

  • Growing demand: Savannah has seen a 137% increase in the number of luxury home sales (defined as the top 5% of listings) since 2020. The number of luxury home listings above $3.1 million in Savannah has grown from 0 in 2020 to 33 as of April 2024.
  • Limited supply: Currently, Savannah has only around 130 luxury homes for sale, indicating a relatively small inventory compared to the high demand.
  • Soaring prices: The median listing price for the top 5% of luxury homes in Savannah has increased from $1.3 million in 2020 to $3.1 million in 2024, a 137% jump.
  • Attracting out-of-state buyers: Savannah is drawing a growing number of high-end buyers from markets like the Northeast and West Coast. Out-of-state buyers accounted for over 50% of luxury home sales in Savannah in the past year.

What Is The Current Luxury Home Market Like In Savannah?

The current luxury home market in Savannah is currently challenging and rewarding for buyers and sellers alike. Expect fierce competition, limited inventory, and rapidly rising prices for the remainder of 2024 and the near future.

Here’s a snapshot of key numbers that may affect your investment in Savannah luxury properties:

  • Median listing price: The median listing price for luxury homes in Savannah is a staggering $5.5 million. This highly competitive market, driven by strong demand and limited inventory, has resulted in a significant appreciation in luxury home values, with some properties selling well above the asking price.
  • Days on the market: Luxury properties in Savannah are selling quickly, with a median of just 41 days on the market before going under contract.
  • Number of listings: As of the latest data, there are 130 luxury homes currently for sale in Savannah and the surrounding areas.
  • Popular neighborhoods: The most sought-after neighborhoods for luxury homes in Savannah include the Historic District, Ardsley Park, The Landings, and the rapidly growing Savannah Southside area.

buy a home CTA

What Is The Average Price Of A Luxury Home In Savannah?

The average price of a luxury home in Savannah can vary widely depending on factors such as the location, size, and amenities. However, the median listing price for luxury properties in the city currently stands at a remarkable $5.5 million.

To provide a more detailed picture of Savannah’s high-end real estate market, here are some recent notable sales and their prices:

  • 440 Geo Meyer Ave #5: sold for $8.5 million
  • 808 Drayton St: sold for $7.5 million
  • 14 E Bryan St #PENTHOUSE: sold for $6.675 million

These remarkable sale prices underscore the significant value and exclusivity of Savannah’s luxury homes, which often feature unparalleled historic charm, stunning waterfront views, and an array of premium amenities.

How Does Savannah’s Luxury Home Market Compare To Other U.S. Cities?

While Savannah’s luxury real estate market may be smaller in scale compared to some of the country’s most prominent high-end markets, it has experienced remarkable growth in recent years, outpacing the performance of many other cities.

Check out our comparison of luxury home prices in Savannah to those in other major U.S. cities:

  • Savannah, GA: 137% increase in luxury home prices since 2020
  • Raleigh, NC: 78% increase in luxury home prices since 2020
  • East Hampton, NY: 94% increase in luxury home prices since 2020
  • Park City, UT: 86% increase in luxury home prices since 2020

What Are The Typical Amenities Of A Luxury Home In Savannah?

Savannah’s luxury homes often have many of the same improvements and upgrades you’d expect in a luxury property in other cities such as expansive lots, high-end finishes, professional-grade kitchens, and spa-like bathrooms. However, some amenities are more likely to be found in a Savannah luxury home, such as:

  • Historic roots: Many luxury homes in Savannah are situated within the city’s historic districts, showcasing classic architectural elements and timeless design.
  • Waterfront views: Savannah’s coastal location provides ample opportunities for luxury homes with stunning vistas of the Savannah River, marshes, and surrounding waterways, often complemented by private docks.
  • Private pools: To take full advantage of Savannah’s warm climate, many luxury homes in the city boast private swimming pools, often complemented by elegant poolside retreats.
  • Smart home technology: More luxury home owners and developers in Savannah now incorporate the latest smart home technology for seamless control over lighting, climate, security, and other systems.

What Developments Could Affect The Luxury Home Market In Savannah?

Several key developments are poised to shape the future of Savannah’s luxury real estate market in the coming years. Here’s a quick explanation of these factors and their real estate market effects:

  • Economic growth: Savannah’s economy is booming thanks to its diverse industries. With booming business, expect a steady influx of high-net-worth individuals that will drive higher demand for luxury properties.
  • Infrastructure improvements: Major infrastructure projects, such as the expansion of the Savannah International Airport and the development of new commercial districts, are expected to make the city more attractive and accessible for luxury buyers.
  • Environmental consciousness: As environmental awareness grows, the demand for eco-friendly, sustainable luxury homes could increase. This is expected to present opportunities for local developers to cater to this emerging market segment.

Which Savannah Neighborhood Is Right For You

Which Savannah Neighborhoods Have The Most Luxurious Homes?

Savannah’s luxury home market isn’t confined to a single neighborhood – instead, it is dispersed throughout the city, with several distinct areas offering exceptional high-end properties. Some of the most exclusive and desirable neighborhoods for luxury homes in Savannah include:

  • Historic District: This charming and historic neighborhood is home to many grand mansions and high-end properties, often featuring stunning river views and classic architectural details.
  • Ardsley Park: Known for its large lots, stately homes, and tree-lined streets, Ardsley Park is a popular choice for luxury buyers seeking a blend of historic elegance and modern amenities.
  • The Landings: This gated community on Skidaway Island offers luxury homes with access to world-class amenities, including golf courses, tennis courts, and private beaches.
  • Savannah Southside: As Savannah’s economy and population continue to grow, the Southside area is emerging as a hub for luxury development, attracting high-end buyers with its mix of residential and commercial offerings.

These neighborhoods, each with its unique character and appeal, showcase the diverse range of luxury living options available in Savannah for affluent homebuyers and their preferences.

Higher Prices And Higher Demand Are Boosting Savannah’s Luxury Home Market

With limited inventory, soaring prices, and a diverse range of high-end neighborhoods, Savannah’s luxury real estate landscape offers opportunities for investors and discerning buyers

If you’re looking for a luxury home in the city, contact a real estate broker to help you navigate its competitive real estate market. For discerning individuals seeking a one-of-a-kind lifestyle or a promising property opportunity, Savannah is a city worth exploring!