Rental trends in Savannah have shown some volatility over the years. The percentage of renters decreased from 34% in 2013 to 29% in 2022. Average rent prices, however, have seen fluctuations, rising from $676 in 2013 to a peak of $793 in 2019, before settling at $708 in 2022. These changes in rent prices don't seem to directly correlate with the declining renter population, indicating that other factors such as local economic conditions or housing supply may be influencing the rental market.

Looking at the most recent data, average home prices in Savannah continued to rise, reaching $224,872 in 2023 and $232,670 in 2024. This represents a steady increase of about 3.5% from 2022 to 2023, and a further 3.5% from 2023 to 2024. Notably, federal interest rates have also increased significantly, reaching 5.02% in 2023 and 5.33% in 2024. Despite these higher interest rates, home prices have continued to appreciate, suggesting strong underlying demand in Savannah's housing market.

Applying predictive models to forecast the next five years, we anticipate average home prices in Savannah to continue their upward trajectory, potentially reaching around $275,000 by 2029. This projection is based on the consistent growth pattern observed over the past decade. For rent prices, we expect a more moderate increase, potentially reaching an average of around $800 per month by 2029, assuming the current trends and economic conditions persist.

In summary, Savannah's housing market has demonstrated robust growth in home values over the past decade, with homeownership rates showing a slight upward trend. The rental market, while experiencing some fluctuations, has remained an important component of the city's housing landscape. The resilience of home prices in the face of rising interest rates suggests a strong local housing market. As Savannah continues to evolve, these trends indicate a dynamic and potentially attractive real estate environment for both homeowners and investors.