M A R K E T WA T C H
Moving on Up WHEN IT COMES to real estate, the Hostess City kicked off 2022 in a big way. Luxury real estate sales in Savannah (for homes more than $2 million) have more than tripled, and a Tybee Island home sold for a jaw-dropping $4.2 million. “‘A rising tide lifts all boats’ comes to mind,” says Raoul Rushin, president of The Landings Company. “With an exodus of people out of more urban markets, a historically low inventory of homes to choose from and attractive interest rates, records are being shattered throughout our market,” he says. The pandemic has put the spotlight on Savannah, with big-city buyers looking for a change, says Staci Donegan, associate broker at Seabolt Real Estate. “Employees who no longer have to work in an office are finding flexibility in where they can live. With its temperate climate, variety of living options — historic, waterfront, gated, urban, suburban and so on — proximity to the ocean, and an airport with direct flights to key markets, Savannah is a top choice.” The quality of life isn’t the only thing attracting buyers, either, Rushin says. While $2 million in New York City, Boston, or San Francisco typically translates to a small townhome or apartment, in Savannah, square footage both indoors and out is readily available. “Our luxury market between $1–2 million and $2–4 million has seen so much activity that the sales end up being extremely competitive and the inventory extremely scarce,” says Austin Hill, president of Corcoran Austin Hill Realty & Associates.
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SAVANNAHMAGAZINE.COM
This 4-bed, 4.5-bath, 5,200-square-foot ocean-front home on Tybee Island recently sold for $4.2 million.
CO U R T ES Y S E A BOLT R E A L E S TAT E
What’s behind the spike in luxury home sales? Real estate experts weigh in
