The Savannah housing market is constantly changing, and the newest estimates of population for Chatham County bring new changes for buyers and sellers of Savannah real estate. What are the newest estimates, and what do they mean for you? Read on to learn.
The New Numbers
The last hard numbers available come from the 2010 U.S. Census, which tallied 265,758 total inhabitants for Chatham County. The current estimate for the county is 283,379, a change of about 6.6% since 2010.
Port Wentworth in the west has shown a whopping 32% increase since 2010, adding about 1,700 residents in the meantime. Pooler has also seen a significant growth of 16%, adding 3,000 residents over the last four years. Savannah added 8,000 people, which amounts to a lower percentage increase of 6% only because its population is so large.
In fact, every single municipality has seen growth since 2010 except the town of Thunderbolt, which experienced a 2% dip since 2010. However, this percentage represents a change of only 55 residents, as the town currently only has an estimated 2,613 residents. Furthermore, the town has actually seen a consistent increase since a significant drop in 2011, so this can only be considered a decrease over the long term and does not reflect the current trend of growth.
What Does This Mean?
Chatham County, and Savannah along with it, is clearly growing as an economic force. People are moving here to start their careers and families, and the city is taking steps to improve the infrastructure of the area to encourage this growth. Back in 2007, the county put forward an initiative to become the “Greenest County in Georgia,” and has taken steps to improve their carbon footprint since. Furthermore, city officials have recently updated their “Total Mobility Plan” to examine the current road and highway infrastructure and make any improvements that are necessary. These changes have improved the lives of its current residents, and have clearly been effective in attracting more people to the area.
Numbers like those seen above indicate a seller’s market for the Savannah housing market. As more people flood into the area, the number of available Savannah homes for sale will decrease as more and more properties are purchased by this influx of people. And as any economist will tell you, when supply goes down, demand goes up — and prices go up with it! As such, now is the perfect time for owners to put up their Savannah homes for sale. The Savannah real estate market is clearly reaping the benefits of the various projects being undertaken by the city, and also being helped by the overall increase in the economy. As such, you should be sure to take advantage of this opportunity while it is still available.