Community Marketing & Real Estate Update

Looking Back at Real Estate in 2024: What It Means for You

The year 2024 has officially ended, and what a year it was for real estate! Across the country, and here at home, in The Landings, the housing market offered its fair share of twists and turns, challenges, and opportunities. Whether you’re buying, selling, or simply staying informed, reflecting on the past year helps us prepare for what’s next. Let’s take a closer look at how the market unfolded nationally, regionally, and locally, and what it all means for you.

A National Snapshot: What Happened Across the Country

Nationally, the real estate market began to settle into a new normal after a few roller-coaster years. Mortgage rates hovered between 6% and 7%, much higher than the record lows we all have gotten used to. This shift made borrowing more expensive, which cooled some of the frenzy we had seen in prior years. However, it wasn’t all bad news. For buyers who stayed the course, there were opportunities to purchase properties without the intense bidding wars of years past.

One of the biggest challenges across the board was inventory—or, more accurately, the lack of it. Many homeowners chose to stay put, holding onto their low-rate mortgages rather than trading up or downsizing. As a result, the number of homes on the market remained stubbornly low. While new construction helped ease the pressure in some areas, it wasn’t enough to meet demand.

The National Association of Realtors (NAR) lawsuit settlement had big headlines all year long and finally went live late August. New real estate contract forms were put into place, and buyers were required to sign Buyers Agreements prior to an Agent showing them homes with the potential of paying Buyers Agent compensation at closing. Sellers have a choice to offer the traditional, buyers side compensation when engaging their Listing agreement. All while no compensation is allowed to be communicated through the MLS.

The Southeast: A Magnet for Growth

In 2024, the Southeast emerged as one of the hottest regions in the country for real estate. Georgia, Florida, and the Carolinas continued to draw new residents from across the nation. Retirees looking for a warmer climate and lower taxes, families seeking a better quality of life, and remote workers in search of more space all found their way to the region.

This influx of new residents created a vibrant and competitive real estate market. Rental properties, in particular, became a sought-after commodity, with strong demand driving up prices. Vacation destinations within the Southeast also experienced a surge in short-term rental activity, making 2024 a standout year for property investors. Whether it was beach houses in Florida or charming homes in Savannah, the Southeast proved to be a region where lifestyle and opportunity converged.

Savannah Shines in 2024

With its timeless charm and steady growth, Savannah held its own as one of the Southeast’s most desirable cities. Savannah’s strong economy played a key role in supporting the housing market. The Port of Savannah remained a major economic engine, bringing jobs and stability to the area. Tourism also flourished, with visitors drawn to the city’s rich history, vibrant arts scene, and coastal beauty. These factors created a healthy demand for housing, both for primary residences and investment properties.

Although home prices in Savannah increased in 2024, they remained relatively affordable compared to other coastal cities. This affordability, combined with the city’s economic strengths and appealing lifestyle, made Savannah a top choice for buyers from near and far. Inventory, however, remained tight.

The Landings: A Year to Celebrate

Closer to home, The Landings had an extraordinary year. Our community continued to capture the hearts of retirees, families, and second-home buyers alike. The unique combination of luxury, recreation, and natural beauty made it one of the most sought-after neighborhoods in the Savannah area.

Demand for homes in The Landings remained high throughout 2024. Buyers were drawn to the community’s exceptional amenities and vibrant social scene. Visitors discover that this is more than just a place to live—it provides a lifestyle that resonates with people seeking a sense of community, wellness, and connection to nature.

Despite a broader cooling in the housing market, home values in The Landings stayed strong. Sellers found eager buyers, and properties didn’t linger on the market for long. With inventory growing but still limited, it was still a seller’s market.

The new NAR policies have been adopted, and for the most part in The Landings, sellers are realizing the advantage of not creating another obstacle for a buyer in the purchasing process of their home and are continuing to offer Buyer Agent compensation. This is a strategically smart direction when values are at record highs in the community. Buyers have understood these new policies are a national requirement and not Georgia or locally enacted. Pre-showing compensation agreements have replaced what was once communicated in the MLS.

Lessons from 2024: What It Means for You

As we look back on the year, we see valuable insights to carry forward. For sellers, the unique lifestyle at The Landings proved to be a significant selling point. Homes that were priced well and well-prepared for the market attracted interest quickly. A little extra effort in staging and presentation went a long way. We saw more price reductions than in recent years, but homes still landed with a higher average price than 2023.

Buyers learned the importance of being prepared. With tight inventory and strong competition, those ready to move swiftly often secured the best opportunities. At The Landings, focusing on the complete lifestyle package—including the golf courses, marinas, and vibrant community spirit—helped buyers see the true value of their investment.

Looking Ahead with The Landings Company

Looking ahead to 2025, we’re bullish about what the year will bring. It’s clear why The Landings continues to be such a special place to live. It’s not just the beautiful homes, the amazing amenities, or the gorgeous natural setting—it’s the people, the sense of belonging, and the unparalleled quality of life.

Whether you’re considering selling your current property or buying a home, The Landings Company is here to help. Our team of experts understands the market inside and out, and we take pride in guiding clients through every step of their real estate journey.