Savannah USDA Loan Rates, Closing Costs & Stats

SAVANNAH, GA

USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

Savannah's 14 lenders originated 29 USDA loans during 2023. The total origination value was $7,175,000, with an average USDA loan value of $247,414.

Savannah USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Savannah averaged 6.33% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

Savannah's average USDA mortgage closing costs are $5,618.

The average rate for the prior week (2024-04-05) was 6.35% and one month ago for the week of 2024-03-08, the average rate was 6.41%.

The average rate one year ago was 5.92%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.96%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Savannah USDA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Savannah level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
BANKSOUTH MORTGAGE COMPANY, LLC 4 6.00% $9,256
BROKER SOLUTIONS, INC. 4 6.22% $7,876
VANDERBILT MORTGAGE AND FINANCE, INC. 3 6.71% $9,737
Colony Bank 3 6.08% $6,871
Mortgage Research Center, LLC 3 6.38% $7,245
Renasant Bank 2 6.13% $8,304
UNITED WHOLESALE MORTGAGE, LLC 2 6.15% $8,335
Flagstar Bank, FSB 2 5.96% $7,637
Magnolia Bank 1 6.13% $5,130
GUARANTEED RATE, INC. 1 6.25% $6,988
Plains Commerce Bank 1 5.25% $10,191
CERTAINTY HOME LOANS, LLC 1 6.00% $7,302
HOMESTAR FINANCIAL CORPORATION 1 7.13% $2,520
Loan Simple, Inc. 1 7.38% $12,952

The top Savannah USDA lender as defined by loan originations is BANKSOUTH MORTGAGE COMPANY, LLC, with 4 USDA loans originated. Their average total fees are $9,256, which is $1,380 higher than the next largest lender, BROKER SOLUTIONS, INC..

The lowest fee Savannah USDA lenders (with over 10 loans originated) are .

The lowest rate Savannah USDA lenders (with over 10 loans originated) are .


Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
2018-01-01 $266,650 (6.9%) $384,285 (12.1%) 0.99 2,367
2018-02-01 $274,623 (6.7%) $387,796 (9.6%) 1.00 2,425
2018-03-01 $279,000 (6.3%) $388,826 (7.6%) 0.98 2,526
2018-04-01 $279,561 (5.5%) $388,248 (5.9%) 0.95 2,542
2018-05-01 $279,900 (5.6%) $388,548 (6.0%) 0.93 2,563
2018-06-01 $279,000 (4.3%) $381,338 (2.9%) 0.93 2,591
2018-07-01 $279,900 (5.2%) $384,867 (3.2%) 0.93 2,529
2018-08-01 $275,071 (4.6%) $382,995 (4.0%) 0.92 2,467
2018-09-01 $279,250 (5.4%) $389,745 (5.5%) 0.94 2,417
2018-10-01 $279,500 (7.3%) $393,779 (6.1%) 0.95 2,445
2018-11-01 $278,975 (5.3%) $392,039 (4.1%) 0.95 2,542
2018-12-01 $278,000 (4.9%) $395,523 (4.3%) 0.96 2,500
2019-01-01 $278,200 (4.3%) $402,217 (4.7%) 0.96 2,427
2019-02-01 $283,555 (3.3%) $410,377 (5.8%) 0.96 2,412
2019-03-01 $288,186 (3.3%) $417,281 (7.3%) 0.94 2,434
2019-04-01 $291,423 (4.2%) $419,903 (8.2%) 0.93 2,487
2019-05-01 $289,950 (3.6%) $419,564 (8.0%) 0.91 2,484
2019-06-01 $290,000 (3.9%) $421,639 (10.6%) 0.91 2,443
2019-07-01 $290,363 (3.7%) $418,300 (8.7%) 0.91 2,438
2019-08-01 $291,845 (6.1%) $416,150 (8.7%) 0.92 2,437
2019-09-01 $293,564 (5.1%) $414,237 (6.3%) 0.94 2,449
2019-10-01 $294,709 (5.4%) $412,962 (4.9%) 0.95 2,446
2019-11-01 $294,000 (5.4%) $414,040 (5.6%) 0.96 2,356
2019-12-01 $295,600 (6.3%) $422,490 (6.8%) 0.99 2,328
2020-01-01 $297,445 (6.9%) $424,131 (5.5%) 0.99 2,195
2020-02-01 $299,900 (5.8%) $430,805 (5.0%) 0.98 2,211
2020-03-01 $304,888 (5.8%) $435,587 (4.4%) 0.96 2,182
2020-04-01 $300,367 (3.1%) $430,237 (2.5%) 0.94 2,215
2020-05-01 $309,000 (6.6%) $437,326 (4.2%) 0.94 2,120
2020-06-01 $318,564 (9.9%) $445,897 (5.8%) 0.94 1,966
2020-07-01 $322,350 (11.0%) $451,189 (7.9%) 0.93 1,850
2020-08-01 $322,990 (10.7%) $457,713 (10.0%) 0.93 1,704
2020-09-01 $325,000 (10.7%) $472,791 (14.1%) 0.93 1,618
2020-10-01 $319,000 (8.2%) $469,196 (13.6%) 0.91 1,564
2020-11-01 $304,360 (3.5%) $455,906 (10.1%) 0.89 1,537
2020-12-01 $300,000 (1.5%) $452,665 (7.1%) 0.89 1,414
2021-01-01 $305,000 (2.5%) $464,487 (9.5%) 0.91 1,204
2021-02-01 $306,788 (2.3%) $482,200 (11.9%) 0.89 1,009
2021-03-01 $312,060 (2.4%) $500,798 (15.0%) 0.89 832
2021-04-01 $319,725 (6.4%) $496,215 (15.3%) 0.87 759
2021-05-01 $321,308 (4.0%) $516,510 (18.1%) 0.85 737
2021-06-01 $322,484 (1.2%) $526,045 (18.0%) 0.85 726
2021-07-01 $329,000 (2.1%) $523,504 (16.0%) 0.87 791
2021-08-01 $329,500 (2.0%) $526,566 (15.0%) 0.88 776
2021-09-01 $329,248 (1.3%) $537,634 (13.7%) 0.88 768
2021-10-01 $339,857 (6.5%) $546,272 (16.4%) 0.91 733
2021-11-01 $339,102 (11.4%) $543,500 (19.2%) 0.91 654
2021-12-01 $349,450 (16.5%) $560,952 (23.9%) 0.95 602
2022-01-01 $349,610 (14.6%) $577,187 (24.3%) 0.95 494
2022-02-01 $372,080 (21.3%) $616,999 (28.0%) 0.97 422
2022-03-01 $383,128 (22.8%) $629,561 (25.7%) 0.96 436
2022-04-01 $395,000 (23.5%) $640,365 (29.1%) 0.94 453
2022-05-01 $394,725 (22.9%) $609,964 (18.1%) 0.90 603
2022-06-01 $399,900 (24.0%) $607,843 (15.6%) 0.89 695
2022-07-01 $404,783 (23.0%) $611,263 (16.8%) 0.91 833
2022-08-01 $399,000 (21.1%) $589,445 (11.9%) 0.92 941
2022-09-01 $399,900 (21.5%) $601,230 (11.8%) 0.93 953
2022-10-01 $399,999 (17.7%) $606,430 (11.0%) 0.94 1,005
2022-11-01 $399,642 (17.9%) $594,388 (9.4%) 0.96 1,046
2022-12-01 $399,900 (14.4%) $595,112 (6.1%) 0.99 1,006
2023-01-01 $399,495 (14.3%) $594,455 (3.0%) 0.99 900
2023-02-01 $399,048 (7.3%) $612,638 (-0.7%) 0.96 757
2023-03-01 $408,963 (6.7%) $625,703 (-0.6%) 0.96 758
2023-04-01 $427,990 (8.4%) $665,390 (3.9%) 1.00 695
2023-05-01 $432,475 (9.6%) $678,283 (11.2%) 0.98 744
2023-06-01 $432,173 (8.1%) $855,227 (40.7%) 0.97 794
2023-07-01 $425,000 (5.0%) $850,067 (39.1%) 0.97 797
2023-08-01 $425,000 (6.5%) $840,638 (42.6%) 0.98 825
2023-09-01 $429,941 (7.5%) $834,273 (38.8%) 1.00 879
2023-10-01 $426,604 (6.7%) $819,183 (35.1%) 1.00 998
2023-11-01 $417,000 (4.3%) $809,333 (36.2%) 0.99 1,055
2023-12-01 $420,700 (5.2%) $796,283 (33.8%) 1.03 1,027
2024-01-01 $420,250 (5.2%) $827,494 (39.2%) 1.03 938
2024-02-01 $430,123 (7.8%) $871,661 (42.3%) 1.04 920
2024-03-01 $439,900 (7.6%) $887,067 (41.8%) 1.04 939
Savannah's median listing price for 2024-03-01 was $439,900, a difference of $30,937 (7.6%) versus the prior year and $9,777 versus the prior month.

Savannah's median listing price comes in at 104% of the national average.

Savannah's average listing price for 2024-03-01 was $887,067, a difference of $261,364 (41.8%) versus the prior year and $15,406 versus the prior month.

For the 2024-03-01 period, Savannah had 939 MLS listings, a difference of 19 listings (2%) versus the prior month and 181 listings (24%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Savannah (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 92 days 2,173 sqft
2018-02-01 83 days 2,200 sqft
2018-03-01 61 days 2,248 sqft
2018-04-01 64 days 2,264 sqft
2018-05-01 66 days 2,239 sqft
2018-06-01 68 days 2,224 sqft
2018-07-01 72 days 2,228 sqft
2018-08-01 77 days 2,192 sqft
2018-09-01 79 days 2,210 sqft
2018-10-01 77 days 2,201 sqft
2018-11-01 75 days 2,202 sqft
2018-12-01 81 days 2,202 sqft
2019-01-01 89 days 2,200 sqft
2019-02-01 92 days 2,212 sqft
2019-03-01 78 days 2,238 sqft
2019-04-01 65 days 2,263 sqft
2019-05-01 64 days 2,280 sqft
2019-06-01 67 days 2,294 sqft
2019-07-01 71 days 2,293 sqft
2019-08-01 73 days 2,289 sqft
2019-09-01 76 days 2,289 sqft
2019-10-01 78 days 2,286 sqft
2019-11-01 84 days 2,273 sqft
2019-12-01 88 days 2,244 sqft
2020-01-01 95 days 2,247 sqft
2020-02-01 87 days 2,250 sqft
2020-03-01 69 days 2,296 sqft
2020-04-01 74 days 2,290 sqft
2020-05-01 78 days 2,300 sqft
2020-06-01 80 days 2,295 sqft
2020-07-01 71 days 2,346 sqft
2020-08-01 64 days 2,312 sqft
2020-09-01 65 days 2,271 sqft
2020-10-01 65 days 2,203 sqft
2020-11-01 64 days 2,147 sqft
2020-12-01 69 days 2,104 sqft
2021-01-01 75 days 2,097 sqft
2021-02-01 57 days 2,056 sqft
2021-03-01 45 days 2,036 sqft
2021-04-01 41 days 2,055 sqft
2021-05-01 33 days 2,103 sqft
2021-06-01 38 days 2,038 sqft
2021-07-01 36 days 2,094 sqft
2021-08-01 40 days 2,007 sqft
2021-09-01 44 days 2,017 sqft
2021-10-01 50 days 2,047 sqft
2021-11-01 53 days 2,046 sqft
2021-12-01 56 days 2,064 sqft
2022-01-01 60 days 2,046 sqft
2022-02-01 30 days 2,081 sqft
2022-03-01 26 days 2,112 sqft
2022-04-01 26 days 2,160 sqft
2022-05-01 19 days 2,132 sqft
2022-06-01 25 days 2,218 sqft
2022-07-01 30 days 2,161 sqft
2022-08-01 37 days 2,161 sqft
2022-09-01 44 days 2,157 sqft
2022-10-01 48 days 2,126 sqft
2022-11-01 50 days 2,156 sqft
2022-12-01 58 days 2,126 sqft
2023-01-01 68 days 2,132 sqft
2023-02-01 63 days 2,114 sqft
2023-03-01 45 days 2,183 sqft
2023-04-01 41 days 2,244 sqft
2023-05-01 32 days 2,225 sqft
2023-06-01 33 days 2,197 sqft
2023-07-01 39 days 2,161 sqft
2023-08-01 39 days 2,087 sqft
2023-09-01 42 days 2,081 sqft
2023-10-01 44 days 2,092 sqft
2023-11-01 49 days 2,041 sqft
2023-12-01 55 days 2,007 sqft
2024-01-01 60 days 1,976 sqft
2024-02-01 49 days 2,022 sqft
2024-03-01 43 days 2,060 sqft
Savannah's median listing age (time on market) for 2024-03-01 was 43 days. This is -4% shorter than the same period one year ago.

Savannah's median square footage for active listings during the 2024-03-01 period was 2,060 sqft. One year prior, the average listing was 2,183 sqft.