Is South Salem, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
Since last year, South Salem has remained a Seller's Market.
Housing Prices in South Salem, NY
How much do homes in South Salem, NY cost?
Median Sold Price
$825,000
$350/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Summary: The median home sold price in South Salem was $825,000 in May 2024, up 17.9% from last year, and the median price per square foot was $350.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $265K | $360K | +35.8% |
2 Bedrooms | $396.6K | $695K | +75.2% |
3 Bedrooms | $637.5K | $780.7K | +22.5% |
4 Bedrooms | $870.5K | $1.0M | +20.6% |
5+ Bedrooms | $795K | $1.1M | +42.3% |
Summary: South Salem housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 35.8%, 2 bedroom homes increased by 75.2%, 3 bedroom homes increased by 22.5%, 4 bedroom homes increased by 20.6%, and 5+ bedroom homes increased by 42.3%.
Median Sold Price Compared To Nearby Cities
South Salem | $700K | $825K | +17.9% |
Lewisboro | $762.5K | $850K | +11.5% |
Ridgefield | $858.4K | $900K | +4.8% |
Housing Supply in South Salem, NY
How many homes are available in South Salem, NY?
Number of Homes For Sale
Apr 2024 | May 2024 | CHANGE |
---|---|---|
32 | 32 | 0.0% |
Summary: The South Salem real estate market had 32 homes for sale in May 2024, the same as April 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 1 | 1 | 0.0% |
2 Bedrooms | 2 | 2 | 0.0% |
3 Bedrooms | 11 | 11 | 0.0% |
4 Bedrooms | 12 | 13 | +8.3% |
5+ Bedrooms | 6 | 5 | -16.7% |
Summary: The South Salem housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes remained the same, 4 bedroom homes increased by 8.3%, and 5+ bedroom homes decreased by 16.7%.
Number of Homes Sold
Apr 2024 | May 2024 | CHANGE |
---|---|---|
7 | 6 | -14.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
1 Home Was Sold
At Asking
3 Homes Were Sold
Over Asking
Summary: A total of 6 homes were sold or pending in South Salem in May 2024, down by 14.3% month-over-month. Of the 6 sold homes, 33% were sold under asking, 17% were sold at asking, and 50% were sold over asking.
Days on Market for South Salem, NY
How long does it take to sell a home in South Salem, NY?
Average Sale Time
May 2023 | May 2024 | CHANGE |
---|---|---|
30 Days | 54 Days | +79.9% |
Summary: Homes in South Salem had an average of 54 days on market in May 2024, up by 79.9% compared to last year.
Breakdown of Home Sale Times
4 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Summary: During May 2024, 6 homes were sold in South Salem; 67% of homes were sold within 30 days, 17% of homes were sold within 30 to 90 days, and 17% of homes were sold over 90 days.