Is South Salem, NY a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing South Salem is a neutral's market

Buyer's
Market

Difference Since November 2021

At the same time last year, South Salem was a Buyer's Market.

Key Takeaway

South Salem is a Neutral Housing Market, which means prices tend to be reasonable and homes stay on the market for a typical length of time.

How much do homes in South Salem, NY cost?

Median Sold Price

$673,750

$311/sqft

Based on all homes sold in the last 12 months.

Difference Since November 2021

-$8,750(-1.3%)

Key Takeaway

Homes in South Salem have sold for 1.3% less than they did a year ago.

Median Sold Price By Bedroom Count

# BEDSNov 2021Nov 2022%
1 $212.5K$255K
+20.0%
2 $434K$392.5K
-9.6%
3 $649.2K$627.5K
-3.4%
4 $844K$812.4K
-3.7%
5+ $1.1M$1.4M
+27.9%

Median Sold Price Compared To Nearby Cities

Ridgefield
+7.8%
Lewisboro
0.3%
South Salem
-1.3%
Cross River
-36.8%

How many homes are available in South Salem, NY?

Number of Homes For Sale

Oct 2022Nov 2022%
3735-5.4%

Homes For Sale By Bedroom Count

# BEDSOct 2022Nov 2022%
1 54
-20.0%
2 66
0.0%
3 109
-10.0%
4 1212
0.0%
5+ 44
0.0%

Number of Homes Sold

Oct 2022Nov 2022%
65-16.7%

Asking Price vs. Sold Price

2 Homes Were Sold
Under Asking

0 Homes Were Sold
At Asking

3 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in South Salem, you could pay more than the asking price. 60% of homes here sold above asking price last month.

Average Sale Time

Nov 2021Nov 2022%
57 Days56 Days-2.3%

Breakdown of Home Sale Times

3 Homes Were Sold
Under 30 Days

0 Homes Were Sold
In 30 - 90 Days

2 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in South Salem are selling fast, if you're buying plan to act quickly.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

About South Salem, NY

Number of homes for sale in South Salem, NY real estate market have reached 35. Between October 2022 and November 2022, South Salem, NY real estate market has seen decrease in the number of listings by 5.4%. Listings spent 56 days on the market in November 2022, and had a median list price of $673,750 during the same period. This housing market listing prices have changed between October 2022 and November 2022: 1 bedroom properties became 20% more expensive, prices of 2 bedrooms properties decreased by 9.6%, prices of 3 bedrooms properties decreased by 3.4%, 4 bedrooms properties prices decreased by 3.7%, prices of 5 bedrooms properties increased by 27.9%. Volume of homes for sale changed: the quantity of 1 bedroom homes went down by 20%, the quantity of 2 bedrooms homes have not changed, 3 bedrooms homes inventory decreased by 10%, 4 bedrooms homes inventory did not change, 5 bedrooms homes did not move. Over 3 listings were sold over their listed price in November 2022 in South Salem, NY. In the same period over 2 listings were sold below the listed price and 0 listings were sold for the listed price.

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