Is South Salem, NY a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, South Salem was a Seller's Market.
Key Takeaway
South Salem is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in South Salem, NY
How much do homes in South Salem, NY cost?
Median Sold Price
$825,000
$344/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Key Takeaway
Homes in South Salem have sold for 22.7% more than they did a year ago.
Summary: The median home sold price in South Salem was $825,000 in March 2024, up 22.7% from last year, and the median price per square foot was $344.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $265K | $360K | +35.8% |
| 2 Bedrooms | $393.3K | $695K | +76.7% |
| 3 Bedrooms | $645K | $768.7K | +19.2% |
| 4 Bedrooms | $811.2K | $1.0M | +29.4% |
| 5+ Bedrooms | $997.5K | $1.3M | +39.9% |
Summary: South Salem housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes increased by 35.8%, 2 bedroom homes increased by 76.7%, 3 bedroom homes increased by 19.2%, 4 bedroom homes increased by 29.4%, and 5+ bedroom homes increased by 39.9%.
Median Sold Price Compared To Nearby Cities
| South Salem | $672.5K | $825K | +22.7% |
| Lewisboro | $735K | $847K | +15.2% |
| Ridgefield | $855.3K | $925K | +8.1% |
Housing Supply in South Salem, NY
How many homes are available in South Salem, NY?
Number of Homes For Sale
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 21 | 24 | +14.3% |
Summary: The South Salem real estate market had 24 homes for sale in March 2024, a 14.3% increase compared to February 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 1 | +100.0% |
| 2 Bedrooms | 4 | 2 | -50.0% |
| 3 Bedrooms | 7 | 9 | +28.6% |
| 4 Bedrooms | 5 | 8 | +60.0% |
| 5+ Bedrooms | 5 | 4 | -20.0% |
Summary: The South Salem housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 100%, 2 bedroom homes decreased by 50%, 3 bedroom homes increased by 28.6%, 4 bedroom homes increased by 60%, and 5+ bedroom homes decreased by 20%.
Number of Homes Sold
| Feb 2024 | Mar 2024 | CHANGE |
|---|---|---|
| 3 | 1 | -66.7% |
Asking Price vs. Sold Price
0 Homes Were Sold
Under Asking
0 Homes Were Sold
At Asking
1 Home Was Sold
Over Asking
Key Takeaway
If you're buying a home in South Salem, you could pay more than the asking price. 100% of homes here sold above asking price last month.
Summary: A total of 1 homes were sold or pending in South Salem in March 2024, down by 66.7% month-over-month. Of the 1 sold homes, 0% were sold under asking, 0% were sold at asking, and 100% 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
| Mar 2023 | Mar 2024 | CHANGE |
|---|---|---|
| 68 Days | 35 Days | -48.7% |
Summary: Homes in South Salem had an average of 35 days on market in Mar 2024, down by 48.7% compared to last year.
Breakdown of Home Sale Times
0 Homes Were Sold
Under 30 Days
1 Home Was Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Avg time on Rocket Homes in South Salem has remained consistent over time.
Summary: During March 2024, 1 homes were sold in South Salem; 0% of homes were sold within 30 days, 100% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
Listings courtesy of OneKey MLS as distributed by MLS GRID.
The data relating to real estate for sale on this web site comes in part from the Broker Reciprocity Program of the OneKey™ MLS. Real Estate listings held by brokerage firms other than this broker are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. This information is provided exclusively for consumers’ personal, non-commercial use, that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.