South Salem, NY Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

South Salem, NY Housing Market Trends

With 9,441 people, 1,857 houses or apartments, and a median cost of homes of $767,175, South Salem house prices are not only among the most expensive in New York, South Salem real estate also is some of the most expensive in all of America.

Single-family detached homes are the single most common housing type in South Salem, accounting for 84.20% of the town's housing units. Other types of housing that are prevalent in South Salem include row houses and other attached homes ( 10.42%), large apartment complexes or high rise apartments ( 3.20%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 1.90%).

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in South Salem. Owner-occupied housing accounts for 93.03% of South Salem's homes, and 65.05% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in South Salem built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in South Salem built between 1940-1969 ( 24.99%). A lesser amount of the housing stock also hails from before 1939 ( 15.62%). There's also some housing in South Salem built between 2000 and later ( 4.81%).

South Salem Home Appreciation Rates

Some of the lowest real estate appreciation rates in America over the last ten years have been in South Salem, where house values have increased just 18.29%, which is annualized rate of 1.69%. This rate is lower than the appreciation rate found in 90% of the cities and towns in America.

NeighborhoodScout's data show that during the latest twelve months, South Salem's appreciation rate, at 8.38%, has been at or slightly above the national average. In the latest quarter, South Salem's appreciation rate has been 3.15%, which annualizes to a rate of 13.22%.

Relative to New York, our data show that South Salem's latest annual appreciation rate is lower than 80% of the other cities and towns in New York.

Average Home Values

 

Median Home Value:
$767,175

South Salem, NY HOME PRICES

> $1,128,000
9.6%
9.6%
$846,001 - $1,128,000
22.8%
22.8%
$564,001 - $846,000
33.6%
33.6%
$451,001 - $564,000
16.7%
16.7%
$339,001 - $451,000
11.3%
11.3%
$226,001 - $339,000
4.2%
4.2%
$113,001 - $226,000
1.3%
1.3%
$56,001 - $113,000
0.0%
0.0%
$0 - $56,000
0.5%
0.5%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for NY

Value Relative To Nation

Number Of Homes And Apartments:
1,857

South Salem Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
NY*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
67.26% 2.42%
2
4
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,729 / per month

Homeownership Rate

Owners
93.0%
93.0%
Renters
7.0%
7.0%
Vacant
8.6%
8.6%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
4.8%
4.8%
1970 - 1999
54.6%
54.6%
1940 - 1969
25.0%
25.0%
1939 or Older
15.6%
15.6%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
84.2%
84.2%
Townhomes
10.4%
10.4%
Small Apt. Buildings
1.9%
1.9%
Apt. Complexes
3.2%
3.2%
Mobile Homes
0.3%
0.3%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
1.1%
1.1%
1 Bedroom
5.6%
5.6%
2 Bedrooms
17.3%
17.3%
3 Bedrooms
28.8%
28.8%
4 Bedrooms
36.3%
36.3%
5 or more bedrooms
11.0%
11.0%
0.0% 100.0%
% OF HOMES

Popular Neighborhoods in South Salem

Zip Codes in South Salem, NY