Inventory in North Salem has shifted sharply in this rolling three-month view. Active listings are down more than 20% year over year, but new listings are up about 19%, suggesting more owners are testing the market even as overall stock thins. At the same time, pending sales have fallen roughly 37% compared with a year ago, and closed sales are down more than 85%, signaling a notable slowdown in completed transactions.
Pricing is adjusting in response to this cooler contract flow. The typical home value over the period has dropped about a third from last year, while the median list price has risen more than 18% year over year, pointing to a gap between seller expectations and what buyers have recently paid. Homes that do sell are closing at an average of about 94% of list price, and virtually none are selling above asking in this latest period.
Market balance indicators highlight just how different conditions are from a year ago. Months of supply has surged from single digits last June to more than 40 months in the latest rolling three-month window, even as the area is still characterized as a seller’s market overall. Typical days on market have shortened compared with last year, but the combination of elevated supply and fewer sales suggests buyers have more leverage than they did recently. Both buyers and sellers in North Salem can benefit from an Agent Pronto–recommended real estate agent who understands these evolving dynamics and can navigate the numbers on their behalf.
