The Salisbury real estate market experienced a notable shift in September, with the median price for single-family homes dropping to its lowest point this year. In a surprising contrast, newly constructed condominium garages at the Lime Rock Park racetrack accounted for nearly half of the month's property transfers, signaling strong demand in a niche luxury market.
While only three single-family homes changed hands during the month, five high-end garage units were sold, with a combined value exceeding $2.3 million. This divergence highlights a cooling in the traditional housing sector alongside a boom in specialized, high-value properties.
Key Takeaways
- Salisbury's median single-family home price fell to $865,000 in September, a significant drop from the May peak of $1,350,000.
- Luxury condo garages at Lime Rock Park dominated sales, with five units selling for a total of $2,310,000.
- Only three single-family homes were sold in September, alongside one mixed-use commercial property and three land parcels.
- A prominent commercial building at 14 Main Street, the former Passports store, sold for $1,275,000 after a major renovation.
A Market in Transition
September's real estate data from the Town of Salisbury reveals a complex and evolving market. The most striking trend was the significant drop in the median price for single-family homes, which settled at $865,000. This marks the lowest point recorded in 2025, representing a 36% decrease from the market's peak of $1,350,000 just four months earlier in May.
The slowdown in traditional home sales is further evidenced by the low volume of transactions. Only three single-family residences were sold throughout the entire month. This contrasts with the current inventory, as 26 single-family homes were listed for sale at the end of October. Of those listings, 20 were priced above $1 million, indicating a potential gap between seller expectations and current market demand.
Market Context: Price Correction
The decline in the median sale price from a spring high suggests a market correction. After a period of rapid appreciation, rising interest rates and economic uncertainty can lead to fewer buyers, giving those still in the market more negotiating power and causing median prices to adjust downward.
The Rise of the Luxury Garage
While the residential market showed signs of cooling, a different kind of property drove much of September's activity. Five newly constructed condominium garage units at 60 White Hollow Road, located at the iconic Lime Rock Park, were sold to various LLCs.
These are not typical garages; they are high-end spaces designed for car enthusiasts to store, maintain, and enjoy their collections near the racetrack. The sales demonstrate a robust appetite for this unique asset class.
Lime Rock Garage Sales Breakdown
- Two units (1/2 and 3/4) sold for $620,000 each to 711 Lime Rock LLC.
- Three individual units (5, 7, and 8) sold for $350,000 each to separate buyers.
The total value of these five garage sales alone was $2.31 million, significantly outweighing the volume of residential home sales.
This trend suggests that while the broader housing market may be softening, demand for specialized luxury goods and real estate tied to hobbies and lifestyle investments remains exceptionally strong. The buyers, primarily registered as limited liability companies, point to a clientele of serious collectors and investors.
Notable Single-Family and Commercial Sales
Despite the low volume, the few residential and commercial properties that did sell in September were significant. The highest-priced single-family home sale was 4 Main Street, a historic residence built in 1830, which was acquired by Book House LLC for $1,395,000.
Other Key Transactions
In the commercial sector, the renovated property at 14 Main Street, formerly home to the Passports store, sold for $1,275,000. The 4,916-square-foot mixed-use building was updated by design firm Hendricks Churchill before being sold to John and Medora Geary. The property was initially listed for $1,700,000.
Other notable single-family sales included:
- 52 Cooper Hill Road: A modern 3-bedroom home on 8 acres, which sold for $1,075,000.
- 265 Housatonic River Road: A 3-bedroom residence on over 10 acres, which sold for $775,000.
Land sales also contributed to the month's activity. A large 51.38-acre parcel on Brinton Hill Road was the most significant, selling for $550,000. Two smaller parcels on White Hollow Road and Perry Street sold for $290,000 and $255,000, respectively.
Looking Ahead
The September data paints a picture of a bifurcated Salisbury market. On one hand, the residential sector is undergoing a price adjustment, with fewer sales and a falling median price. This could present new opportunities for buyers who have been waiting on the sidelines.
On the other hand, the success of the Lime Rock Park garages shows that there is still significant capital ready to be deployed into unique, passion-driven assets. As the year draws to a close, observers will be watching to see if these diverging trends continue to shape the real estate landscape in this corner of Connecticut.
