Welcome to the forum. S&W did not offer two inch barrels on their .32 I-frame revolvers until after WWII. The gun's features other than the short barrel suggest that it is one of the earliest postwar I-frames, which means it probably shipped in 1949 or 1950. The hard rubber grips may not be original because they don't seem to fit very well down at the bottom front of the grip frame, but I could be reading too much into that.
Serial number between 534600 and 550000? Just guessing.
Easily a $400 gun, maybe $500. Two inch .32s are uncommon and in demand. Early ones get a value kick.
EDITED TO ADD: Ah, serial number appeared as I was composing and posting. Thanks. Other guns with somewhat nearby numbers were shipped in the second half of 1949.