The M27 came with 3.5, 4, 5, 6, 8.75inch barrels.
Right now the 3.5 and 5 inch are the hot thing, especially the 3.5.
"Coke Bottle" or "Cokes" grips are THE hot thing.
The 6inch is very common. The 4inch a litle less.
A blue 6 inch in excellent condition is worth $400-500.
The shorter lengths bring more.
Minty 3.5's are up over $1K
Sounds like your find may be a bit worn so it would make for a great shooter.
In some areas, classic S&W's are a tough find.
IMO, thats a bit too much.