Is Silver Spring, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since March 2023
At the same time last year, Silver Spring was a Seller's Market.
Housing Prices in Silver Spring, MD
How much do homes in Silver Spring, MD cost?
Median Sold Price
$619,166
$340/sqft
Based on all homes sold in the last 12 months.
Difference Since March 2023
Summary: The median home sold price in Silver Spring was $619,166 in March 2024, up 6.9% from last year, and the median price per square foot was $340.
Median Sold Price By Bedroom Count
# BEDS# BEDROOMS | Mar 2023 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | $252.5K | $225.5K | -10.7% |
2 Bedrooms | $375K | $363K | -3.2% |
3 Bedrooms | $630K | $702.5K | +11.5% |
4 Bedrooms | $740K | $765.5K | +3.4% |
5+ Bedrooms | $852.5K | $955K | +12.0% |
Summary: Silver Spring housing prices by bedroom type for March 2024 compared to the previous year: The home price of 1 bedroom homes decreased by 10.7%, 2 bedroom homes decreased by 3.2%, 3 bedroom homes increased by 11.5%, 4 bedroom homes increased by 3.4%, and 5+ bedroom homes increased by 12%.
Median Sold Price Compared To Nearby Neighborhoods
East Silver Spring | $605K | $810K | +33.9% |
Silver Spring | $579K | $619.1K | +6.9% |
Seven Oaks / Evanswood | $920K | $877.5K | -4.6% |
Housing Supply in Silver Spring, MD
How many homes are available in Silver Spring, MD?
Number of Homes For Sale
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
184 | 198 | +7.6% |
Summary: The Silver Spring real estate market had 198 homes for sale in March 2024, a 7.6% increase compared to February 2024.
Homes For Sale By Bedroom Count
# BEDS# BEDROOMS | Feb 2024 | Mar 2024 | CHANGE |
---|---|---|---|
1 Bedroom | 38 | 43 | +13.2% |
2 Bedrooms | 34 | 32 | -5.9% |
3 Bedrooms | 54 | 61 | +13.0% |
4 Bedrooms | 42 | 41 | -2.4% |
5+ Bedrooms | 16 | 21 | +31.3% |
Summary: The Silver Spring housing inventory by bedroom type for March 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 13.2%, 2 bedroom homes decreased by 5.9%, 3 bedroom homes increased by 13%, 4 bedroom homes decreased by 2.4%, and 5+ bedroom homes increased by 31.3%.
Number of Homes Sold
Feb 2024 | Mar 2024 | CHANGE |
---|---|---|
25 | 21 | -16.0% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
6 Homes Were Sold
At Asking
9 Homes Were Sold
Over Asking
Summary: A total of 21 homes were sold or pending in Silver Spring in March 2024, down by 16.0% month-over-month. Of the 21 sold homes, 29% were sold under asking, 29% were sold at asking, and 43% were sold over asking.
Days on Market for Silver Spring, MD
How long does it take to sell a home in Silver Spring, MD?
Average Sale Time
Mar 2023 | Mar 2024 | CHANGE |
---|---|---|
31 Days | 21 Days | -32.2% |
Summary: Homes in Silver Spring had an average of 21 days on market in Mar 2024, down by 32.2% compared to last year.
Breakdown of Home Sale Times
16 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
2 Homes Were Sold
Over 90 Days
Summary: During March 2024, 21 homes were sold in Silver Spring; 76% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 10% of homes were sold over 90 days.