The Long & Foster Market Minute

Focus On: Silver Spring Housing Market March 2024

Zip Code(s): 20901, 20902, 20903, 20904, 20905, 20906 and 20910
Units Sold
168
Active Inventory
217
Median Sale Price
$492,500
Days On Market
19
Down -16%
Vs. Year Ago
Up 3%
Vs. Year Ago
Up 5%
Vs. Year Ago
Down -39%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 168 sold this month in Silver Spring Real Estate versus 131 last month, an increase of 28%. This month's total units sold was lower than at this time last year, a decrease of 16% versus March 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 7 units or 3%. The total number of active inventory this March was 217 compared to 210 in March 2023. This month's total of 217 is lower than the previous month's total supply of available inventory of 219, a decrease of 1%.

Median Sale Price
Last March, the median sale price for Silver Spring Homes was $468,000. This March, the median sale price was $492,500, an increase of 5% or $24,500 compared to last year. The current median sold price is 4% lower than in February.

Median sale price is the middle sale price in a given month. The same number of properties are above & below the median.


New Listings
241
Current Contracts
214
Sold Vs. List Price
102.1%
Months of Supply
1.3
Down -2%
Vs. Year Ago
Up 2%
Vs. Year Ago
Up 0.7%
Vs. Year Ago
Up 24%
Vs. Year Ago

Months of Supply
In March, there was 1.3 months of supply available in Silver Spring, compared to 1.0 in March 2023. That is an increase of 24% versus a year ago.

Months of supply is calculated by dividing current inventory by current sales. It indicates how many months would be needed to sell all of the inventory available at the current rate of demand.

New Listings & Current Contracts
This month there were 241 homes newly listed for sale in Silver Spring compared to 246 in March 2023, a decrease of 2%. There were 214 current contracts pending sale this March compared to 210 a year ago. The number of current contracts is 2% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Silver Spring was 102.1% of the average list price, which is 0.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 19, lower than the average last year, which was 31, a decrease of 39%.

The Long & Foster Market Minute Silver Spring are defined as properties listed in zip code/s 20901, 20902, 20903, 20904, 20905, 20906 and 20910.
*Detached, Attached, and Condo varies by local area Multiple Listing Service (MLS) definition. For more information regarding your specific market, contact one of Long & Foster's knowledgeable and experienced sales associates.
REALTOR, Equal Opportunity HousingInformation included in this report is based on data supplied by BRIGHTMLS and its member Association(s) of REALTORS, who are not responsible for its accuracy. Does not reflect all activity in the marketplace. Information contained in this report is deemed reliable but not guaranteed, should be independently verified, and does not constitute an opinion of BRIGHTMLS or Long & Foster Real Estate, Inc.