The Long & Foster Market Minute

Focus On: Burtonsville, Spencerville, and Northern Silver Spring Housing Market March 2024

Zip Code(s): 20866, 20868 and 20905
Units Sold
20
Active Inventory
14
Median Sale Price
$524,500
Days On Market
28
Up 18%
Vs. Year Ago
Down -39%
Vs. Year Ago
Down -5%
Vs. Year Ago
Up
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 20 sold this month in Burtonsville, Spencerville, and Northern Silver Spring Real Estate versus 16 last month, an increase of 25%. This month's total units sold was higher than at this time last year, an increase of 18% versus March 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 9 units or 39%. The total number of active inventory this March was 14 compared to 23 in March 2023. This month's total of 14 is lower than the previous month's total supply of available inventory of 24, a decrease of 42%.

Median Sale Price
Last March, the median sale price for Burtonsville, Spencerville, and Northern Silver Spring Homes was $555,000. This March, the median sale price was $524,500, a decrease of 5% or $30,500 compared to last year. The current median sold price is 17% 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
18
Current Contracts
22
Sold Vs. List Price
100.7%
Months of Supply
0.7
Down -36%
Vs. Year Ago
No Change
Vs. Year Ago
Up 0.6%
Vs. Year Ago
Down -48%
Vs. Year Ago

Months of Supply
In March, there was 0.7 months of supply available in Burtonsville, Spencerville, and Northern Silver Spring, compared to 1.4 in March 2023. That is a decrease of 48% 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 18 homes newly listed for sale in Burtonsville, Spencerville, and Northern Silver Spring compared to 28 in March 2023, a decrease of 36%. There were 22 current contracts pending sale this March, consistent with the volume a year ago. The number of current contracts is 10% higher than last month.

Sale Price to List Price Ratio
In March, the average sale price in Burtonsville, Spencerville, and Northern Silver Spring was 100.7% of the average list price, which is 0.6% higher than at this time last year.

Days on Market
This month, the average number of days on market was 28, higher than the average last year, which was 18. This increase was impacted by the limited number of sales.

The Long & Foster Market Minute Burtonsville, Spencerville, and Northern Silver Spring are defined as properties listed in zip code/s 20866, 20868 and 20905.
*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.