The Long & Foster Market Minute

Focus On: Downtown Silver Spring and Takoma Park Housing Market October 2022

Zip Code(s): 20910, 20912 and 20907
Units Sold
50
Active Inventory
65
Median Sale Price
$699,000
Days On Market
21
Down -7%
Vs. Year Ago
Down -32%
Vs. Year Ago
Up 10%
Vs. Year Ago
Up 40%
Vs. Year Ago

Units Sold
There was an increase in total units sold in October, with 50 sold this month in Downtown Silver Spring and Takoma Park Real Estate. This month's total units sold was lower than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 30 units or 32%. The total number of active inventory this October was 65 compared to 95 in October 2021. This month's total of 65 is lower than the previous month's total supply of available inventory of 74, a decrease of 12%.

Median Sale Price
Last October, the median sale price for Downtown Silver Spring and Takoma Park Homes was $634,950. This October, the median sale price was $699,000, an increase of 10% or $64,050 compared to last year. The current median sold price is 21% higher than in September.

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


New Listings
55
Current Contracts
43
Sold Vs. List Price
100.5%
Months of Supply
1.3
Down -28%
Vs. Year Ago
Down -20%
Vs. Year Ago
Down -1.7%
Vs. Year Ago
Down -26%
Vs. Year Ago

Months of Supply
In October, there was 1.3 months of supply available in Downtown Silver Spring and Takoma Park, compared to 1.8 in October 2021. That is a decrease of 26% 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 55 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 76 in October 2021, a decrease of 28%. There were 43 current contracts pending sale this October compared to 54 a year ago. The number of current contracts is 20% lower than last October.

Sale Price to List Price Ratio
In October, the average sale price in Downtown Silver Spring and Takoma Park was 100.5% of the average list price, which is 1.7% lower than at this time last year.

Days on Market
This month, the average number of days on market was 21, higher than the average last year, which was 15, an increase of 40%.

The Long & Foster Market Minute Downtown Silver Spring and Takoma Park are defined as properties listed in zip code/s 20910, 20912 and 20907.
*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.