The Long & Foster Market Minute

Focus On: Downtown Silver Spring and Takoma Park Housing Market January 2024

Zip Code(s): 20910, 20912 and 20907
Units Sold
27
Active Inventory
44
Median Sale Price
$585,000
Days On Market
35
Up 29%
Vs. Year Ago
Down -14%
Vs. Year Ago
Down -6%
Vs. Year Ago
Down -20%
Vs. Year Ago

Units Sold
There was a decrease in total units sold in January, with 27 sold this month in Downtown Silver Spring and Takoma Park Real Estate versus 30 last month, a decrease of 10%. This month's total units sold was higher than at this time last year, an increase of 29% versus January 2023.

Active Inventory
Versus last year, the total number of homes available this month is lower by 7 units or 14%. The total number of active inventory this January was 44 compared to 51 in January 2023. This month's total of 44 is lower than the previous month's total supply of available inventory of 57, a decrease of 23%.

Median Sale Price
Last January, the median sale price for Downtown Silver Spring and Takoma Park Homes was $625,000. This January, the median sale price was $585,000, a decrease of 6% or $40,000 compared to last year. The current median sold price is 21% higher than in December.

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


New Listings
27
Current Contracts
32
Sold Vs. List Price
100.1%
Months of Supply
1.6
Down -49%
Vs. Year Ago
Down -3%
Vs. Year Ago
Up 1.8%
Vs. Year Ago
Down -33%
Vs. Year Ago

Months of Supply
In January, there was 1.6 months of supply available in Downtown Silver Spring and Takoma Park, compared to 2.4 in January 2023. That is a decrease of 33% 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 27 homes newly listed for sale in Downtown Silver Spring and Takoma Park compared to 53 in January 2023, a decrease of 49%. There were 32 current contracts pending sale this January compared to 33 a year ago. The number of current contracts is 3% lower than last January.

Sale Price to List Price Ratio
In January, the average sale price in Downtown Silver Spring and Takoma Park was 100.1% of the average list price, which is 1.8% higher than at this time last year.

Days on Market
This month, the average number of days on market was 35, lower than the average last year, which was 44, a decrease of 20%.

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.