The Long & Foster Market Minute

FOCUS ON: SILVER SPRING HOUSING MARKET MAY 2024

Zip Code(s): 20901, 20902, 20903, 20904, 20905, 20906 and 20910
Units Sold
242
Active Inventory
248
Median Sale Price
$570,000
Days On Market
16
Up 10%
Vs. Year Ago
Up 16%
Vs. Year Ago
Up 7%
Vs. Year Ago
No Change
Vs. Year Ago

Units Sold
There was an increase in total units sold in May, with 242 sold this month in Silver Spring Real Estate versus 198 last month, an increase of 22%. This month's total units sold was higher than at this time last year, an increase of 10% versus May 2023.

Active Inventory
Versus last year, the total number of homes available this month is higher by 34 units or 16%. The total number of active inventory this May was 248 compared to 214 in May 2023. This month's total of 248 is lower than the previous month's total supply of available inventory of 280, a decrease of 11%.

Median Sale Price
Last May, the median sale price for Silver Spring Homes was $532,500. This May, the median sale price was $570,000, an increase of 7% or $37,500 compared to last year. The current median sold price is 4% higher than in April.

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


New Listings
245
Current Contracts
244
Sold Vs. List Price
102.5%
Months of Supply
1.0
Down -1%
Vs. Year Ago
Down -1%
Vs. Year Ago
Down -1.1%
Vs. Year Ago
No Change
Vs. Year Ago

Months of Supply
In May, there was 1.0 months of supply available in Silver Spring. The amount of supply is similar compared to 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 245 homes newly listed for sale in Silver Spring compared to 247 in May 2023, a decrease of 1%. There were 244 current contracts pending sale this May compared to 247 a year ago. The number of current contracts is 1% lower than last May.

Sale Price to List Price Ratio
In May, the average sale price in Silver Spring was 102.5% of the average list price, which is 1.1% lower than at this time last year.

Days on Market
This month, the average number of days on market was 16, which is similar compared to a year ago.

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.