Silver Spring Housing Market Data

There was a decrease in total units sold in October, with 170 sold this month in Silver Spring Real Estate versus 187 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 11% versus October 2022.

Versus last year, the total number of homes available this month is lower by 81 units or 26%. The total number of active inventory this October was 225 compared to 306 in October 2022. This month's total of 225 is lower than the previous month's total supply of available inventory of 230, a decrease of 2%.

Last October, the median sale price for Silver Spring Homes was $485,000. This October, the median sale price was $513,750, an increase of 6% or $28,750 compared to last year. The current median sold price is 3% 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.

In October, there was 1.3 months of supply available in Silver Spring, compared to 1.6 in October 2022. That is a decrease of 18% 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.

This month there were 197 homes newly listed for sale in Silver Spring compared to 221 in October 2022, a decrease of 11%. There were 165 current contracts pending sale this October compared to 198 a year ago. The number of current contracts is 17% lower than last October.

In October, the average sale price in Silver Spring was 101.0% of the average list price, which is 1.2% higher than at this time last year.

This month, the average number of days on market was 20, lower than the average last year, which was 24, a decrease of 17%.





Focus On: Silver Spring Housing Market			October 2023

Zip Code(s): 20901, 20902, 20903, 20904, 20905, 20906 and 20910
Units Sold 170	Active Inventory 225	Median Sale Price $513,750	Days On Market 20

Down -11% Vs. Year Ago	Down -26% Vs. Year Ago	Up 6% Vs. Year Ago	Down -17% Vs. Year Ago


		Units Sold There was a decrease in total units sold in October, with 170 sold this month in Silver Spring Real Estate versus 187 last month, a decrease of 9%. This month's total units sold was lower than at this time last year, a decrease of 11% versus October 2022.
Active Inventory Versus last year, the total number of homes available this month is lower by 81 units or 26%. The total number of active inventory this October was 225 compared to 306 in October 2022. This month's total of 225 is lower than the previous month's total supply of available inventory of 230, a decrease of 2%.
		Median Sale Price Last October, the median sale price for Silver Spring Homes was $485,000. This October, the median sale price was $513,750, an increase of 6% or $28,750 compared to last year. The current median sold price is 3% 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 197	Current Contracts 165	Sold Vs. List Price 101.0%	Months of Supply 1.3

Down -11% Vs. Year Ago	Down -17% Vs. Year Ago	Up 1.2% Vs. Year Ago	Down -18% Vs. Year Ago


		Months of Supply In October, there was 1.3 months of supply available in Silver Spring, compared to 1.6 in October 2022. That is a decrease of 18% 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 197 homes newly listed for sale in Silver Spring compared to 221 in October 2022, a decrease of 11%. There were 165 current contracts pending sale this October compared to 198 a year ago. The number of current contracts is 17% lower than last October.
		Sale Price to List Price Ratio In October, the average sale price in Silver Spring was 101.0% of the average list price, which is 1.2% higher than at this time last year. Days on Market This month, the average number of days on market was 20, lower than the average last year, which was 24, a decrease of 17%.


	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.
	Information 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.