Is Silver Spring Township, PA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 2023
At the same time last year, Silver Spring Township was a Seller's Market.
Key Takeaway
Silver Spring Township is a Buyers Housing Market, which means prices tend to be lower and homes stay on the market longer.
Housing Prices in Silver Spring Township, PA
How much do homes in Silver Spring Township, PA cost?
Median Sold Price
$395,000
$193/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Silver Spring Township have sold for 12.2% less than they did a year ago.
Summary: The median home sold price in Silver Spring Township was $395,000 in May 2024, down 12.2% from last year, and the median price per square foot was $193.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $282.9K | $289.4K | +2.3% |
| 3 Bedrooms | $365K | $337.5K | -7.5% |
| 4 Bedrooms | $530K | $544K | +2.6% |
| 5+ Bedrooms | $801K | $710K | -11.4% |
Summary: Silver Spring Township housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes increased by 2.3%, 3 bedroom homes decreased by 7.5%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes decreased by 11.4%.
Median Sold Price Compared To Nearby Cities
| Hampden Township | $335K | $381.6K | +13.9% |
| Mechanicsburg | $332.3K | $360.4K | +8.5% |
| Middlesex Township | $320.6K | $305.7K | -4.7% |
| Silver Spring Township | $450K | $395K | -12.2% |
Housing Supply in Silver Spring Township, PA
How many homes are available in Silver Spring Township, PA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 71 | 89 | +25.4% |
Summary: The Silver Spring Township real estate market had 89 homes for sale in May 2024, a 25.4% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 11 | 8 | -27.3% |
| 3 Bedrooms | 28 | 35 | +25.0% |
| 4 Bedrooms | 24 | 33 | +37.5% |
| 5+ Bedrooms | 8 | 13 | +62.5% |
Summary: The Silver Spring Township housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes decreased by 27.3%, 3 bedroom homes increased by 25%, 4 bedroom homes increased by 37.5%, and 5+ bedroom homes increased by 62.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 12 | 11 | -8.3% |
Asking Price vs. Sold Price
2 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
6 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Silver Spring Township, you could pay more than the asking price. 54.5% of homes here sold above asking price last month.
Summary: A total of 11 homes were sold or pending in Silver Spring Township in May 2024, down by 8.3% month-over-month. Of the 11 sold homes, 18% were sold under asking, 27% were sold at asking, and 55% were sold over asking.
Days on Market for Silver Spring Township, PA
How long does it take to sell a home in Silver Spring Township, PA?
Average Sale Time
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 30 Days | 11 Days | -61.1% |
Summary: Homes in Silver Spring Township had an average of 11 days on market in May 2024, down by 61.1% compared to last year.
Breakdown of Home Sale Times
9 Homes Were Sold
Under 30 Days
2 Homes Were Sold
In 30 - 90 Days
0 Homes Were Sold
Over 90 Days
Key Takeaway
Many homes in Silver Spring Township are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 11 homes were sold in Silver Spring Township; 82% of homes were sold within 30 days, 18% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.
