$4,155 Closing Credit*
$349,900
1,180 SqFt
3 Beds
•1 Full Bath
Bridget M Hodge, Listing Office: EXP Realty, LLC
Is Silver Spring, MD a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since November 2023
Since last year, Silver Spring has remained a Seller's Market.
Key Takeaway
Silver Spring is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Silver Spring, MD
How much do homes in Silver Spring, MD cost?
Median Sold Price
$602,733
$353/sqft
Based on all homes sold in the last 12 months.
Difference Since November 2023
-$16,391(-2.6%)
Key Takeaway
Homes in Silver Spring have sold for 2.6% less than they did a year ago.
Summary: The median home sold price in Silver Spring was $602,733 in November 2024, down 2.6% from last year, and the median price per square foot was $353.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $233K | $249.9K | +7.3% |
| 2 Bedrooms | $364K | $369K | +1.4% |
| 3 Bedrooms | $667.5K | $700K | +4.9% |
| 4 Bedrooms | $760K | $778.7K | +2.5% |
| 5+ Bedrooms | $899K | $910K | +1.2% |
Summary: Silver Spring housing prices by bedroom type for November 2024 compared to the previous year: The home price of 1 bedroom homes increased by 7.3%, 2 bedroom homes increased by 1.4%, 3 bedroom homes increased by 4.9%, 4 bedroom homes increased by 2.5%, and 5+ bedroom homes increased by 1.2%.
Median Sold Price Compared To Nearby Neighborhoods
| Seven Oaks / Evanswood | $877.5K | $1.0M | +17.4% |
| Silver Spring | $619.1K | $602.7K | -2.6% |
Housing Supply in Silver Spring, MD
How many homes are available in Silver Spring, MD?
Number of Homes For Sale
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 138 | 125 | -9.4% |
Summary: The Silver Spring real estate market had 125 homes for sale in November 2024, a 9.4% decrease compared to October 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 28 | 22 | -21.4% |
| 2 Bedrooms | 30 | 24 | -20.0% |
| 3 Bedrooms | 33 | 27 | -18.2% |
| 4 Bedrooms | 28 | 29 | +3.6% |
| 5+ Bedrooms | 19 | 23 | +21.1% |
Summary: The Silver Spring housing inventory by bedroom type for November 2024 compared to the previous month: The inventory of 1 bedroom homes decreased by 21.4%, 2 bedroom homes decreased by 20%, 3 bedroom homes decreased by 18.2%, 4 bedroom homes increased by 3.6%, and 5+ bedroom homes increased by 21.1%.
Number of Homes Sold
| Oct 2024 | Nov 2024 | CHANGE |
|---|---|---|
| 38 | 22 | -42.1% |
Asking Price vs. Sold Price
6 Homes Were Sold
Under Asking
3 Homes Were Sold
At Asking
13 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Silver Spring, you could pay more than the asking price. 59.1% of homes here sold above asking price last month.
Summary: A total of 22 homes were sold or pending in Silver Spring in November 2024, down by 42.1% month-over-month. Of the 22 sold homes, 27% were sold under asking, 14% were sold at asking, and 59% were sold over asking.
Days on Market for Silver Spring, MD
How long does it take to sell a home in Silver Spring, MD?
Average Sale Time
| Nov 2023 | Nov 2024 | CHANGE |
|---|---|---|
| 20 Days | 21 Days | +7.8% |
Summary: Homes in Silver Spring had an average of 21 days on market in Nov 2024, up by 7.8% compared to last year.
Breakdown of Home Sale Times
18 Homes Were Sold
Under 30 Days
3 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Silver Spring are selling fast, if you're buying plan to act quickly.
Summary: During November 2024, 22 homes were sold in Silver Spring; 82% of homes were sold within 30 days, 14% of homes were sold within 30 to 90 days, and 5% of homes were sold over 90 days.
