The Long & Foster Market Minute

Focus On: Silver Spring Housing Market March 2021

Zip Code(s): 20901, 20902, 20903, 20904, 20905, 20906 and 20910
Units Sold
252
Active Inventory
178
Median Sale Price
$460,000
Days On Market
22
Up 14%
Vs. Year Ago
Down -41%
Vs. Year Ago
Up 8%
Vs. Year Ago
Down -12%
Vs. Year Ago

Units Sold
There was an increase in total units sold in March, with 252 sold this month in Silver Spring Real Estate versus 224 last month, an increase of 13%. This month's total units sold was higher than at this time last year, an increase of 14% versus March 2020.

Active Inventory
Versus last year, the total number of homes available this month is lower by 125 units or 41%. The total number of active inventory this March was 178 compared to 303 in March 2020. This month's total of 178 is lower than the previous month's total supply of available inventory of 196, a decrease of 9%.

Median Sale Price
Last March, the median sale price for Silver Spring Homes was $425,000. This March, the median sale price was $460,000, an increase of 8% or $35,000 compared to last year. The current median sold price is 10% higher than in February.

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


New Listings
368
Current Contracts
347
Sold Vs. List Price
103.6%
Months of Supply
0.7
Up 23%
Vs. Year Ago
Up 46%
Vs. Year Ago
Up 3.7%
Vs. Year Ago
Down -48%
Vs. Year Ago

Months of Supply
In March, there was 0.7 months of supply available in Silver Spring, compared to 1.4 in March 2020. That is a decrease of 48% 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 368 homes newly listed for sale in Silver Spring compared to 299 in March 2020, an increase of 23%. There were 347 current contracts pending sale this March compared to 238 a year ago. The number of current contracts is 46% higher than last March.

Sale Price to List Price Ratio
In March, the average sale price in Silver Spring was 103.6% of the average list price, which is 3.7% higher than at this time last year.

Days on Market
This month, the average number of days on market was 22, lower than the average last year, which was 25, a decrease of 12%.

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.