The Long & Foster Market Minute

Focus On: Silver Spring Housing Market June 2021

Zip Code(s): 20901, 20902, 20903, 20904, 20905, 20906 and 20910
Units Sold
394
Active Inventory
259
Median Sale Price
$485,850
Days On Market
14
Up
Vs. Year Ago
Down -6%
Vs. Year Ago
Up 7%
Vs. Year Ago
Down -42%
Vs. Year Ago

Units Sold
There was an increase in total units sold in June, with 394 sold this month in Silver Spring Real Estate. This month's total units sold was higher than at this time last year.

Active Inventory
Versus last year, the total number of homes available this month is lower by 18 units or 6%. The total number of active inventory this June was 259 compared to 277 in June 2020. This month's total of 259 is higher than the previous month's total supply of available inventory of 215, an increase of 20%.

Median Sale Price
Last June, the median sale price for Silver Spring Homes was $453,500. This June, the median sale price was $485,850, an increase of 7% or $32,350 compared to last year. The current median sold price is 3% lower than in May.

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


New Listings
457
Current Contracts
370
Sold Vs. List Price
103.9%
Months of Supply
0.7
Up 34%
Vs. Year Ago
Up 17%
Vs. Year Ago
Up 3.1%
Vs. Year Ago
Down -41%
Vs. Year Ago

Months of Supply
In June, there was 0.7 months of supply available in Silver Spring, compared to 1.1 in June 2020. That is a decrease of 41% 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 457 homes newly listed for sale in Silver Spring compared to 341 in June 2020, an increase of 34%. There were 370 current contracts pending sale this June compared to 317 a year ago. The number of current contracts is 17% higher than last June.

Sale Price to List Price Ratio
In June, the average sale price in Silver Spring was 103.9% of the average list price, which is 3.2% higher than at this time last year.

Days on Market
This month, the average number of days on market was 14, lower than the average last year, which was 24, a decrease of 42%.

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.