As home to more than 70,000 happy Silver Spring home owners and residents, this beautiful and historic census-designated area offers a wonderful commuter setting for D.C.-area professionals who are looking to settle in a less hectic environment. So it’s no wonder that Silver Spring home values have soared thus far in 2013, with shifts as high as six figures taking place since the beginning of the year on the median Silver Spring home listing. That said, the market has started to level out a bit recently, offering great opportunities for home buyers who have been waiting to get their piece of Silver Spring real estate. But there are some recent trends that have continued to favor sellers as well. A look into a recent real estate data report provides further insight into this strong market.
Silver Spring Home Value Trends
The median list price for Silver Spring homes came in at $467,642 as of a September 6th report by real estate analytics tracker Altos Research. This figure for the area’s 90-day average has begun to slightly decline since the beginning of August as the more immediate seven-day average has been dropping more rapidly. Still, the 90-day average is only a few thousand dollars shy of its 2013 high of about $470,000. As for that seven-day average, it has been much more erratic, as is usually the case with this statistic in most real estate markets. As of the September 6th report, the seven-day average was closer to $460,000. This is down from its 2013 peak of about $490,000, but still up vastly from the roughly $375,000 that Silver Spring homes saw for the seven-day in January.
Silver Spring Home Supply and Demand, Inventory
While recent value trends may favor buyers, sellers can take comfort in other trends that could signal a stabilizing market. The average of 90 days on the market for Silver Spring homes in the September 6th data was at a year-low, and the inventory of 313 Silver Spring homes for sale was also way down from the beginning of the year, and even the market’s peak points.
To hear more about Silver Spring homes for sale, please contact us. We would be delighted to help you in finding the perfect Silver Spring home to suit your unique home owner needs.