Silver Spring, MD Market Report – 10/16/09

16 Oct
October 16, 2009

Silver Spring comprises most of the eastern third of Montgomery County, Maryland. In the southern half of Silver Spring the housing stock is older and more urban in feel, influenced by the revitalized downtown areas of Silver Spring and Wheaton, which are both serviced by Metro stations on th  Red Line. There are many great retailers and restaurants, including major chains and specialty and ethnic restaurants. Transportation into Washington, DC is very good as it is served by many major access roads, buses, and Metrorail. There are  single family homes of all sizes, ages and styles in Silver Spring, as well as townhouses and condominiums.

The following is a recap of the current conditions in the Silver Spring, Maryland housing market:

  • Homes for sale: 1,243
  • Closed sales: 213
  • Average sales price: $333,335
  • Average days on market: 76

Available inventory in Silver Spring is down 29% from the same time one year ago and the time it takes to sell a house has dropped from 132 days to 76. Increasing consumer confidence is largely to be credited for the improving sales data.

Silver Spring has numerous cool things to do and see. One that I will highlight here is the National Capital Trolley Museum on Bonifant Road, between Layhill Road and New Hampshire Avenue.

Market data and  commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Silver Spring, and all of the DC Metro: www.averyhess.com

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