Silver Spring is a suburb in the north side of Washington, D.C. in Montgomery County with both urban and suburban areas. Its borders go as far north as Burtonsville, south to the dividing line with the District of Columbia and west to Chevy Chase and Rockville. Silver Spring is serviced by the Red Line of the Metro system and the Silver Spring stop is the most used station in Maryland.
Much of what is selling in Silver Spring are the lower priced units. First time buyers and investors have had a huge impact on the market They see the price gains of those who bought over the previous 15 months and they realize that the down cycle in real estate has reversed and the next up cycle has begun. Increasing consumer confidence in the DC area, low interest rates, and warmer weather is feeding more urgency into the marketplace. Note the steady decrease in days on market.
- Homes for sale: 1,293 (up from 1,085 last month, and up a bit from 1,245 one year ago)
- Homes Sold: 188 (up from 121 last month, and up from 158 a year ago)
- Average sold price: $325,417 (down from $334,529 last month, and down from $334,1283 one year ago)
- Average days on market: 76 (down from 88 last month and down from 128 one year ago)
Silver Spring is filled with historic places such as the National Park Seminary, Acorn Park and the actual Silver Spring for which the city was named; many parks and recreation centers and the newly revitalized City Place in the heart of Silver Spring. The renovation of City Place has brought new life to downtown Silver Spring with the opening of fine shops, restaurants an outdoor shopping plaza where musical and ethnic festivals are held.
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