Silver Spring, MD Market Report – 5/25/10

25 May
May 25, 2010

Driving north on Georgia Avenue you arrive in Silver Spring as you cross the dividing line with the District of Columbia.  Silver Spring is a suburb of Washington, D.C. in Montgomery County with both urban and suburban areas.  Silver Spring is located on the Red Line of the Metro system and the Silver Spring stop is the most used station in Maryland.

Real Estate Prices in Silver Spring are starting to reflect the trade-up market. Trade up is the term when existing homeowners sell and buy a bigger house. As this occurs, it pushes demand “Up the Food Chain” resulting in higher prices. This has been going on for about four months

Here are the market statistics for Silver Spring, Maryland:

  • Homes for sale: 1,415 (up from 1,293 last month, but down a bit from 1,551 one year ago)
  • Homes Sold: 222 (up from 188 last month, and up from 178 a year ago)
  • Average sold price: $340,068 (down from $325,417 last month, and down from $35,551 one year ago)
  • Average days on market: 78 (virtually unchanged from last month and down from 105 days one year ago)

The Silver Spring shopping district which centers around Georgia Avenue and Colesville Road has gone from a major shopping area to almost a ghost town and now with the newly revitalized City Place back to a vibrant area with restaurants, shops, theaters, etc.  The world headquarters of Discovery Communications has brought many jobs to the Silver Spring area.  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

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