Silver Spring Market Trends

If you’re in the market to buy or sell a home, you’re likely interested in understanding the current real estate market trends and metrics. Let’s look at some data to better understand the correlation between various real estate metrics.

First, let’s take a look at the Months Supply of Inventory. The first chart is home inventory over the last year and updates automatically.  This metric tells us how long it would take for all of the current homes for sale to sell out, assuming no new homes are listed. A low Months Supply of Inventory indicates a seller’s market, where there are more buyers than there are homes for sale. This can drive up home prices and lead to bidding wars.

Overall, these metrics show a strong correlation between low inventory levels, high demand from buyers, and a seller’s market. If you’re looking to buy a home in this market, you may need to act quickly and be prepared to pay a premium price. On the other hand, if you’re looking to sell your home, now may be a great time to do so.

The current market trends for the Silver Spring real estate market are detailed below. 

*Information provided by Smartchartspro based on stats reported by BrightlMLS.

Months of Supply

This auto updating metric shows us the trend in homes sold over the last six months. The summer months, which are usually the months that families move during, displays more homes sold than the months before and after summer.

Closed Sales for the last Six Months

Another metric to consider is the Average Days Homes are On the Market. By hovering over each line of the chart you can see the current DOM (Days on Market) for each month. This metric gives you and idea of how quickly homes are selling and is likely due to the low inventory levels and high demand from buyers.

Average Days on Market (DOM) for the last Six Months

The List to Sold Price Percentage is also noteworthy (hover over the last bar to see metric). This metric tells us how much of the home’s original listing price it sold for. A percentage above 100% indicates that homes are selling for more than their original listing price, which is a strong indication of a seller’s market.

Average Sale Price to Original Price Ratio

Average Sold Price

Finally we take a look at the average sold price for Silver Spring, Maryland (hover over the last bar to see metric). Looking at the overall chart for the last six months you will notice an incline in prices during the summer rolling into a slight decline during the late summer and into fall season. A good indication of when school starts for the area.

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