Silver Spring MD Homes For Sale See Dropping Asking Prices

In a recent conversation with a friend, he asked me to take a look at downtown Silver Spring MD homes for sale, and see if I couldn’t give him a little bit of information about how the market is behaving.  Sure thing, I thought.  When I got back to the office, I pulled a little information and put together this chart to help out.

Silver Springs MD homes for sale asking prices chart

In the past six months,  the overall Silver Spring MD real estate market shows a downward trend as the median asking price for single family homes in the area dropped from about $400,000  down to $350,000.  I  didn’t break down the entire market and typically downtown Silver Spring shows the strongest demand within the seven zip codes that make up Silver Spring but the numbers indicate that values in Silver Spring are coming down.

Silver Springs MD days on market chart

At the same time that prices are dropping let’s look how long homes are taking to leave the market.  This graph looks like it is going in exactly the opposite direction as the prices, with days on market getting longer and longer.  Last August, homes were taking, on average, about 100 days to leave the market, due either to sales, or maybe sellers getting tired and just taking their homes off the market.  But now, just six months later, the average DOM is up to about 147 days, or almost a 50% increase.

In this market, more so than others, when the market is tougher and tougher to sell, it is more important than ever to have a top notch agent with an effective marketing plan to make your Silver Spring home stand out from all of the others.

About Rich Jones