Silver Spring's October First-Time Homebuyer Report

Silver Spring is a smallish city in Maryland with a median income of $70,825 per household. Besides being somewhat affluent, its population is much older than others with a median age of 34 years. The three zip codes with the largest populations are 20910, 20901, and 20815. The Silver Spring market is mostly made up of detached houses, which currently account for 60% of the homes for sale in the area. Topping the list of best schools in the city is Rosemary Hills Elementary School.

Culture

According to Foursquare, Sligo Creek Stream Valley Trail and Downtown Silver Spring Fountain are the most popular outdoor attractions in Silver Spring. For arts and entertainment, you'll find Regal Cinemas Majestic 20 & IMAX and The Fillmore Silver Spring. Lastly, Copper Canyon Grill, Nando's PERi-PERi, and 8407 Kitchen & Bar are well-known places to eat.

Price Range

Some of the more expensive homes in Maryland are in Silver Spring with a median home value of $314,300 and an average list price for available homes currently at $443,737. 20815, 20910, and 20912 are the costliest places in the city. The Silver Spring market showed no signs of halting a six-week downward contraction, with a record low 47 homes sold in the last 30 days. Sales showed a 9.6% decrease from the prior period, returning to a low not seen since April.

Curious as to which homes have been getting the most attention in Silver Spring? These listings have stirred up interest and produced the most views:

$468K   $399K   $199K  

Typical Dwelling

A three-bedroom detached home valued around $505,851 is considered a typical dwelling in Silver Spring. If a buyer was looking for a similar home, they would need good credit and a $101,170 cash down payment to get a mortgage with a 3.95% interest rate. The monthly payments would be $2,151 and the property tax rate is $12.02 per $1,000 of taxable assessed value.

Get started right now by checking out Silver Spring homes for sale or reviewing Silver Spring real estate trends.


Data reported through 10/13/2016

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