The Silver Spring, MD, real estate market for condos has steadily increased over the past three years. The median sale price for condos in Silver Spring has increased by 15% since 2019. The time it takes to sell a condo in Silver Spring has also decreased, with condos now selling in an average of 28 days.
The forecast for the next 12 months is for continued Silver Spring condo market growth. The median sale price is expected to increase by another 5%, and the time it takes to sell a condo will decrease to 24 days.
Here is a more detailed breakdown of the Silver Spring condo market over the past three years:
2019: The median sale price for a condo in Silver Spring was $350,000. The average time it took to sell a condo was 35 days.
2020: The median sale price for a condo in Silver Spring was $395,000. The average time it took to sell a condo was 32 days.
2021: The median sale price for a condo in Silver Spring was $410,000. The average time it took to sell a condo was 28 days.
The Silver Spring condo market is expected to grow in the next 12 months. The median sale price is expected to increase by another 5%, and the time it takes to sell a condo will decrease to 24 days. This is due to several factors, including the strong job market in the area, the low inventory of condos for sale, and the increasing demand for condos from first-time homebuyers and investors.
According to Zillow, the median sale price for a condo in Silver Spring, MD, in 2022 was $465,000. This is a 10.4% increase from the median sale price of $421,000 in 2021. The number of condos sold in Silver Spring in 2022 was 1,023, a 17% increase from those sold in 2021. The average days on the market for a condo in Silver Spring in 2022 was 28 days, a 10% decrease from the average days on the market in 2021.
The Silver Spring condo market is a seller's market with low inventory and high demand. Buyers should be prepared to act quickly when they find a condo they like, as it will likely sell quickly.
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