Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 75,398, 30,684 total housing units (homes and apartments), and a median house value of $445,159, Silver Spring house prices are not only among the most expensive in Maryland, Silver Spring real estate also is some of the most expensive in all of America.
Large apartment complexes or high rise apartments are the single most common housing type in Silver Spring, accounting for 59.45% of the town's housing units. Other types of housing that are prevalent in Silver Spring include single-family detached homes ( 31.21%), row houses and other attached homes ( 5.03%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 4.13%). This particular housing mix is relatively uncommon and characteristic of towns that are compact and walkable, and which often have a lively downtown.
People in Silver Spring primarily live in small (one, two or no bedroom) units, chiefly found in large apartment complexes or high rise apartments. Silver Spring has a mixture of owner-occupied and renter-occupied housing.
At the end of World War II, American soldiers returned home triumphant and, with the help of the GI Bill, built homes by the millions on the edges of America's cities. These homes were predominantly capes and ranches, modest in size, but built to house a growing middle-class as the 20th century became the American century. Silver Spring's housing was primarily built during this period, from the '40s through the '60s. A full 52.21% of the town's housing hails from this era. Other housing ages represented in Silver Spring include homes built between 1970-1999 ( 24.06%) and housing constructed between 2000 and later ( 12.00%). There's also some housing in Silver Spring built before 1939 ( 11.72%).
Real estate appreciation rates in Silver Spring's have tracked to near the national average over the last then years, with the annual appreciation rate averaging 0.26% during the period.
NeighborhoodScout's data show that during the latest twelve months, Silver Spring's appreciation rate, at 4.51%, has been at or slightly above the national average. In the latest quarter, Silver Spring's appreciation rate has been 0.46%, which annualizes to a rate of 1.85%.
Notably, Silver Spring's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Maryland, our data show that Silver Spring's latest annual appreciation rate is higher than 70% of the other cities and towns in Maryland.
One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Silver Spring differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Silver Spring - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Silver Spring real estate investment or home purchase decisions.
|$866,001 - $1,154,000||5.1|
|$577,001 - $866,000||23.9|
|$462,001 - $577,000||16.1|
|$346,001 - $462,000||19.7|
|$231,001 - $346,000||23.2|
|$116,001 - $231,000||7.9|
|$58,001 - $116,000||0.9|
|$0 - $58,000||1.9|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q2 - 2017 Q3
Last 12 Months:
2016 Q3 - 2017 Q3
Last 2 Years:
2015 Q3 - 2017 Q3
Last 5 Years:
2012 Q3 - 2017 Q3
Last 10 Years:
2007 Q3 - 2017 Q3
2000 Q1 - 2017 Q3
|* 10 is highest|
|AGE OF Silver Spring HOMES|
|2000 or Newer||12.0|
|1970 - 1999||24.1|
|1940 - 1969||52.2|
|1939 or Older||11.7|
|TYPE OF Silver Spring HOMES|
|Small Apt. Buildings||4.1|
|SIZE OF Silver Spring HOMES|
|5 or more bedrooms||3.92|