Silver Spring, MD Real Estate Data

Source & Methodology

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.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q3 2020. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2018 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Silver Spring Housing Market Information

With 75,398 people, 31,541 houses or apartments, and a median cost of homes of $421,178, real estate costs in Silver Spring are among some of the highest in the nation, although house prices here don't compare to real estate prices in the most expensive Maryland communities.

Large apartment complexes or high rise apartments are the single most common housing type in Silver Spring, accounting for 61.13% of the town's housing units. Other types of housing that are prevalent in Silver Spring include single-family detached homes ( 29.82%), row houses and other attached homes ( 4.87%), and a few duplexes, homes converted to apartments or other small apartment buildings ( 3.96%). Towns with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact towns that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.

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 49.19% of the town's housing hails from this era. Other housing ages represented in Silver Spring include homes built between 1970-1999 ( 21.79%) and housing constructed between 2000 and later ( 15.76%). There's also some housing in Silver Spring built before 1939 ( 13.27%).

Silver Spring Home Appreciation Rates

Appreciation rates for homes in Silver Spring have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 28.62%, which ranks in the top 50% nationwide. This equates to an annual average Silver Spring house appreciation rate of 2.55%.

Over the last year, Silver Spring appreciation rates have trailed the rest of the nation. In the last twelve months, Silver Spring's appreciation rate has been 3.11%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Silver Spring were at 1.09%, which equates to an annual appreciation rate of 4.43%.

Relative to Maryland, our data show that Silver Spring's latest annual appreciation rate is lower than 50% 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.

Average Home Values

 
info

Median Home Value:
$421,178

Silver Spring, MD HOME PRICES

> $1,145,000
1.2%
1.2%
$859,001 - $1,145,000
9.2%
9.2%
$573,001 - $859,000
26.8%
26.8%
$458,001 - $573,000
18.2%
18.2%
$343,001 - $458,000
18.9%
18.9%
$229,001 - $343,000
18.1%
18.1%
$115,001 - $229,000
4.6%
4.6%
$57,001 - $115,000
1.8%
1.8%
$0 - $57,000
1.3%
1.3%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

High for MD

Value Relative To Nation

Number Of Homes And Apartments:
31,541

Silver Spring Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
MD*
Compared To
America*
Latest Quarter:
2020 Q2 - 2020 Q3
Last 12 Months:
2019 Q3 - 2020 Q3
Last 2 Years:
2018 Q3 - 2020 Q3
Last 5 Years:
2015 Q3 - 2020 Q3
Last 10 Years:
2010 Q3 - 2020 Q3
Since 2000:
2000 Q1 - 2020 Q3
133.87% 4.18%
10
10
* 10 is highest

Rent & Ownership

 
info

Average Market Rent:
$2,139 / per month

Homeownership Rate

Owners
35.6%
35.6%
Renters
64.4%
64.4%
Vacant
4.8%
4.8%
0.0% 100.0%
% OF HOMES

Housing Market Details

 
info

Age of Homes

2000 or Newer
15.8%
15.8%
1970 - 1999
21.8%
21.8%
1940 - 1969
49.2%
49.2%
1939 or Older
13.3%
13.3%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
29.8%
29.8%
Townhomes
4.9%
4.9%
Small Apt. Buildings
4.0%
4.0%
Apt. Complexes
61.1%
61.1%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
6.9%
6.9%
1 Bedroom
30.5%
30.5%
2 Bedrooms
27.8%
27.8%
3 Bedrooms
19.8%
19.8%
4 Bedrooms
10.3%
10.3%
5 or more bedrooms
4.6%
4.6%
0.0% 100.0%
% OF HOMES