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 5,294 people, 2,025 houses or apartments, and a median cost of homes of $113,452, house prices in Silver Springs are solidly below the national average.
Mobile homes or trailers are the single most common housing type in Silver Springs, accounting for 49.21% of the town's housing units. Other types of housing that are prevalent in Silver Springs include single-family detached homes ( 46.18%), duplexes, homes converted to apartments or other small apartment buildings ( 1.86%), and a few large apartment complexes or high rise apartments ( 1.50%).
Owner-occupied, three and four bedroom dwellings, primarily in mobile homes or trailers are the most prevalent type of housing you will see in Silver Springs. Owner-occupied housing accounts for 73.52% of Silver Springs's homes, and 65.07% have either three or four bedrooms, which is average sized relative to America.
There is a lot of housing in Silver Springs built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Silver Springs built between 2000 and later ( 22.06%). A lesser amount of the housing stock also hails from between 1940-1969 ( 8.50%).
Vacant housing appears to be an issue in Silver Springs. Fully 18.05% of the housing stock is classified as vacant. Left unchecked, vacant Silver Springs homes and apartments can be a drag on the real estate market, holding Silver Springs real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
Homes have actually lost value in Silver Springs over the last then years, as home values have seen a decline of 24.02% during the ten year period. In the latest quarter, NeighborhoodScout appreciation rate data shows Silver Springs home appreciation rates at 4.32%, which equates to an annual appreciation rate of 18.45%.
Appreciation rates are so strong in Silver Springs that despite a nationwide downturn in the housing market, Silver Springs real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Silver Springs appreciation rates continue to be some of the highest in America, at 15.74%, which is higher than appreciation rates in 99.52% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Silver Springs. Silver Springs appreciation rates in the latest quarter were at 4.32%, which equates to an annual appreciation rate of 18.45%.
Importantly, this makes Silver Springs one of the highest appreciating communities in the nation for the latest quarter, and may signal the town's near-future real estate investment strength.
Relative to Nevada, our data show that Silver Springs's latest annual appreciation rate is higher than 80% of the other cities and towns in Nevada.
|$1,266,001 - $1,687,000||0.0|
|$844,001 - $1,266,000||0.4|
|$675,001 - $844,000||1.1|
|$506,001 - $675,000||5.8|
|$337,001 - $506,000||4.1|
|$169,001 - $337,000||22.3|
|$84,001 - $169,000||43.3|
|$0 - $84,000||22.5|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2016 Q4 - 2017 Q1
Last 12 Months:
2016 Q1 - 2017 Q1
Last 2 Years:
2015 Q1 - 2017 Q1
Last 5 Years:
2012 Q1 - 2017 Q1
Last 10 Years:
2007 Q1 - 2017 Q1
2000 Q1 - 2017 Q1
|* 10 is highest|
|AGE OF Silver Springs HOMES|
|2000 or Newer||22.1|
|1970 - 1999||68.6|
|1940 - 1969||8.5|
|1939 or Older||0.9|
|TYPE OF Silver Springs HOMES|
|Small Apt. Buildings||1.9|
|SIZE OF Silver Springs HOMES|
|5 or more bedrooms||4.49|