There are currently 75,117 real estate properties in Silver Spring, MD, with a median automated valuation model (AVM) price of $490,019.00. What is an AVM? It is a smart computer program that analyzes and predicts the approximate value of a home, property or land in Silver Spring, MD, based on current market trends, comparable real estate sales nearby, historical data and, of course, property features, among other variables. These automated home estimates are often very helpful, providing buyers and sellers with a better idea of a home’s value ahead of the negotiation process. For example, the average home price in Silver Spring, MD, is $498,983.00, with the most expensive house in Silver Spring, MD, topping out at $6,798,669.00 and the cheapest home in Silver Spring, MD, clocking in at $26,116.00. In other words, there’s something for every potential homebuyer or savvy investor in Silver Spring, MD!
With the expiration of certain local, state and federal housing-related restrictions and mandated programs, the rental market in Silver Spring, MD, is on a rollercoaster ride. The average rent price in Silver Spring, MD, is $2,335.00. Indeed, when looking to rent in Silver Spring, MD, you can expect to pay as little as $1,040.00 or as much as $6,280.00, with the average rent median estimated to be $2,310.00. The good news is that finding an affordable and desirable property to rent in Silver Spring, MD -- whether it’s apartments, townhomes, condominiums or single-family homes -- is made easier with knowledge of the local market and, of course, a little patience.
Silver Spring is located in Montgomery, Maryland, with an estimated municipal population of 81,773 residents. All of the best foreclosed homes for sale in Silver Spring are located in the following zip code areas on Foreclosure.com: 20910 20912 20901 20903 20907 20911 20997. The estimated population per square kilometer (.62 miles) in Silver Spring is 4,004.
So, about how much do homes cost in Silver Spring? The most recent median value of resident-owned homes in Silver Spring is 516,630. An estimated 35.7 percent of households in Silver Spring own their homes, with an average family size of 3.34. The median household income in Silver Spring is 83,782, with41.7 percentage of households earning at least $100,000 annually. For working parents and professionals who are searching for cheap homes in Silver Spring, the median commute time of resident workers (in minutes) is 35.1. And last, but certainly not least, are you looking for homes to rent in Silver Spring? If so, the average rent price paid by renters in Silver Spring is 1,665, according to recent statistics.
Where a home is located is almost just as important as the home itself. Whether you are a first-time homebuyer or are relocating to Silver Spring, it is essential to take a deep dive into your potential future neighborhood. Homeownership is often a long-term relationship; therefore, be sure to do your due diligence to ensure that you make the best long-term decision.
The median age of residents in Silver Spring is 34.5, split between 49.1 percent male versus 50.9 female. The percentage of residents who report being married in Silver Spring is 45.1, with an average family size of 3.34.
The percentage of residents who report their race in Silver Spring is as follows:
| White | 39.9% |
| Black / African American | 28.4% |
| Asian | 7.4% |
| American Indian / Alaskan Native | 0.3% |
| Native Hawaiian / Other Pacifc Islander | 0% |
| Multi-racial | 4.2% |
| Other | 19.7% |
Looking for family-friendly neighborhoods in and/or near Silver Spring? Or maybe you are searching for 55+ active adult communities in and/or near Silver Spring?
The percentage of residents who report their age in Silver Spring is as follows:
| Under 10 | 14.4% |
| Aged 10-19 | 9.8% |
| 20s | 16.6% |
| 30s | 19.2% |
| 40s | 13.6% |
| 50s | 10.7% |
| 60s | 9.1% |
| 70s | 4.8% |
| 80+ | 1.7% |
It was a rollercoaster ride for academics in 2020, with school districts throughout the nation transferring their classes online because of the global pandemic. Numerous school districts will continue online courses, while others will welcome students back to campus. Regardless, homebuyers are shopping for homes in Silver Spring with dedicated in-home learning spaces, as well as for homes located within the best school systems for in-person instruction in Silver Spring.
How do you know that living in -- or moving to -- Silver Spring is right where you need to be? Perhaps you grew up in Silver Spring or already live nearby; therefore, the decision to buy a home in Silver Spring is a no-brainer. For others, however, it may not be such a straightforward or simple decision. Whether you are relocating to Silver Spring for work or just looking for a fresh start, getting a read on a neighborhood from afar (online) can be tricky... and exhausting.
Here are some questions to ask yourself when shopping for foreclosed homes for sale in Silver Spring:
In short, it always helps to create a “Pros vs. Cons” list of what you need in a home and/or neighborhood like Silver Spring.
Prospective homebuyers are clearly taking advantage of the low interest rates and numerous government assistance programs. These low interest rates mean homebuyers in Silver Spring can now afford much more house for the same monthly payment (if interest rates were higher). Motivated and opportunistic sellers in Silver Spring, meanwhile, can field multiple offers from more qualified buyers.
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