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According to statistics, the population in Silver Spring, MD amounts to 79,483, which shows growth 2% compared to the previous year. The median age of the city’s residents is 35. The average household income is $76,608, shifting growth 5% from the past year, and the average property value in Silver Spring, MD growth 2% to $477,800 throughout the year.
|Number Of Employees||45,569|
|Median Property Value||$477,800|
The average household income in Silver Spring, MD grew from $72,790 to $76,608 in the past year. This data is an estimate based upon 31,318 households in Silver Spring, MD . The chart below presents how household income is distributed in Silver Spring, MD in comparison to the revenue allocation amid households nationally.
According to data from last year, the average property value in Silver Spring, MD shifted from $469,800 to $477,800 throughout the year. The subsequent graph indicates the share of properties in the given price range in Silver Spring, MD in comparison to the median property value in the same price segment across the country. According to the data, the greatest share of Silver Spring, MD properties falls in the '$500,000 to $749,999' range, which is higher than the most significant median property across the country.
One of the most important aspects for property owners is the amount of property taxes. This graph shows distribution of property taxes in Silver Spring, MD compared to median property taxes around the country. The prevalent amount of property taxes in Silver Spring, MD equals $3000, which is less than the national average.
|Apartment Size||Aug||vs Last Month|
|1 bed apartments||$269,966||+10.2%|
|2 bed apartments||$315,169||+10.3%|
|3 bed apartments||$462,952||+5.9%|
|4+ bed apartments||$552,768||-1.2%|
During Aug 2021, the average price for an apartment in/near Silver Spring, MD decreased by 3.2% to $444,493.
After collecting all data points, we now see that the average price for 1-bed apartment stands at $269,966 with no changes this month. Asking price for 2-bed apartment remains the same, a place of this size will still cost you $315,169. Reports state that an average 3-bed apartment price did not change, so you can still get yourself one for $462,952. According to statistics, we now see that the 4- and more bed apartments pricing stays the same, so you can still face an estimate price around $552,768 for a big-family home.
|Listing Type||Aug||vs Last Month|
|Townhouses for sale||$400,380||+2.3%|
|Lofts for sale||$569,990||+27.8%|
|Apartments for sale||$299,900||+33.3%|
|Houses for sale||$557,667||-1.9%|
|Condos for sale||$287,370||-8.9%|
While assessing the property pricing Silver Spring, MD, you can note that it remains flat with a price tag of $299,900. According to statistics, average house is still $557,667 with no significant changes this month. Condo prices remain stable. Condo for sale is now available for the same pricing as previously — $287,370. The price statistics of lofts have not significantly changed, it now still goes for $569,990. Value of the townhouses didn’t change, the price still starts at $400,380.
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