Right now, in early August of 2011, there are about 60 more homes for sale in this real estate market than there were at this time last year, from about 210 homes to 270 as of this past week.
For the most recent blog post about Potomac MD homes for sale, please visit http://dcrealestatemarketplace.com/potomac-homes-for-sale-market-update
If today's median asking price for Silver Spring MD homes for sale is higher than it was two years ago, but lower than last year's value, is that good news or bad news? Does it make it easier for you to answer if I tell you that the Days On Market has the same kind of variance, with today's data point being lower then two years ago, but higher than last years?
I know, it's all a mess. But be sure to keep reading at our website for more info, on Silver Spring as well as many other areas in and around D.C.
According to the graph above, the least expensive quartile of homes for sale in the area are tracking at a median asking price of $750,000. In contract, the most expensive 25% of homes currently has a median asking price of $3,000,000, quite a difference, four times the price of the first group of homes!
Please contact us if you would like more detailed information on your Washington DC area home, or the real estate market in general.
The two lines on the graph are of weekly data points as well as a rolling trend line, and they both track pretty much the same line. Two years ago, the median asking price of homes for sale in Silver Spring was right around $370,000. In the past two years, we have seen lows of $350,000 and highs of $400,000, but as of our latest measurement, we are pretty close to $380,000. Which is another way of saying that over 24 months, the median asking price for Silver Spring homes moved up only about 3%. Which isn't horrible. But it isn't great either.
If you would like more info on home values in and around the Greater DC Area, please visit http://dcrealestatemarketplace.com
Looking at this group of homes, we can see that Chevy Chase MD luxury homes for sale have seen quite a large drop in value. Two years ago, in May of 2009, the median asking price of the most expensive quartile of homes for sale was right around 2.9 million dollars.
Over the next 24 months, that asking price fell, and fell, all the way to $1,900,000 before recovering a bit to get to our most current measurement of $2,300,000. While that is a small increase from earlier this year, our latest asking price value is still about $600,000 lower than it was just two years ago.
