The prices in real estate in Silver Spring, in the Maryland region have had a strong rise in the last couple of months. The real estate prices for second hand homes have gone through a strong increase in this city.
The price per sq.feet in Silver Spring has increased strongly during the last 6 months. In February, the average price per sq.feet was $234. In March this price pretty much remained the same at a value of $244 per sq.feet. The price for the following two months in (April, May) had a considerable increment of 366 %. The price per sq.feet has had a considerable deflation of 43 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $557 to $238.5 during June, and July.
Based upon to the price in Silver Spring (cities), this has gone up in the last 6 months. The average price for February is $429,768. During March the price had a slight fall till $406,077. During the following two months (April, May) the average price had a considerable increase of 116 % with regard to the previous two months. Based on an analysis of the first four prices and the last two months the average price has gone up 112 % during the last two months.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $410,650 they are 55 % more affordable than the average price for Silver Spring. The properties with the highest average price have 4 bedrooms, Their price is 21 % more costly than the average. After that we have properties with 3 bedrooms priced at $449,283.
With regard to the average price per sq.feet , those properties with 4 bedrooms are the cheapest ones at a cost of $203 / sq.feet, with an average $225 / sq.feet price in Silver Spring. The properties with the highest average prices have 3 bedrooms. They are 1 % more expensive than the average followed by properties with 2 bedrooms with a price at $225 / sq.feet.
The graph displaying the average prices displays the property type "Condo" as the most affordable one. At an cost of $410,650 it is 20 % cheaper than the average price in Silver Spring. "Apartment" is seen as the second most affordable property type. The dearest property type is "House" followed by "Townhouse". At a price of $516,250 it is 39 % more expensive than the average price.
According to the average cost per sq.feet, the cheapest property type is "Apartment" at an average cost of $207 / sq.feet followed by "Villa" priced at $212 / sq.feet. "Townhouse" is the most costly type of property with a $26,119 / sq.feet cost followed by "House" with an average price of $734 / sq.feet.