In October 2020, there were 62 homes sold, with a median sale price of $528,250 - a 4.7% increase over the $504,500 median sale price for the same period of the previous year. There were 52 homes sold in Silver Spring in October 2019.
The median sales tax in Silver Spring for 2020 was $5,220. In 2019, the median sales tax was $5,046. This marks an increase of 3.4%. The effective property tax rate, using the median property tax and median home sale price as the basis, is 1%.
The following table compares Silver Spring to other Montgomery County cities with similar median sales prices in October 2020:
| City | Oct. 2020 Home Sales | Oct. 2019 Home Sales | % change (Total Home Sales) | Oct. 2020 Median Sales Price | Oct. 2019 Median Sales Price | % change (Median Sales Price) |
|---|---|---|---|---|---|---|
| Ashton-Sandy Spring | 5 | 6 | -16.7% | $660,000 | $612,500 | 7.8% |
| Takoma Park | 14 | 10 | 40% | $572,000 | $619,000 | -7.6% |
| Derwood | 20 | 15 | 33.3% | $565,500 | $480,000 | 17.8% |
| Poolesville | 12 | 13 | -7.7% | $562,450 | $430,000 | 30.8% |
| Olney | 48 | 38 | 26.3% | $540,000 | $487,500 | 10.8% |
| Silver Spring | 62 | 52 | 19.2% | $528,250 | $504,500 | 4.7% |
| Cloverly | 9 | 17 | -47.1% | $520,000 | $450,000 | 15.6% |
| North Bethesda | 52 | 27 | 92.6% | $516,000 | $630,000 | -18.1% |
| Forest Glen | 18 | 2 | 800% | $515,000 | $457,500 | 12.6% |
| Colesville | 23 | 20 | 15% | $515,000 | $469,995 | 9.6% |
| Hillandale | 2 | 3 | -33.3% | $509,000 | $485,000 | 4.9% |
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