• Homes currently for sale: 64
  • Closed sales for homes in September 2013: 19
  • Average sale price: $628,135
  • Average list price: $653,626
  • Sales price to list price ratio: 96.1%
  • Average days on the market: 48
  • Number of sales currently pending: 30
  • Herndon 20170 Absorption rate for homes: 3.37 months of inventory. A normal, or balanced absorption rate is 5-7 months of inventory. Less than 5 months of inventory is indicative of a seller’s market, while more than 7 months of inventory is indicative of a buyer’s market.

Currently Listed Herndon 20170 Single Family Homes for Sale

This Herndon home market report analyzes single family detached home sales (not townhomes or condos) in 20170. This area of Herndon is currently in a seller’s market, as indicated by the low level of inventory, which is 3.37 months as of today, October 31st. The average days on the market for home sales in Herndon 20170 was 48 in September, which was significantly below the 5-year September average of 66 days. A lower average number of days on the market can often reflect increased buyer demand, but it can also be caused by sellers pricing their homes more competitively.

Another important market indicator to look is the contract ratio, which is the number of pending home sales compared to active listings not yet under contract. In September, the contract ratio for home sales in Herndon 20170 was .40, which represented virtually no change from August of this year and virtually no change from September of 2012. This was 52% lower than the average contract ratio for September over the last five years, which was .82. This could be indicative of a gradual slowing in the home market in Herndon 20170, but only time will tell whether this is an emerging trend. Generally speaking, a higher contract ratio reflects home market movement in favor of sellers while a lower contract ratio shows market movement toward buyers.

Home sellers in Herndon 20170 are still in a position to benefit from the low inventory of homes for sale in the area. If you’d like a free comparative market analysis of your home, feel free to call me on my cell phone at 703-462-0700. This will give you a better idea of what your home is worth and will help you decide if now is the right time to sell.

Home buyers in Herndon 20170 should find a great buyer agent to help them negotiate the best deal possible. I’m an experienced buyer agent who grew up in this area and knows the Northern Virginia home market very well. Contact me so I can go to work for you to help you find the right home in Herndon!