• Homes currently for sale: 22
  • Closed sales for homes in September 2013: 20
  • Average sale price: $706,090
  • Average list price: $733,981
  • Sales price to list price ratio: 96.2%
  • Average days on the market: 63
  • Number of sales currently pending: 16
  • Herndon 20171 Absorption rate for homes: 1.1 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 20171 Single Family Homes for Sale

This Herndon home market report analyzes sales of detached single family homes (not condo or townhome sales) in Herndon, VA 20171. As you can see from the extremely low inventory (1.1 months, as of today, November 6th) this area of Herndon is currently in a strong seller’s market. That said, the average number of days on the market for home sales in Herndon, 20171 in September was 63 days, which was 22% higher than the average from the last five years in September, which was 52 days. A higher average can sometimes be indicative of slackening demand, but it can also be caused by sellers not pricing their homes as competitively.

Another revealing statistic in home market analyses is the contract ratio, which is the number of pending home sales compared to the number of active listings not yet under contract. In September, the contract ratio for home sales in Herndon, 20171 was 0.86, which represented virtually no change from August of this year. It actually represented a decrease from September, 2012 when the contract ratio was 1.15. However, the contract ratio for Herndon home sales in this area was slightly higher than the average September contract ratio from the last five years, which was 0.83. Generally speaking, a lower contract ratio reflects market movement toward buyers, while a higher contract ratio shows market movement toward sellers.

Home sellers in Herndon, 20171 are still in a position to benefit from the extremely low inventory in the area. If you’d like a free comparative market analysis of your home, call me on my cell phone at 703-462-0700.

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