Herndon Housing Market Stats – October 2019

October 2019

  • 68 homes went under contract in Herndon. That is down (18.1%) from the same time period in 2018.
  • 34.17% of homes that went to settlement in October 2019 sold in 10 days or fewer from when they hit the market.
  • Median sold price is $530,000 (up 28.5% from the same time-period in 2018 when it was $412,500).
  • 104 homes came on the market. That’s up 9.5% from October 2018.
  • Homes that sold (closed) averaged 36 days on the market, 12 days slower than in October of 2018.
  • There is currently a 1.72 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in Herndon, and 136 homes for sale (townhouse, condo and single family).

OVERALL: Herndon remains in a seller’s market. We see demand easing a little, with homes going under contract down 18.1% from the same time last year. Homes in October have also averaged more days on the market, selling 12 days slower than 2018. Move-in ready homes in great condition are still selling quick (typically 10 days or fewer) but overpriced homes with minimal updates are seeing price reductions with longer days on the market. How is Herndon’s YTD median home values comparing to NVAR’s Amazon HQ2 projections for Fairfax County? North Herndon’s (20170) median home value is currently up 4.42% from 2018 and South Herndon (20171) is up 1.68% from last year. (NVAR’s Fairfax County projections were 7% home appreciation) The year isn’t over yet, however, so stay tuned for the year-end analysis!

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