A few months ago I helped a wonderful family, relocating to Northern VA, purchase a beautiful home in the Kingstream neighborhood of Herndon. This community is perfect to meet any family’s needs with many area amenities including nearby walking trails in Sugarland Run Stream Valley Park, Herndon Centennial Golf Course, nearby shopping, walking distance to Herndon High School, and many other neighborhood activities. During our search my client came armed with his iPad to keep notes of the homes we visited and for quick access to school stats, crime stats, commute times, and any other necessary information important to his family’s needs. This combined with information I provided about the different benefits of living in each area in Northern VA and the real estate market pricing, negotiating, and overall trends they were able to make an educated decision. His due diligence during the home search process, and real estate broker search process, led them to the perfect home for the next chapter of their lives.
In keeping with his modus operandi my client recently inquired about how he could track the market trends in his neighborhood. As a service I offer to all my clients, I am more then happy to oblige.
With this in mind I have put together some of the more important Herndon real estate market statistics for home sellers below. (20170 zip code) These real estate market graphs are some of the more essential statistics for sellers including average days on market, new monthly listings vs sold listings, and sold to list price ratio. If you would like a monthly report on just listed homes and sold homes in your neighborhood please fill out the form on the right hand side of this page, Your Market Report, and I will send you a monthly interactive report.
(All Graphs will be updated by the 7th of each month)
At A Glance Market Gauge
Herndon Market Activity:
Below is a simple but important graph for Herndon home seller to understand the number of available listings compared to the number of sold listings. The closer these two numbers are, the higher the demand for housing and the further they separate the lower the demand.
Herndon Median Price Sold:
This graph shows the median sold price over the last three years for Detached Homes, Town Homes, and condos in Herndon. This gives an idea of the current price trend to home sellers to gauge the general direction of prices. Pricing a home to high can cause a home to sit on the market and lessen the urgency buyers may have for a property. On the flip side, homeowners who price a home to low may leave excess money on the table that they otherwise could pocket.
Herndon Sales Price vs. Original List Price Ratio:
Pricing a home in Herndon correctly is critical to netting the most money for home sellers while avoiding a stale listing distinction. This graph illustrates the percentage of original list price to sold price ratio so sellers can get an idea of what buyers are negotiating from list price. Overpricing a home can scare off potential buyers since they will not even make an offer on higher priced homes. Finding the sweet spot for a seller’s unique situation is what a good agent can do when it comes to pricing a home. Please keep in mind these are averages and I recommend to consult with an agent on specific of each individual property.