Is Herndon, VA a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Herndon is a seller's market

Buyer's
Market

Difference Since February 2023

Since last year, Herndon has remained a Seller's Market.

Key Takeaway

Herndon is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Herndon, VA

How much do homes in Herndon, VA cost?

Median Sold Price

$666,288

$312/sqft

Based on all homes sold in the last 12 months.

Difference Since February 2023

+$61,338(+10.1%)

Key Takeaway

Homes in Herndon have sold for 10.1% more than they did a year ago.

Summary: The median home sold price in Herndon was $666,288 in February 2024, up 10.1% from last year, and the median price per square foot was $312.

Median Sold Price By Bedroom Count

# BEDSFeb 2023Feb 2024CHANGE
1 $242.5K$275.5K
+13.6%
2 $320K$370K
+15.6%
3 $550.9K$575K
+4.4%
4 $749K$778.5K
+3.9%
5+ $785K$890K
+13.4%

Summary: Herndon housing prices by bedroom type for February 2024 compared to the previous year: The home price of 1 bedroom homes increased by 13.6%, 2 bedroom homes increased by 15.6%, 3 bedroom homes increased by 4.4%, 4 bedroom homes increased by 3.9%, and 5+ bedroom homes increased by 13.4%.

Median Sold Price Compared To Nearby Cities

Sterling
+14.3%
Dranesville
+11.2%
Herndon
+10.1%
Hunter Mill
+7.7%
Dulles
+5.0%

Housing Supply in Herndon, VA

How many homes are available in Herndon, VA?

Number of Homes For Sale

Jan 2024Feb 2024CHANGE
127161+26.8%

Summary: The Herndon real estate market had 161 homes for sale in February 2024, a 26.8% increase compared to January 2024.

Homes For Sale By Bedroom Count

# BEDSJan 2024Feb 2024CHANGE
1 56
+20.0%
2 2021
+5.0%
3 4252
+23.8%
4 4149
+19.5%
5+ 1933
+73.7%

Summary: The Herndon housing inventory by bedroom type for February 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 20%, 2 bedroom homes increased by 5%, 3 bedroom homes increased by 23.8%, 4 bedroom homes increased by 19.5%, and 5+ bedroom homes increased by 73.7%.

Number of Homes Sold

Jan 2024Feb 2024CHANGE
3234+6.3%

Asking Price vs. Sold Price

7 Homes Were Sold
Under Asking

8 Homes Were Sold
At Asking

19 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Herndon, you could pay more than the asking price. 55.9% of homes here sold above asking price last month.

Summary: A total of 34 homes were sold or pending in Herndon in February 2024, up by 6.3% month-over-month. Of the 34 sold homes, 21% were sold under asking, 24% were sold at asking, and 56% were sold over asking.

Days on Market for Herndon, VA

How long does it take to sell a home in Herndon, VA?

Average Sale Time

Feb 2023Feb 2024CHANGE
19 Days7 Days-63.2%

Summary: Homes in Herndon had an average of 7 days on market in Feb 2024, down by 63.2% compared to last year.

Breakdown of Home Sale Times

32 Homes Were Sold
Under 30 Days

2 Homes Were Sold
In 30 - 90 Days

0 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Herndon are selling fast, if you're buying plan to act quickly.

Summary: During February 2024, 34 homes were sold in Herndon; 94% of homes were sold within 30 days, 6% of homes were sold within 30 to 90 days, and 0% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 27 Days Ago

Newest Listings in Herndon, VA

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