Is Herndon, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since May 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
$675,981
$315/sqft
Based on all homes sold in the last 12 months.
Difference Since May 2023
Key Takeaway
Homes in Herndon have sold for 3.9% more than they did a year ago.
Summary: The median home sold price in Herndon was $675,981 in May 2024, up 3.9% from last year, and the median price per square foot was $315.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | May 2023 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | $269.5K | $286.5K | +6.3% |
| 2 Bedrooms | $336.6K | $370K | +9.9% |
| 3 Bedrooms | $553.7K | $595.5K | +7.5% |
| 4 Bedrooms | $772.4K | $799.6K | +3.5% |
| 5+ Bedrooms | $842.5K | $965K | +14.5% |
Summary: Herndon housing prices by bedroom type for May 2024 compared to the previous year: The home price of 1 bedroom homes increased by 6.3%, 2 bedroom homes increased by 9.9%, 3 bedroom homes increased by 7.5%, 4 bedroom homes increased by 3.5%, and 5+ bedroom homes increased by 14.5%.
Median Sold Price Compared To Nearby Cities
| Sterling | $540K | $600.1K | +11.1% |
| Dranesville | $1.1M | $1.2M | +9.1% |
| Hunter Mill | $655.5K | $710.4K | +8.4% |
| Dulles | $741K | $776.3K | +4.8% |
| Herndon | $650.6K | $675.9K | +3.9% |
Housing Supply in Herndon, VA
How many homes are available in Herndon, VA?
Number of Homes For Sale
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 182 | 227 | +24.7% |
Summary: The Herndon real estate market had 227 homes for sale in May 2024, a 24.7% increase compared to April 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Apr 2024 | May 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 5 | 11 | +120.0% |
| 2 Bedrooms | 29 | 27 | -6.9% |
| 3 Bedrooms | 51 | 73 | +43.1% |
| 4 Bedrooms | 65 | 80 | +23.1% |
| 5+ Bedrooms | 32 | 36 | +12.5% |
Summary: The Herndon housing inventory by bedroom type for May 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 120%, 2 bedroom homes decreased by 6.9%, 3 bedroom homes increased by 43.1%, 4 bedroom homes increased by 23.1%, and 5+ bedroom homes increased by 12.5%.
Number of Homes Sold
| Apr 2024 | May 2024 | CHANGE |
|---|---|---|
| 68 | 61 | -10.3% |
Asking Price vs. Sold Price
5 Homes Were Sold
Under Asking
13 Homes Were Sold
At Asking
43 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Herndon, you could pay more than the asking price. 70.5% of homes here sold above asking price last month.
Summary: A total of 61 homes were sold or pending in Herndon in May 2024, down by 10.3% month-over-month. Of the 61 sold homes, 8% were sold under asking, 21% were sold at asking, and 70% 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
| May 2023 | May 2024 | CHANGE |
|---|---|---|
| 7 Days | 9 Days | +25.3% |
Summary: Homes in Herndon had an average of 9 days on market in May 2024, up by 25.3% compared to last year.
Breakdown of Home Sale Times
60 Homes Were Sold
Under 30 Days
0 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Herndon are selling fast, if you're buying plan to act quickly.
Summary: During May 2024, 61 homes were sold in Herndon; 98% of homes were sold within 30 days, 0% of homes were sold within 30 to 90 days, and 2% of homes were sold over 90 days.
