How is the market the real estate market in Herndon? Everyone wants to know how things are going in their area no?
What is the answer?
What's been the price trend for Herndon homes in zip code 20171 over the last 5 years?
The graph below shows the 5 year median sold prices for townhouses in red and single family detached homes in blue through the month of April 2012.
Hold your cursor over any specific month for exact figures...it's interactive and self updating.
As you can see the market bottomed in first quarter 2009 and has been working its way up gradually.
One zip code is a small sample size to judge the over-all strength or weakness of the home prices in an area
A better measurement of the underlying strength of the market trend is the graph below covering median home prices for all of Northern Virginia from Fredericksburg north to the Potomac river.
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Another important measurement of real estate market strength is the number of days it takes to receive a viable contract.
As you can see from the chart below, 27 days was the average in April and the number has been 75 days or under since May 2009.
That is amazingly low compared to many areas in the country.
Each Herndon neighborhood and zip code has its own price trends and home sales data, so if you have questions about your specific home value or community trends, please drop us a line.
Keeping you informed of price and days on market trends is part of our job and it is our pleasure to provide you with a custom report.
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