Home Prices Surge In Herndon, Fairfax County

HERNDON, VA — It just keeps getting more expensive to buy a home in Herndon and elsewhere in Fairfax County, and a new report indicates that there's been a big jump in home prices this summer.

In a new "Economic Indicators" report posted last week, the county stated that the average sales price of area homes sold in June was $583,620, a 7.2 percent increase compared to last year's annual average home sales price of $544,416. However, that figure is also a decrease of 0.6 percent from last June's average sales price, so it's possible things will settle back down soon.

More homes are being sold as well. Fairfax County reported that 1,963 area homes were sold in June, an increase of 6.1 percent over the 1,851 homes sold last June.

The number of active listings in the county in June was 3,332, which is a decrease of 15.2 percent from June 2016, and it means that there is just a 1.7 month supply of homes for sale in the county.

Supply is lagging a bit compared to the demand right now, as single family home building permits dropped significantly in the second quarter of 2017 compared to the same period last year, diving 14.3 percent.

Image via Paul L. McCord Jr.