Any characterization of a single-photon source is not complete without specifying its second-order degree of coherence, i.e., its $g^{(2)}$ function. An accurate measurement of such coherence functions commonly requires high-precision single-photon detectors, in whose absence, only time-averaged measurements are possible. It is not clear, however, how the resulting time-averaged quantities can be used to properly characterize the source. In this paper, we investigate this issue for a heralded source of single photons that relies on continuous-wave parametric down-conversion. By accounting for major shortcomings of the source and the detectors--i.e., the multiple-photon emissions of the source, the time resolution of photodetectors, and our chosen width of coincidence window--our theory enables us to infer the true source properties from imperfect measurements. Our theoretical results are corroborated by an experimental demonstration using a PPKTP crystal pumped by a blue laser, that results in a single-photon generation rate about 1.2 millions per second per milliwatt of pump power. This work takes an important step toward the standardization of such heralded single-photon sources.