The Burke, Virginia housing market is very competitive. The average house price in Burke has been rising over the last few years, and all indicators predict that Burke, VA homes will continue to rise in value next year as well.
Burke, VA is a seller’s market.
A seller’s market happens when more people are looking to buy in the neighborhood than there are home in the market there to purchase. Because demand is greater than supply, sellers are able to price their homes more favorably and get a higher average purchase price.
Median sales price is the middle sales price of homes in an area in a given month or year. The same number of properties are above and below the median. This differs from average sales price because all sale prices for homes sold in Burke, VA were not added together (and divided by the total number of properties sold) to arrive at this number. It allows for the removal of outliers — properties sold at an unusually high or low price — and serves as a more valid measure of typical home prices in the area.
The median price of homes listed in Burke, VA in 2020 has been around $500,000 according to research from a variety of real estate studies. Though the median price of homes that sold is closer to $520,000.
This means that homes in Burke, on average, sold for more than asking price.
The reason Burke homes are selling over asking price is not that homes in this area are not priced appropriately by sellers, but rather, an indication that Burke is a top real estate market. Most Burke homes get multiple offers — the average seems to be about four — and many have their contingencies waived. Some Burke, VA homes are even resulting in bidding wars.
Homes in Burke don’t spend many days on the market.
The 2020 trend for Burke homes had been to stay on the market for about a month, or 36 days, which is a little less than last year (2019) but had been relatively steady. At some points during COVID, the length of time on the market for Burke, VA homes fell drastically, with many homes reaching pending sales status in just about 15 days. Hot homes were selling even faster.
Burke has consistently been a popular place for home buyers living in the Washington D.C. metropolitan area. Most of the residents of Burke, VA do not rent their homes, they own them, and the city has a higher ratio of three, four, and five bedroom single-family homes, though townhomes are also popular.
The vast majority of homes in Burke, VA were built between 1970 and 1989. But new construction, as well as Burke’s limited supply, is contributing to housing units with higher square footage rates. Sales price per square foot in Burke currently averages about $265.
If you are considering selling your home in Burke, VA, know that median sales prices are currently very strong and the market is definitely a seller’s market. But if you are considering buying a home in Burke, also know that while median home prices are elevated, demand in this city is high for a reason, and hot homes are selling here fast!