$7,302 Closing Credit*
$614,900
1,370 SqFt
3 Beds
•2 Full Baths, 2 Partial
Maneja Houchin, Listing Office: Redfin Corporation
Is Burke, VA a buyer’s or seller’s market?
Housing Market Conditions
Neutral
Market
Seller's
Market
Buyer's
Market
Difference Since October 2023
Since last year, Burke has remained a Seller's Market.
Key Takeaway
Burke is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.
Housing Prices in Burke, VA
How much do homes in Burke, VA cost?
Median Sold Price
$800,000
$330/sqft
Based on all homes sold in the last 12 months.
Difference Since October 2023
+$50,000(+6.7%)
Key Takeaway
Homes in Burke have sold for 6.7% more than they did a year ago.
Summary: The median home sold price in Burke was $800,000 in October 2024, up 6.7% from last year, and the median price per square foot was $330.
Median Sold Price By Bedroom Count
| # BEDS# BEDROOMS | Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | - | - | N/A |
| 2 Bedrooms | $525K | $450K | -14.3% |
| 3 Bedrooms | $580K | $620K | +6.9% |
| 4 Bedrooms | $805.5K | $854.5K | +6.1% |
| 5+ Bedrooms | $868.5K | $900K | +3.6% |
Summary: Burke housing prices by bedroom type for October 2024 compared to the previous year: The home price of 1 bedroom homes did not change, 2 bedroom homes decreased by 14.3%, 3 bedroom homes increased by 6.9%, 4 bedroom homes increased by 6.1%, and 5+ bedroom homes increased by 3.6%.
Housing Supply in Burke, VA
How many homes are available in Burke, VA?
Number of Homes For Sale
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 86 | 85 | -1.2% |
Summary: The Burke real estate market had 85 homes for sale in October 2024, a 1.2% decrease compared to September 2024.
Homes For Sale By Bedroom Count
| # BEDS# BEDROOMS | Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|---|
| 1 Bedroom | 0 | 0 | 0.0% |
| 2 Bedrooms | 0 | 0 | 0.0% |
| 3 Bedrooms | 40 | 36 | -10.0% |
| 4 Bedrooms | 30 | 34 | +13.3% |
| 5+ Bedrooms | 16 | 15 | -6.3% |
Summary: The Burke housing inventory by bedroom type for October 2024 compared to the previous month: The inventory of 1 bedroom homes remained the same, 2 bedroom homes remained the same, 3 bedroom homes decreased by 10%, 4 bedroom homes increased by 13.3%, and 5+ bedroom homes decreased by 6.3%.
Number of Homes Sold
| Sep 2024 | Oct 2024 | CHANGE |
|---|---|---|
| 34 | 31 | -8.8% |
Asking Price vs. Sold Price
7 Homes Were Sold
Under Asking
8 Homes Were Sold
At Asking
16 Homes Were Sold
Over Asking
Key Takeaway
If you're buying a home in Burke, you could pay more than the asking price. 51.6% of homes here sold above asking price last month.
Summary: A total of 31 homes were sold or pending in Burke in October 2024, down by 8.8% month-over-month. Of the 31 sold homes, 23% were sold under asking, 26% were sold at asking, and 52% were sold over asking.
Days on Market for Burke, VA
How long does it take to sell a home in Burke, VA?
Average Sale Time
| Oct 2023 | Oct 2024 | CHANGE |
|---|---|---|
| 19 Days | 17 Days | -9.3% |
Summary: Homes in Burke had an average of 17 days on market in Oct 2024, down by 9.3% compared to last year.
Breakdown of Home Sale Times
26 Homes Were Sold
Under 30 Days
4 Homes Were Sold
In 30 - 90 Days
1 Home Was Sold
Over 90 Days
Key Takeaway
Many homes in Burke are selling fast, if you're buying plan to act quickly.
Summary: During October 2024, 31 homes were sold in Burke; 84% of homes were sold within 30 days, 13% of homes were sold within 30 to 90 days, and 3% of homes were sold over 90 days.
