Burke, VA Real Estate Market

Source & Methodology

Analytics built by:   Location, Inc.

Raw data sources:   American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.

Date(s) & Update Frequency:
  • Home Values, Rents: Reflects Q2 2021. Updated quarterly.
  • Setting, Housing Stock, Homeownership: 2019 (latest available). Updated annually.

Methodology:   NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data

Burke, VA Housing Market Trends

With 43,169 people, 13,445 houses or apartments, and a median cost of homes of $641,419, Burke house prices are not only among the most expensive in Virginia, Burke real estate also is some of the most expensive in all of America.

Burke is a town of large, single-family homes. In fact, there is a higher proportion of four, five or more bedroom homes in Burke than is found in 98% of the communities in America.

Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Burke. Owner-occupied housing accounts for 86.95% of Burke's homes, and 80.11% have either three or four bedrooms, which is average sized relative to America.

There is a lot of housing in Burke built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Burke built between 1940-1969 ( 8.96%). A lesser amount of the housing stock also hails from between 2000 and later ( 2.22%).

Burke Home Appreciation Rates

Appreciation rates for homes in Burke have been tracking above average for the last ten years, according to NeighborhoodScout data. The cumulative appreciation rate over the ten years has been 43.21%, which ranks in the top 50% nationwide. This equates to an annual average Burke house appreciation rate of 3.66%.

Over the last year, Burke appreciation rates have trailed the rest of the nation. In the last twelve months, Burke's appreciation rate has been 7.60%, which is lower than appreciation rates in most communities in America. In the latest quarter, NeighborhoodScout's data show that house appreciation rates in Burke were at 2.60%, which equates to an annual appreciation rate of 10.83%.

Relative to Virginia, our data show that Burke's latest annual appreciation rate is lower than 70% of the other cities and towns in Virginia.

One very important thing to keep in mind is that these are average appreciation rates for the town. Individual neighborhoods within Burke differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Burke - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Burke real estate investment or home purchase decisions.

Average Home Values

 

Median Home Value:
$641,419

Burke, VA HOME PRICES

> $1,184,000
0.6%
0.6%
$888,001 - $1,184,000
3.9%
3.9%
$592,001 - $888,000
52.5%
52.5%
$474,001 - $592,000
22.6%
22.6%
$355,001 - $474,000
16.5%
16.5%
$237,001 - $355,000
2.2%
2.2%
$118,001 - $237,000
0.8%
0.8%
$59,001 - $118,000
0.3%
0.3%
$0 - $59,000
0.7%
0.7%
0.0% 100.0%
% OF HOMES
Value Relative To State

Very High for Nation

Very High for VA

Value Relative To Nation

Number Of Homes And Apartments:
13,445

Burke Appreciation Rates

 
Time Period Total Appreciation Avg. Annual Rate Compared To
VA*
Compared To
America*
Latest Quarter:
2021 Q1 - 2021 Q2
Last 12 Months:
2020 Q2 - 2021 Q2
Last 2 Years:
2019 Q2 - 2021 Q2
Last 5 Years:
2016 Q2 - 2021 Q2
Last 10 Years:
2011 Q2 - 2021 Q2
Since 2000:
2000 Q1 - 2021 Q2
151.53% 4.38%
10
10
* 10 is highest

Rent & Ownership

 

Average Market Rent:
$3,611 / per month

Homeownership Rate

Owners
87.0%
87.0%
Renters
13.0%
13.0%
Vacant
2.1%
2.1%
0.0% 100.0%
% OF HOMES

Housing Market Details

 

Age of Homes

2000 or Newer
2.2%
2.2%
1970 - 1999
88.4%
88.4%
1940 - 1969
9.0%
9.0%
1939 or Older
0.4%
0.4%
0.0% 100.0%
% OF HOMES

Types of Homes

Single-Family
63.7%
63.7%
Townhomes
34.9%
34.9%
Small Apt. Buildings
0.1%
0.1%
Apt. Complexes
1.0%
1.0%
Mobile Homes
0.2%
0.2%
Other
0.0%
0.0%
0.0% 100.0%
% OF HOMES

Home Size

No Bedroom
0.4%
0.4%
1 Bedroom
0.5%
0.5%
2 Bedrooms
2.4%
2.4%
3 Bedrooms
37.0%
37.0%
4 Bedrooms
43.1%
43.1%
5 or more bedrooms
16.6%
16.6%
0.0% 100.0%
% OF HOMES