6512 Legendgate Pl Burke, VA 22015
Burke Virginia was the second hottest market in the nation!
Yes, our very own Burke, Virginia was the second hottest suburb in the United States according to Zillow in Q1 of 2022. Burke has always been a nice, quiet suburb, but I don’t think anyone has ever thought of Burke as being “hot”. But times change and so do buyer needs.
Sitting just outside of the beltway and within 20 miles of Washington DC, Burke sits in the perfect storm of proximity and affordability. With inventory low and demand at an all-time high, we saw the most competitive market we have ever seen. One of the homes that we sold in Burke in the first quarter of this year sold for $120,000 over the asking price with no contingencies. That was 16.5% over the asking price of $725,000 which was already priced at the top of the neighborhood.
So why was Burke hotter than the Washington DC, and Arlington markets? What we saw was fed by the ability of workers to work from home. They sold their easy commute, DC property for a home with more square feet, a home office, a yard, and a quiet suburb.
What may be the biggest change in the housing market is still happening. According to a report by Zillow, the top 10 markets in early 2022 are all suburbs.
In this episode of The Shawn and Matt Show, Matt and I discuss Burke’s rise to stardom, A crypto real estate scam, and how New York has more AirBnBs than apartment rentals. Check it out!
