Are you ready for the summer Burke real estate market?

As the health crisis started making its way throughout our country earlier this spring, sellers have been cautious about putting their homes on the market. This hesitation stemmed primarily from fear of the spread of the coronavirus, and understandably so. This abundant caution has greatly impacted the number of homes for sale and slowed the pace of a typically busy spring real estate season.

Here is the latest stats on what's happening in the Burke Real Estate Market last month:

• 63 homes in Burke came on the market
• 63 went under contract
• 67 closed sales

In Burke, there were 63 new listings on the market this May compared to the 90 listing during the May 2019. While the number of Burke homes for sale is less than last year, the good news is that it does represent an increase in new listings compared to the 69 Burke homes listed last month.

Interested in what is happening specifically in your neighborhood in Burke? Get our custom tailored monthly market update to see if home values are going up or down in your neighborhood.

As Northern Virginia begins a phased approach to reopening, virtual best practices and health and safety guidelines for the buying and selling homes are in place to increase the comfort level of buyers and sellers. As a result, we are seeing more sellers come back to the market to list their homes.

Buyer demand in Burke continues to outpace seller inventory, resulting in multiple offer situations, low days on market, and increasing home prices. The median days on market for May 2020 in Burke was only 5 days with sellers getting 100% of their list price. In addition, if buyers continue to return to the market faster than sellers, we could see an even more extreme seller’s market. What was supposed to be a busy spring market is now turning into an even busier summer market.

Check out the latest homes for sale in Burke:

We will keep you up to date with the latest Burke real estate information and statistics here on Patch. If you have any questions about your specific situation, please reach out to Peggy directly at 703-420-3499 or email her at Peggy@PeggyYee.com.

This post is supported by our National Real Estate Partner at 72SOLD, where we will sell your home in 72 Hours for thousands of dollars more than a traditional real estate agent. Just go to our website at 72SoldNow.com to get a price for your home.