Burbank, known for its vibrant community and proximity to major entertainment hubs, has experienced notable shifts in its housing market. Understanding these changes is essential for residents and potential homebuyers.
Current Housing Market Trends
As of March 2026, the median sale price for homes in Burbank stands at $1.2 million, reflecting a 1.3% decrease from the previous year. Homes typically receive multiple offers and sell in approximately 48 days, indicating a competitive market. The median price per square foot has risen by 7.0% year-over-year, now at $790.
Rental Market Insights
For renters, the average monthly rent in Burbank is $2,824, slightly above the national average of $1,910. This represents a 0.8% decrease compared to the previous year.
Upcoming Developments
Several new developments are set to enhance Burbank’s housing options:
2311 N. Hollywood Way
This mixed-use project will feature 862 residential units, including 80 designated for very low-income households, alongside office and retail spaces.
2814 W. Empire Avenue
A seven-story building offering 148 affordable housing units, with a mix of one-, two-, and three-bedroom apartments.
3201 W. Olive Avenue
Plans include a five-story mixed-use building with 144 rental units and ground-floor retail space, contributing to the city’s growth.
These developments aim to address housing demand and provide diverse living options for Burbank’s residents.
Staying informed about these trends and projects is crucial for making well-informed decisions in Burbank’s dynamic housing market.