Bus Rapid Transit (BRT) has gained increasing popularity worldwide in the last few decades. However, few studies have investigated BRT’s impacts on property values in Chinese cities. This research, taking BRT route 1 (BRT1) and BRT route 3 (BRT3) in Beijing as examples, showed that proximity to BRT3 stops is weakly related to pre-owned home prices along the route, whereas BRT1 has induced a significant price premium. For BRT1, the impact is not linear. Specifically, pre-owned home prices for homes within 5–10 minutes’ walking distance to BRT stations is 5.35% higher than those located closer to or farther away. The difference between the two routes can be explained by resident income differences and BRT route alignments. For homes very close to the subway route, the impacts of BRT vanish.