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Market Report - 20003 - Washington, DC (Capitol Hill South) 2020 03

By
Real Estate Agent with RLAH / @properties DC / MD / VA

Nationals ParkCapitol Hill is not only a political idea, it is also a big village, a neighborhood split halfway across, half in the NE and half in the SE quadrant of Washington, DC.  Politicians work here, but people live here also.

On the south side of this neighborhood is Barracks Row, and the ever growing and popular Navy Yard with the Nationals Park neighborhood.  Let's consider there will be very litle foot traffic here in the summer of 2020.

The Navy Yard has very good Metro access, and is also home to baseball's Nationals Park. This neighborhood has also become the 'it' neigborhood, growing faster than any other in the past year.  All the residential growth has fueled demand for lots of new neighborhood amenities, which brings more people.  It certainly fees like a 'new' city. And FINALLY in 2019, it's now a World Series city for certain.

A total of 52 homes were sold in March 2020, a big jump from the prior month, and higher than the 5 year average of 48.  This market could really use more inventory. We thought things would change this month, however the shelter in place order on March 23rd was at the end of the month, so April's numbers will be very different.  Let's consider this the "before' benchmark. As things are changing daily, so we aren't sure where these number will go, but lets hope that these numbers increase as this is an in demand neighborhood.   

Currently there are 57 homes are on the market, a small increase from last month, and a few higher than the 5 year average of 53. We continue to need more opportunities for buyers in this neighborhood. If you build it, they will come would apply here, though we are beginning to see strains of capacity and changes to parts of the neighborhood.

We find this neighborhood to be at 1.4 Months of Supply. A small increase from last month, but still a low supply as compared to some other neighborhoods, and a tiny bit higher than the five year average of 1.3.  Surely the market is absorbing the supply very quickly.  Likely this will not be true in April.

We see another price drop from the previous month, to an average $659,500 sold price in March 2020 This price is lower than the five year average of solds at $696,100, can't complain, but higher is always better for sellers.

For the month of March, most homes were sold in 14 days, this is a small increase from last month and a little higher than the 5 year March average of 11. 

The ratio of sold price to original list price is 100% for another month, the average for the prior 5 years was 99.8%, again, no breathing room at all for buyers.

Parts of this neighborhood remains quintessentially Washington, and parts are clearly 'new' Washington, which makes this a favorite among people who want to live in Washington,DC. This zip code ranked #16 in Washingtonian Magazines Great Places To Live 2019 issue, which ranked the 100 priciest zip codes in the greater Washington DC metro area.

(data from getsmartcharts; photo from jdland.com, an amazing local blogger resource, with a reference and link to Redfin)

Posted by

Claude Labbe, Realty for Your Busy Life

Real Living | At Home
11 Dupont Circle #650
Washington, DC 20036
(202) 518-8781 bus / (703) 868-7774 mobile
claude@labbe.com

 

Comments (3)

Joseph Doohan
Joseph Doohan - Las Vegas, NV
I offer business strategy advice for realtors

Thank you for taking the time to keep us posted and up to date. Wishing you a great day ahead! Take care.

Apr 21, 2020 12:42 AM
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, ABR,CNE,CRS,ePro,PSA,RENE,SRS

Thank you for keeping us posted and up to date. Best of luck!

Apr 21, 2020 09:44 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Washington D.C. home buyers and sellers are sure to value your real estate market reports, Claude.

Apr 22, 2020 08:33 AM