Capitol 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 hope there will be more foot traffic here in the summer of 2021.
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. 2021 has a wholly different vibe at the park now.
Another yoyo month as numbers continued to increase to a total of 75 homes that were sold in March 2021, a good bit above the 5 year average of 57. Even with the challenges, this market could use more inventory. As things are changing daily, we will continue to watch where numbers will go, but lets hope that these numbers stay high or increase, as this is an in demand neighborhood.
Currently there are 74 homes are on the market, a few less than last month, but still nicely higher than the 5 year average of 58. 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. Almost the same as last month, but still a low supply as compared to some other neighborhoods, and a bit higher than the five year average of 1.3. Surely the market is absorbing the supply very quickly.
We see a bit of a price drop from the previous month, it appears that prices are still riding the rollercoaster of COVID. The $730,021 sold price in March 2021 is still higher than the five year average of solds at $710,204. We can't complain, as we expected this rebound as the city reopens completely.
For the month of March, most homes were sold in 6 days, this is almost the same as last month and lower than the 5 year January average of 10. Buyers knew what they wanted and didn't waste time finding it.
The ratio of sold price to original list price is 100%, the average for the prior 5 years was 100%, again, very little 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)
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