Capitol Hill is also a neighborhood in Washington, a big village, 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 essentially Barracks Row, and the rebirth of the Navy Yard and now the Nationals Park neighborhood. The Navy Yard has very good Metro access, and is also home to a newer iconic landmark, (Washington baseball) Nationals Park.
Locals are happy they will be seeing the 2018 All Star game, which should bring in yet another round of hotel & commercial construction within the next several months, beyond all the cranes currently in operation.
In a nutshell, 51 homes were sold in May 2015,while the average for the prior 5 years is 40. This is a much better ratio than nearby neighborhoods, so I accept this silver lining. This is also a function of a fair amount of new construction.
Currently 58 homes are on the market, whereas the May average for the prior 5 years is 65. Again, trying to find the silver lining, this is almost average, which should help attenuate price pressures. Though demand would suggest new construction will continue to be satiated.
We find this neighborhood to be at 1.5 Months of Supply. Again, better than neighbors (yes that's true), but proportionally quite less than the five year average of 2.0.
Witt this pressure, we see in May 2015 a $690,000 Sold price, while over the prior five years, the average sold price was $608,078, that partly being a reflection of a movement towards moe condos, otherwise we'd see a stronger uptick here.
This is a strong market as shown with the average home being sold in 7 days, 5 year average being 8, which should suggest a savvy seller will sell quickly, and a savvy buyer will act promptly.
While the ratio of sold price to original list price is 100.%, the average for the prior 5 years was 99.8%, again, supporting an upward trend with asking prices being met with an upward trend in sold prices.
This neighborhood remains quintessentially a Washington, an is a favorite among people who want to live in Washington, DC. I would also point out that in the Redfin 2014 Most Competitive Neighborhoods, there were 2 sub-neighborhoods in 20003 which made their list. Hill East is the #14th most competitive and Capitol Hill core is itself the 16th most competitive neighborhood.
(data from getsmartcharts; photo from jdland.com, an amazing local blogger resource, with a reference and link to Redfin)
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