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. The Navy Yard has very good Metro access, and is also home to a newer iconic landmark, (Washington baseball) Nationals Park. Plus more housing & commercial than the locals can believe.
We had this summer's All Star game, which would show the hotel & commercial construction wasn't quite ready, still plenty of cranes currently in operation. When done, it will be a 'new' city.
A total of 25 homes were sold in January 2019, a big drop from December, but nearly average to the 5 year average of 24. The government shutdown likely had an effect here, perhaps next month will rebound? Though there are surely more obstacles to come. This neighborhood needs more sales with the strong demand. If there were a greater supply, we'd see more sales.
Currently 58 homes are on the market, few more than last month and higher than the prior 5 year average of 46. However we still 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 1.3 Months of Supply. A bit more than last month, but still a low supply as compared to some other neighborhoods, and very close to the five year average of 1.2. Surely the market is absorbing the supply very quickly.
We see a drop in sales prices from the previous month with an average $718,000 sold price in January 2019. But we still see a nice increase over the five year average of solds at $698,800.
For the month of January, most homes were sold in 23 days. Compared to early fall, this market is slower, but the January average fairs quite a bit better than the current 5 year average of 41.
The ratio of sold price to original list price is 98.6%, the average for the prior 5 years was 98.6%, a bit of a breath for buyers, where sellers are seeing a tiny lull in the bold market of late summer.
This neighborhood remains quintessentially Washington, and is a favorite among people who want to live in Washington,DC. In Redfin 2014 Most Competitive Neighborhoods, there were two 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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