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 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.
A total of 46 homes were sold in May 2019, a few less from April, and down from the 5 year average of 52. We are holding steady on inventory, but we need more. Summer is here, so we would expect these numbers continue to rise. Lots of demand in this neighborhood, so the more supply the better.
Currently 65 homes are on the market, again, almost the same as last month, though still higher than the prior 5 year average of 59, but 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 1.5 Months of Supply. The same as last month, but still a low supply as compared to some other neighborhoods, and the same as the five year average of 1.5. Surely the market is absorbing the supply very quickly.
We see a jump in sales prices from the previous month, with an average $780,000 sold price in May 2019. We also still see an increase over the five year average of solds at $720,300.
For the month of May, most homes were sold in 8 days, the same as last month. The May average is quite a bit better than the current 5 year average of 22.
The ratio of sold price to original list price is 100%, the average for the prior 5 years was 100%, 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.