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. And FINALLY in 2019, it's now a World Series city for certain.
A total of 44 homes were sold in October 2019, double Septembers total, but still lower than the 5 year average of 47. This market could really use more inventory. We are heading into the holidays, so these numbers will moderate, but there is still lots of demand in this neighborhood, so the more supply the better.
Currently there are 86 homes are on the market, a more than last month, and a good bit more than the 5 year average of 71. 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 2.0 Months of Supply. A small increase from last month, but still a low supply as compared to some other neighborhoods, and a tiny bit lower than the five year average of 1.7. Surely the market is absorbing the supply very quickly.
We see pricing holding steady from the previous month, with a small decrease to an average $746,500 sold price in October 2019. We see that the October price is just a little higher than the five year average of solds at $720,430.
For the month of October, most homes were sold in 15 days, a few more days than the last month. And considerably lower than the 5 year August average of 12.
The ratio of sold price to original list price is 99.6%, the average for the prior 5 years was 99.9%, 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)
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