Market Report - 20003 - Washington, DC (Capitol Hill South) 2020 06

By
Real Estate Agent with RLAH / @properties DC / MD / VA

Nationals ParkCapitol 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 consider there will be very litle foot traffic here in the summer of 2020.

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.  2020 has a wholly different vibe at the park now.

A total of 52 homes were sold in June 2020, a big increase from the prior month pointing towards a COVID recovery, and almost at that 5 year average of 55.  Even with the challenges, this market could really use more inventory.  As things are changing daily, we will continue to watch where numbers will go, but lets hope that these numbers increase as this is an in demand neighborhood.   

Currently there are 67 homes are on the market, a drop from last month, but a few higher than the 5 year average of 61. 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 1.8 Months of Supply. A bit of a drop from last month, but still a low supply as compared to some other neighborhoods, and a tiny bit higher than the five year average of 1.5.  Surely the market is absorbing the supply very quickly. 

We see a decent price increase from the previous month, good news! Though with COVID, an increase to a $855,000 sold price in June 2020 still bears watching even though this price is higher  than the five year average of solds at $767,400. We can't complain as we expected this rebound as the city reopens completely.

For the month of June, most homes were sold in 7 days, this is almost the same as last month and a little lower than the 5 year June average of 8. Buyers knew what they wanted and didn't waste time finding it.

The ratio of sold price to original list price is 100% for another month, the average for the prior 5 years was 100.2%, 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)

Posted by

Claude Labbe, Realty for Your Busy Life

Real Living | At Home
11 Dupont Circle #650
Washington, DC 20036
(202) 518-8781 bus / (703) 868-7774 mobile
claude@labbe.com

 

Comments (4)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Claude good to see you being able to write posts, I should stop commenting and start posting myself:) Stay safe my friend, Endre

Jul 25, 2020 08:44 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Washington D.C. home buyers and sellers are sure to value your real estate market reports, Claude.

Jul 26, 2020 02:31 PM