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. 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 54 homes were sold in August 2020, a decrease from the prior month, but still considerably higher than the 5 year average of 41. 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 stay high or increase, as this is an in demand neighborhood.
Currently there are 83 homes are on the market, about the same as last month, and quite a few higher than the 5 year average of 56. 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 decrease from last month, but still a low supply as compared to some other neighborhoods, and a bit higher than the five year average of 1.4. Surely the market is absorbing the supply very quickly.
We see another price drop from the previous month, it appears that prices are stabilizing. COVID craziness? A $769,950 sold price in August 2020 is a small bit lower than the five year average of solds at $782,770. We can't complain as we expected this rebound as the city reopens completely.
For the month of August, most homes were sold in 7 days, this is a few days less than last month and considerably lower than the 5 year August average of 16. 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 99.5%, 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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