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.
Another yoyo drop this month, there were a total of 38 homes that were sold in January 2021, with a few more than the 5 year average of 29. Even with the challenges, this market could 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 81 homes are on the market, a few less than last month, but still nicely higher than the 5 year average of 57. 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 1.6 Months of Supply. A tiny drop from last month, but still a low supply as compared to some other neighborhoods, and a bit higher than the five year average of 1.3. Surely the market is absorbing the supply very quickly.
We see a small price drop from the previous month, it appears that prices are still riding the rollercoaster of COVID. Though the $737,500 sold price in January 2021 is still higher than the five year average of solds at $742,400. We can't complain, as we expected this rebound as the city reopens completely.
For the month of January, most homes were sold in 40 days, this is higher than last month though lower than the 5 year January average of 24. Buyers knew what they wanted and didn't waste time finding it.
The ratio of sold price to original list price is 99.1%, the average for the prior 5 years was 99.1%, again, very little 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.