Market Report - 20002 - Washington, DC (Capitol Hill North) 2022 1

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

Union StationCapitol Hill is also a neighborhood in Washington, a big village, 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 north side, an iconic landmark is Union Station, with some 40 million people annually, shown here to represent the local perspective. This is a true transportation hub, with Amtrak, suburban rail, intercity  bus and the Metro(subway) stations to converge. As of 2019, 2nd busiest station in the country.

As of February 2016, the H Street Trolley now gets people from (almost) Union Station to past the 15th St Starburst.

This view shows the station as you drive up in a cab, or Bikeshare or walk from Capitol Hill on left.  If you were there today, you'd see no cabs, and no people inside (or, truly just a handful, not 100's, but mere dozens).

 

This month, 60 homes were sold in January 2022.  Quite a bit less solds from the previous month, and numbers dropped below the five year average of 63. It doesn't look like the market gas settled down yet with COVID.  The numbers are up and down; regardless, the recovery is still doing well.  Perhaps the market will remain stable and improve going forward, we will continue to watch.

Currently there are 159 homes are on the market, more than the previous month, and higher than the January average for the prior 5 years of 139. Up and down, up and down, we wonder when the market will level. We'll watch for the trend.  More inventory equals more opportunity.  

We are at 1.4 Months of Supply, which is less than the previous month and a little lower than the 5 year average of 1.5 months of supply.  Numbers continue to drop from earlier in the year making this market fast. Let's see how soon we get to these numbers again, be that 1-2-3 or x months.

January sold prices dropped from the previous month as we had a $650,000 sold price, and numbers dropped a little below the 5 year average of $658,390 this month.  Has demand caught up with inventory in this neighborhood? Growth continues, but this zip includes emerging areas as well.

Median days on market slightly increased from the previous month as homes were sold in 37 days in January.  This is higher than the 5 year average of 27 days.  Maybe a little breathing room this month. 

Are buyers finally seeing a bit of breathing room in January? With the ratio of sold price to original list price maintaining at 98.4%, the average for the prior 5 years is 99.1%.

 

This neighborhood comprises several sub-neighborhoods, from the brand new NOMA construction, to Trinidad and Union Market (itself a new mecca) and trendy H Street. As well as the tried and true, Capitol Hill and Union Station.This zip code ranked #27 in Washingtonian Magazines Great Places To Live 2019 issue, which ranked the 100 priciest zip codes in the greater Washington DC metro area.  With confidence, expect this zip to move up the chart in the next year(s) as the NOMA/Union Market continue to grow and the demand is challenged to be met.

(data from getsmartcharts; photo from Amtrak)

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 (1)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Washington D.C. (Capitol Hill North) home buyers and sellers are sure to value your real estate market report, Claude.

Feb 28, 2022 05:52 PM