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 that we will return to some level of foot traffic here in the summer of 2021, even if not 2019 levels yet.
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. 2021 will have a better vibe at the park than prior year(s).
A few less than last months numbers brings us to a total of 40 homes that were sold in January 2021, however this is still higher than the 5 year average of 33. The large swings we had been seeing are moderating, though COVID's ups and downs keep coming. 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 45 homes are on the market, another drop from last month, and now below 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 0.8 Months of Supply. A bit lower again than last month, and still a low supply as compared to some other neighborhoods, and lower than the five year average of 1.2. Surely the market is absorbing the supply very quickly.
Prices dropped a little from last month to the $905,000 sold price we see in January 2022. This number is quite a bit higher than the five year average of solds at $781,600. We can't complain, as we expected this rebound as the city reopens completely.
For the month of January, most homes were sold in 48 days. This is the same number as last month and higher than the 5 year average of 25 but the reality for the market these days. Buyers took a bit more time to decide what they wanted but still didn't waste time finding it.
The ratio of sold price to original list price is 99%, the average for the prior 5 years was 99.1%, back to 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.
(data from getsmartcharts; photo from jdland.com, an amazing local blogger resource, with a reference and link to Redfin)
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