Market Report - 20002 - Washington, DC (Capitol Hill North) 2022 2

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, 103 homes were sold in February 2022.  This is a huge jump in solds from the previous month, as numbers flew past the five year average of 76. It doesn't look like the market has 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 148 homes are on the market, a few less than the previous month, and higher than the February average for the prior 5 years of 131. 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 1.3 Months of Supply, which is almost the same as the previous month and a little lower than the 5 year average of 1.4 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.

February sold prices increased from the previous month as we had a $679,900 sold price, and numbers were up from the 5 year average of $650,480 this month.  Spring demand seems to have started early as demand is catching up with inventory in this neighborhood. Growth continues, but this zip includes emerging areas as well.

Median days on market dropped sharply from the previous month as homes were sold in 11 days in February.  This is definitely lower than the 5 year average of 18 days.  Buyers were jumping in head first this month. 

Are buyers finally seeing a bit of breathing room in February? It doesn't appear so with the ratio of sold price to original list price maintaining at 100%, the average for the prior 5 years is 99.9%.

 

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 (2)

Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

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

Mar 29, 2022 07:41 PM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Great information for both buyers & sellers in your area Claude. Thanks for sharing!

Mar 31, 2022 01:55 PM