Market Report - 20002 - Washington, DC (Capitol Hill North) 2022 05

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, 102 homes were sold in May 2022.  Just a few less solds than the previous month, and a few more than the five year average of 108. With fewer highs and lows, perhaps the market has settled down some?  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 206 homes are on the market, identical to the previous month, and quite a bit higher than the May average for the prior 5 years of 173. Is the market stabilizing? We'll watch for the trend.  More inventory equals more opportunity.  

We are at 1.9 Months of Supply, which is the same as the previous month and a little higher than the 5 year average of 1.9 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.

May sold prices increased from the previous month as we had a $805,000 sold price, as numbers for the 5 year average were $703,400 for this month.  Demand is catching up with inventory in this neighborhood. Growth continues, but this zip includes emerging areas as well.

Median days on market were nearly the same as the previous month as homes were sold in 9 days in May.  This is identical to the 5 year average of 9 days.  Buyers were jumping in head first this month. 

Are buyers finally seeing a bit of breathing room in May? Absolutely not, 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 100.1%.

 

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)

Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Thanks for sharing your market update with us. Buyers & sellers in your area would benefit from your services. Have a great day!

Jul 06, 2022 12:48 PM