Market Report - 20002 - Washington, DC (Capitol Hill North) 2022 07

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, 75 homes were sold in July 2022.  A big drop in the number of solds from the previous month, and lower than the five year average of 95. Is this a contraction from the increase in interest rates?  Perhaps the market will remain stable and improve going forward, we will continue to watch.

Currently there are 245 homes are on the market, a more than the previous month, and again, quite a bit higher than the July average for the prior 5 years of 179. Is the market still hot?  or stabilizing? or even slowing down? We'll watch for the trend.  More inventory equals more opportunity for buyers.  

We are at 2.5 Months of Supply, which is a few more days than the previous month and higher than the 5 year average of 1.9 months of supply.  Numbers are rising from earlier in the year. Let's see how soon we get to these numbers again, be that 1-2-3 or x months.

July sold prices decreased from the previous month to a $707,500 sold price, as numbers for the 5 year average were $698,687 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 the same as the previous month as homes were sold in 10 days in July.  This is almost identical to the 5 year average of 11 days.  Buyers were jumping in head first this month. 

Are buyers finally seeing a bit of breathing room in July? Not in this neighborhood with the ratio of sold price to original list price maintaining at 100%, the average for the prior 5 years is 99.7%.

 

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)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Hi,

Enjoyed your blog page, and I added you as a friend. I would love the follow back. Thanks Bill

Sep 02, 2022 12:43 PM
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 report with us here in the Rain. It's always interesting to see how other areas of the country are doing.

Sep 09, 2022 01:26 PM