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' neighborhood, 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).
Another small contraction of last months numbers brings us to a total of 39 homes that were sold in August 2022. Once again this is lower than the 5 year average of 44. Interest rate hikes may be coming into play here and the large swings we had been seeing are moderating. 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 reverse direction, as this is an in demand neighborhood.
Currently there are 67 homes are on the market, less than last month and just below the 5 year average of 69. 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 1.4 Months of Supply. About the same as last month, and still a low supply as compared to some other neighborhoods, and almost identical to the five year average of 1.5 Surely the market is absorbing the supply very quickly.
Prices scored a big jump from last months at a $945,000 sold price for August 2022. This number is quite a bit higher than the five year average of solds at $844,390. We can't complain, as we expected this rebound as the city reopens completely.
For the month of August, most homes were sold in 23 days. This is quite a few more days from last month and considerably higher than the 5 year average of 13, 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 98.9%, the average for the prior 5 years was 99.7%, a little breathing room for buyers, but not much.
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.