Market Report - 20002 - Washington, DC (Capitol Hill North) 2022 08

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, 57 homes were sold in August 2022.  Another big drop in the number of solds from the previous month, and considerably lower than the five year average of 90. 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 253 homes are on the market, more than the previous month for a second month in a row, and again, quite a bit higher than the August average for the prior 5 years of 186. Is the market still hot?  stabilizing? or even contracting? We'll watch for the trend.  More inventory equals more opportunity for buyers.  

We are at 2.6 Months of Supply, which is about the same as the previous month and a little higher than the 5 year average of 2.0 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.

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August sold prices increased slightly from the previous month to a $716,500 sold price, as numbers for the 5 year average were $667,600 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 20 days in August.  This is quite a few more days than the 5 year average of 12 days.  Buyers were hesitating a bit this month. 

Are buyers finally seeing a bit of breathing room in August? 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 100%.

 

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 (4)

Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Claude so nice to see you posting again, we missed you on the platform, how is DC holding up? You are so close to the action could you tell them to stop tinkering with the Interest Rates and get down to real business:) Endre

Sep 27, 2022 09:37 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Capitol Hill North home buyers and sellers are sure to value your real estate market report, Claude.

Sep 28, 2022 07:38 AM
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 30, 2022 01:37 PM