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This is the neighborhood in Washington, DC. Everyone wants live here, or to come here to eat and enjoy the city.
Logan Circle is the quintessential NW DC neighborhood. It simply looks and feels right, without the attitude one finds with the usually older & more established NW neighborhoods.
Penn Quarter, closer to downtown/ Penn. Ave., has the nightlife, clubs and Capital One Arena.
Shaw is the place to be and the neighborhood has a great feel of new & old woven together.
This time of year we typically see a lull in the housing market. And just like last month, we saw identical numbers sold vs. the previous month, for a total of 42 homes sold in October 2022. This month we are below the 5 year average of 59. We should start to see numbers increasing again. Are we seeing the repercussions of the increasing interest rates? Buyers will continue to buy and sellers will continue to sell, so we will watch to see if this trend will continue. We can't predict all the changes, so we'll just have to watch the market for cues.
Currently there are 211 homes on the market, more than the previous month which means sellers still expect to sell; and just like last month, this number is higher than the 5 year average of 198. Numbers here remain above average which is good. With this ratio, we a little more than last months 3.0 Months of Supply, which is equal to the 5 year average of 3.0 months; this number still continues to remain low and indicates strong demand in this neighborhood even with the challenges we've faced the previous several years. That continues to indicate the desirability of this neighborhood and expected upward pressure on pricing.
Activity in October shows us a drop in sold price to $657,500, a decent drop from last month, and a little less than the five year average of $698,436. Prices have continued this up and down movement because of COVID and increasing interest rates, so we just need to be prepared.
The average home was sold in 18 days. This is a nice drop from last month, is the market picking back up? Though still more than the 5 year average of 14 days. Again, this is a slower month, but either way, those who were looking for a home didn't take long to decide. We'll just have to watch the next month.
The ratio of sold price to original list price is 97.9%, identical to last month and a wiggle room for buyers, while the prior 5 year average was 99.5%. This still remains a wonderful neighborhood to call home.
This neighborhood bears little resemblance to that of even a decade ago, even as it struggles to maintain reminders of it's role in local history, and yes, this is a favorite among people who want to 'feel' their living in Washington, DC. This zip code ranked #24 in Washingtonian Magazines Great Places To Live 2019 issue, which ranked the 100 priciest zip codes in the greater Washington DC metro area.
(data from getsmartcharts; photo from www.YourBusyLife.com)
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