Market Report - 20002 - Washington, DC (Capitol Hill North) 2022 10

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, 58 homes were sold in October 2022.  A few less from the previous month, and still considerably lower than the five year average of 91. Perhaps this decrease is from the increase in interest rates, only time will tell if this is a trend.  Perhaps the market is stabilizing and will improve going forward, we will continue to watch.

Currently there are 314 homes are on the market, a few more from the previous month for a second month in a row, and again, quite a bit higher than the October average for the prior 5 years of 234. 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 3.5 Months of Supply, which is an increase from the previous month and a higher than the 5 year average of 2.5 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.

<

October prices were identical from the previous month at a $729,000 sold price, and almost identical for the 5 year average were $729,703 for this month, does that ever happen?!  Demand is catching up with inventory in this neighborhood. Perhaps we are in a period of stabilization, though this zip includes emerging areas as well.

Median days on market decreased from the previous month as homes were sold in 20 days in October.  This is still quite a few more days than the 5 year average of 12 days.  Buyers were hesitating a bit this month. Another month perhaps makes a trend due to increasing interest rates.

Are buyers finally seeing a bit of breathing room in September? Apparently a small amount in this neighborhood with the ratio of sold price to original list price maintaining at 98.9%, the average for the prior 5 years is 99.8%.

 

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 (3)

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.

Dec 01, 2022 12:08 AM
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Markets are constantly changing so these timely reports are crucial in the decision-making process. Thanks for sharing!

 

Dec 02, 2022 12:22 PM