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 2022, 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. 2022 had a better vibe at the park than prior year(s) with more people, not necessarily more wins.
Another drop of solds as last month brings us to a total of 21 homes that were sold in December 2022. This is quite a few below the 5 year average of 39. It appears that interest rate hikes are coming into play here and the large swings we had been seeing are moderating. Even with those 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 60 homes are on the market, another drop from last month though about the same as the 5 year average of 59. 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. A little less than last months supply, though still a low as compared to some other neighborhoods. This number is about the same as the five year average of 1.3 Surely the market is absorbing the supply very quickly.
Prices dropped again from last month to a $714,000 sold price for December 2022. This number is a drop from the five year average of solds at $806,690. Though decreasing, the up and down movement has stabilized somewhat, even factoring in the interest rate hike.
For the month of December, most homes were sold in 38 days. This is an increase from last month, and more than the 5 year average of 28, thus is the reality for the market these days as rising interest rates appear to be having an effect on the market.
The ratio of sold price to original list price is 96.3%, the average for the prior 5 years was 98.4%, buyers are enjoying some time to look before making a decision.
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.
(data from getsmartcharts; photo from jdland.com, an amazing local blogger resource, with a reference and link to Redfin)
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