Special offer

Market Report - 20002 - Washington, DC (Capitol Hill North) 2023 02

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, 63 homes were sold in February 2023.  This is almost double from the previous month, so we are recovering, but its still lower than the five year average of 76. Is this a true recovery from the increase in interest rates, perhaps coupled some apprehension in the tech sector?  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 247 homes on the market, another small increase from the previous decreases we saw.  A good sign? Perhaps, though there is still more improvement as this number is still quite a bit higher than the February average for the prior 5 years of 158. 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 3.3 Months of Supply, which again, is a little higher from the previous month, and continues to be higher than the 5 year average of 1.8 months of supply.  Numbers continue to rise in this neighborhood from earlier in the year. Let's see how soon we get to these numbers again, be that 1-2-3 or x months.

<

February prices dropped marginally from the previous month to a $632,000 sold price.  This number is still lower than the 5 year average at $653,880 for this month; this seems to be happening more often in the last several months.  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 has nearly doubled from the previous month as homes were sold in 65 days in February.  This is also more than the 5 year average of 28 days.  Buyers are continuing to hesitate this month. Perhaps this trend is due to increasing interest rates, time will tell.

Are buyers finally seeing a bit of breathing room in February? Apparently a small amount in this neighborhood with the ratio of sold price to original list price maintaining at 98.1%, the average for the prior 5 years is 99.5%.

 

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

 

Lise Howe
Keller Williams Capital Properties - Washington, DC
Assoc. Broker in DC, MD, VA and attorney in DC

Claude - nice to hear from you!  I always enjoy reading market reports on Washington DC! 

Mar 29, 2023 02:21 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

Washington D.C. home buyers and sellers are certain to value your real estate market report, Claude.

Mar 31, 2023 01:50 PM
Debe Maxwell, CRS
Savvy + Company (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.

 

Apr 04, 2023 10:01 AM