Special offer

Market Report - 20003 - Washington, DC (Capitol Hill South) 2023 02

By
Real Estate Agent with RLAH / @properties DC / MD / VA

Nationals ParkCapitol 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.

The market seemed to recover from the previous low numbers as there was a jump in solds from last month brings us to a total of 27 homes that were sold in February 2023.  As with previous months, this is still quite a few below the 5 year average of 40.  After watching for several months, it appears that interest rate hikes have moderated the market and the large swings we had been seeing are slowing. 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 62 homes are on the market, though this is a decrease from the previous month, we are about the same as the 5 year average of 61. 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 1.6 Months of Supply.  About the same as last months supply, though still a low as compared to some other neighborhoods.  This number is a little above the five year average of 1.3  Surely the market is absorbing the supply very quickly. 

Prices increased from last month to a $849,900 sold price for February 2023.  This number is a bump up from the five year average of solds at $812,560. The up and down movement has stabilized somewhat, even factoring in the interest rate hike.

For the month of February, we had a large drop days on market as most homes were sold in 14 days. This is another increase from last month, and brings us more in line with the 5 year average of 10, 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 99.2%, the average for the prior 5 years was 99.8%, buyers are starting to feel the crunch again and don't have time to make 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)

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 (2)

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 01:49 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 10:02 AM