Capitol 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, 65 homes were sold in March 2023. This is about the same as the previous month, so we are recovering, but its still lower than the five year average of 97. 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 267 homes on the market, another small increase from the previous month. A good sign? Perhaps, though there is still more improvement as this number is still quite a bit higher than the March average for the prior 5 years of 172. 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 3.7 Months of Supply, which again, is a little higher from the previous month, and continues to be higher than the 5 year average of 2.0 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.
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March prices increased a small amount from the previous month to a $645,000 sold price. This number is still lower than the 5 year average at $713.080 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 dropped precipitously from the previous month as homes were sold in 22 days in March. This is still more than the 5 year average of 11 days though. 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 March? Apparently a small amount in this neighborhood with the ratio of sold price to original list price a bit lower at 97.8%, the average for the prior 5 years is 99.6%.
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)
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