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.
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 48 homes that were sold in March 2023. As with previous months, this is still quite a few below the 5 year average of 55. 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 71 homes are on the market, this is an increase from the previous month, we are slightly above the 5 year average of 66. 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 dropped from last month to a $820.000 sold price for March 2023. This number is a still a bump up from the five year average of solds at $762,704. The up and down movement has stabilized somewhat, even factoring in the interest rate hike.
After the large drop in days on market last month, numbers stabilized a bit as most homes were sold in 11 days. This 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 99.0%, 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.