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, 83 homes were sold in June 2023. A bit of a drop from the previous month, and less than the five year average of 103. We've seen this number fluctuate quite a bit, just when we thought numbers were increasing, we drop again. The Fed has kept interest rates stable, but going forward things may be more volatile. Perhaps the market is stabilizing and will improve going forward, we will continue to watch.
Currently there are 287 homes on the market, a small increase from the previous month again, celebrate the small victories. Though there is still more improvement needed as this number is still quite a bit higher than the June average for the prior 5 years of 212. There is still a lot of up and down movement in the market. We'll watch for the trend. More inventory equals more opportunity for buyers.
We are at 4.5 Months of Supply, which is again a little more than the previous month, and it continues to be higher than the 5 year average of 2.5 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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June dropped again from the previous month to a $645,000 sold price. This number is lower than the 5 year average at $703,000 for this month and perhaps speaks to the higher number of houses available on the market. Demand is catching up with inventory in this neighborhood, though the market is still yoyoing up and down a bit. Perhaps we are in a period of stabilization, though this zip includes emerging areas as well.
Median days on market though a few more, was nearly the same as the previous month as homes were sold in 20 days in June. This is again a few more days than the 5 year average of 11 days. Perhaps this trend is due to increasing interest rates, time will tell.
Buyers have almost no bargaining room in June; This neighborhood has the ratio of sold price to original list price a bit lower at 98.5%, the average for the prior 5 years is 99.7%.
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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