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, 68 homes were sold in July 2023. Another drop from the previous month, and again less than the five year average of 88. 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 until recently, so with the recent rate increase, the market may be more volatile for a period. Perhaps the market is stabilizing and will improve going forward, we will continue to watch.
Currently there are 270 homes on the market, a small decrease from the previous month. Though as always, there is still more improvement even if this number is higher than the July average for the prior 5 years of 205. 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 4.2 Months of Supply, which is a little less than the previous month, and it continues to be higher than the 5 year average of 2.4 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.
July pricing rose from the previous month to a $712,499 sold price. This number is a little lower than the 5 year average at $721,187 for this month, though not by much, 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 is once again a few more, as homes were sold in 29 days in July. This is about double the 5 year average of 14 days. Perhaps this trend is due to increasing interest rates, time will tell.
Buyers have almost no bargaining room in July; This neighborhood has the ratio of sold price to original list price a bit lower at 98.3%, the average for the prior 5 years is 99.4%.
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)