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, 49 homes were sold in September 2023. Quite a few less than the previous month, and way less than the five year average of 80. 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 stubbornly high, and knowing what the market will hold next month isn't a given. We can hope this is a temporary dip and will improve going forward, we will continue to watch.
Currently there are 318 homes on the market, quite a few more than the previous month. Though as always, there is still more improvement even if this number is higher than the September average for the prior 5 years of 257. 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 5.0 Months of Supply, which is higher than the previous month, and it stubbornly continues to be higher than the 5 year average of 3.0 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.
| < |
September pricing rose slightly from the previous month to a $699,000 sold price. This number is almost the same as the 5 year average of $695,590 for this month. 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 the same as last month, with homes being sold in 22 days in September. This closing in on the 5 year average of 19 days. Perhaps this trend is due to increasing interest rates, time will tell.
Buyers have almost no bargaining room in September; This neighborhood has the ratio of sold price to original list price a bit lower at 99.4%, 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)
Comments(4)