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This is the neighborhood in Washington, DC. Everyone wants live here, or to come here to eat and enjoy the city.
Logan Circle is the quintessential NW DC neighborhood. It simply looks and feels right, without the attitude one finds with the usually older & more established NW neighborhoods.
Penn Quarter, closer to downtown/ Penn. Ave., has the nightlife, clubs and Capital One Arena.
Shaw is the place to be and the neighborhood has a great feel of new & old woven together.
Interest rates, while still higher than pre-pandemic rates, started to fall in November. This month, we lost homes again vs. the previous month for a total of 23 homes sold. Up and down, up and down, and once again we are below the 5 year average of 50. Stubbornly high interest rates have surely slowed sellers selling; but buyers will continue to buy and sellers will continue to sell, so we will watch to see if this trend will continue. We can't predict all the changes, so we'll just have to watch the market for cues.
Currently there are 160 homes on the market, a drop from last month and once again under the 5 year average of 183. We are a a little lower than last month at 3.9 Months of Supply, and higher than the 5 year average of 3.0 months; though this number still continues to remain low and indicates strong demand in this neighborhood even with the challenges we've faced the previous several years. That continues to indicate the desirability of this neighborhood and expected upward pressure on pricing.
Activity in November shows the pricing bouncing around and we are once again lower than the sold price from the previous month at $759,000, though a bit above the five year average of $747,300.
The average home was sold in 23 days. This is a few days less than last month, and we really can't complain, though movement down would be nice. We are higher than the 5 year average of 18 days. Those who were looking for a home didn't take long to decide. We'll just have to watch the next month.
The ratio of sold price to original list price is 98%, almost no wiggle room for buyers. The 5 year average was 98.5%. This still remains a wonderful neighborhood to call home.
This neighborhood bears little resemblance to that of even a decade ago, even as it struggles to maintain reminders of it's role in local history, and yes, this is a favorite among people who want to 'feel' their living in Washington, DC. This zip code ranked #24 in Washingtonian Magazines Great Places To Live 2019 issue, which ranked the 100 priciest zip codes in the greater Washington DC metro area.
(data from getsmartcharts; photo from www.YourBusyLife.com)
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