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Market Report - 20002 - Washington, DC (Capitol Hill North) 2023 11

By
Real Estate Agent with RLAH / @properties DC / MD / VA

Union StationCapitol 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. Extension to Minn. Ave Metro, paused due to budget concerns at the moment, stay tuned.

This view shows the station as you drive up in a cab, or Bikeshare or walk from Capitol Hill on left. 

This month, 50 homes were sold in November 2023.  Almost the same as the previous month, for the third month in a row, and again way less than the five year average of 82. We've seen this number fluctuate quite a bit, just when we thought numbers were increasing, we drop again. Though interest rates have started to move down, they are still considerably higher than pre-pandemic rates, so 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 283 homes on the market, a large drop from the previous month.  Though as always, there is still more improvement even if this number is higher than the November average for the prior 5 years of 231. 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 yet again higher than the previous month, and it stubbornly continues to be higher than the 5 year average of 2.7 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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November pricing rose nicely from the previous month to a $791,000 sold price.  This number is a little higher than the 5 year average of $742,950 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 26 days in November.  This closing in on the 5 year average of 20 days.  Perhaps this trend is due to high interest rates, time will tell.

Buyers have almost no bargaining room in November;  This neighborhood has the ratio of sold price to original list price a bit lower at 97.3%, the average for the prior 5 years is 99.0%.

 

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)

Posted by

Claude Labbe, Realty for Your Busy Life

Real Living | At Home
11 Dupont Circle #650
Washington, DC 20036
(202) 518-8781 bus / (703) 868-7774 mobile
claude@labbe.com

 

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

wow when we do see you there are more than just one posts from you, good for you, wishing you a Happy & Prosperous New Year, Endre

Dec 30, 2023 10:11 PM
Richard Weeks
Dallas, TX
REALTOR®, Broker
Thanks for sharing your market update.  Great information for buyers and sellers in your area.
Dec 31, 2023 04:48 AM
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Thanks for sharing your market update with us. Buyers & sellers in your area would benefit from your services. Have a great day!

 

Jan 08, 2024 09:05 AM