Capitol Hill is not only a political idea, it is also a big village, a neighborhood 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 south side of this neighborhood is Barracks Row, and the ever growing and popular Navy Yard with the Nationals Park neighborhood. Let's consider that we will return to some level of foot traffic here in the summer of 2024, even if not 2019 levels yet.
The Navy Yard has very good Metro access, and is also home to baseball's Nationals Park. This neighborhood has also become the 'it' neighborhood, growing faster than any other in the past year. All the residential growth has fueled demand for lots of new neighborhood amenities, which brings more people. It certainly fees like a 'new' city. And FINALLY in 2019, it's was a World Series finally. 2023 had a better vibe at the park than prior year(s) with more people, not necessarily more wins. Maybe 2024 better yet.
The market continues to recover from the previous low numbers as sold numbers have bounced up and down over the last couple months, this month numbers were mostly stable for a total of 27 homes that were sold in November 2023. As with previous months, this is below the 5 year average of 36. Though interest rates started dropping, they still remain considerably higher than pre-pandemic rates. This market continues to moderate and the swings we had been seeing are slow. As things are changing daily, we will continue to watch where numbers will go, but lets hope that these numbers reverse direction, as this is an in demand neighborhood.
Currently there are 93 homes are on the market, less than the previous month, though we are quite a few above the 5 year average of 84. We continue to need more opportunities for buyers in this neighborhood. If you build it, they will come would apply here, though we are beginning to see strains of capacity and changes to parts of the neighborhood.
We find this neighborhood to be at 3.1 Months of Supply. A little lower than last months supply, but not by much, and still low as compared to some other neighborhoods. This number is above the five year average of 2.0. Surely the market is absorbing the supply very quickly.
An increase in price from last month brings us to an $875,000 sold price for November 2023. This number is above the five year average of solds at $836,390. The up and down movement had stabilized somewhat, though we are still seeing it, even factoring in the higher interest rates.
After the large drop in days on market earlier this year, numbers have continued to undulate where the November average was sold in 14 days. Once again this is twice. This is close to the 5 year average of 16, a good sign? Interest rates have decreased a little, perhaps this is the reality for the market these days as interest rates continue to have an effect on the market.
The ratio of sold price to original list price is 97.5%, the average for the prior 5 years was 98.7%, competition is fierce, buyers are feeling the crunch again and don't have time to make a decision.
Parts of this neighborhood remains quintessentially Washington, and parts are clearly 'new' Washington, which makes this a favorite among people who want to live in Washington, DC. This zip code ranked #16 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 jdland.com, an amazing local blogger resource, with a reference and link to Redfin)
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