We’re midway through 2018, so it’s a great time to check in on the real estate market in the greater Capitol Hill area (ZIP Codes 20002 and 20003). Demand continues to outpace supply on the Hill and across much of the DC market. This is leading to appreciating home values for many homeowners, and requiring patience and perseverance for many home buyers.
The highest fee simple sale on Capitol Hill according to MRIS sales data was one of six boutique elevator town homes in the Heritage Row development that closed for $2,375,000. All of the homes have private elevators, parking and incredible finishes. The most affordable home sold for $251,000 on Capitol AVE NE.
The average days on market for single family homes was 21 which included 46 sales logged as 0 days which means the contract was accepted by the seller before the listing officially hit the market. 433 days was the longest it took for a single family home to go under contact. Condos and coops on Capitol Hill took slightly longer to sell, averaging 23 days, but still moved at a very acceptable pace.
Of the 481 condo and coop sales, 192 listings went under contract in 14 days or less.
We expect the second half of 2018 to largely mirror the first half in terms of demand outpacing supply.
For more information on Capitol Hill real estate, email us right here: anslie@TheStokesGroup.com. We are happy to discuss the Capitol Hill real estate market in more detail along with your needs.
**all information from MRIS. Deemed reliable but not guaranteed. This is not intended to solicit other broker’s listings.