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Home Price Watch: Climbing on Capitol Hill and Hill East

by UrbanTurf Staff

Home Price Watch: Climbing on Capitol Hill and Hill East: Figure 1
A condo that recently sold on North Carolina Avenue SE.

Last week, UrbanTurf brought back Home Price Watch, a feature where we analyze the housing markets in various zip codes around the DC area.

This week, we are examining the 20003 zip code. Roughly speaking, 20003 is bordered on the north by East Capitol Street, on the west by South Capitol Street, and to the south and east by the Anacostia River. It includes portions of Capitol Hill, Hill East, and the Navy Yard neighborhoods.

When we looked at the zip code last year, we noted the large jump in home prices between 2002 and 2007 and a bit of a leveling off over the last five years. We also noted the tripling in the number of sold condos between 2002 and 2012.

Home Price Watch: Climbing on Capitol Hill and Hill East: Figure 2

Over the last 12 months, prices for townhouses, the dominant housing type in 20003, have picked back up again. The median price for this property segment has risen from $637,000 to about $712,250 or approximately 12 percent.

Continuing the trend of an increase in condo sales over the years, 87 units have sold so far this year, compared to 73 at this point in 2012. The number of condos sold in 2013 is almost four times as many as 2002.

The final interesting metric from the table above is days on market. As buyers are well aware, homes are currently selling at a rapid pace compared with years past and that is illustrated in the days on market statistics for condos and townhouses in 20003. Townhouses are selling twice as fast this year compared with 2012, while condos are selling more than three times as quickly.

This article is based on data from RealEstate Business Intelligence (RBI), a developer of real estate technology and information in the DC area.

See other articles related to: home price watch, hill east, dclofts, capitol hill, 20003

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_prices_keep_climbing_in_capitol_hill_and_hill_east/7414

9 Comments

  1. Rob B said at 8:10 pm on Monday August 5, 2013:
    Capitol Hill is sh@t people, people who can't afford to live in georgetown, adams morgan, dupont, or kalorama.
  1. C said at 8:17 pm on Monday August 5, 2013:
    Aren't the neighborhoods that you listed random, in terms of affordability. Sure, Georgetown, Dupont and Kalorama all have reputations for being expensive (especially Georgetown and Kalorama). But Adams Morgan? People who live in Adams Morgan try to piggy back on Dupont and Kalorama to upsell their location/places but of all the neighborhoods you listed, Adams Morgan doesn't seem to belong in the list. Anyway, there are some really expensive places in Capitol Hill (justified or not? I don't know). People who are priced-out of some very popular neighborhoods in DC are looking to Capitol Hill but I haven't seen bargains in the Hill, either.
  1. Lurker said at 8:25 pm on Monday August 5, 2013:
    I'm trying to figure out what Rob B means... that the people on Capitol Hill are Sh@t or the homes on Capitol Hill are Sh@t. Either way, as someone on Capitol Hill, I don't know how much you would have to pay me to live in the other places. Not so I could afford it, but payment because I prefer the Hill. I prefer dealing with what is here than what is there.
  1. Judith Claire said at 8:47 pm on Monday August 5, 2013:
    Capitol Hill is a wonderful village with lots of trees, great parks,interesting neighbors and Eastern Market! What a deal! Rob Burbs is just stuck too far out!
  1. Cathy Lanier said at 9:23 pm on Monday August 5, 2013:
    Too much crime on da hill.
  1. Mark said at 12:30 pm on Tuesday August 6, 2013:
    Rob is just a troll - best to ignore him.
  1. Tom said at 3:04 pm on Tuesday August 6, 2013:
    Capitol Hill is full of people not like Bob B, and that's why we like it so much.
  1. John said at 4:08 pm on Tuesday August 6, 2013:
    Rob B is upset because he lives in a studio in Shaw which he over paid for.
  1. MJ said at 8:35 pm on Tuesday August 6, 2013:
    Rob B. obviously doesn't know much about the DC area. Adams Morgan?? Get real… Capitol Hill is one of the most desirable locations for home buyers and as such, prices in the Hill rival many of the other established neighborhoods in NW. Yes, indeed Dupont and Georgetown are more expensive in terms of price per sq ft, but I personally think that’s the great advantage of the Hill, because there is still room for price growth. The area just keeps getting better and better. Eastern market has been around for a long time, but at this point it’s become almost a tourist attraction. Several other areas of the Hill have been developed/redeveloped (Barracks Row and the Capitol River Front/Yards park) and others are still redeveloping (H St. and strip of restaurants on Pennsylvania Ave). I don’t think any of the areas Rob B. mentioned have the sense of community that the Hill has and proximity to countless amenities. We recently took a serious look at all of DC’s neighborhoods including Georgetown, Dupont, U St./Logan, and we liked the Hill the best. We feel fortunate to have been able to make it our long-term home.

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