What's Hot: The 4 Projects in the Works Near DC's Starburst Intersection | A 153-Room Aloft Hotel Pitched For Mt. Vernon Triangle
Home Sales Are Down on Capitol Hill: Buyer Fatigue or Short Supply?
The housing market on Capitol Hill started off with a bang last year, with high sales volume spurring a significant jump in how much buyers were willing to fork over to buy in the neighborhood. This year, however, sales on the Hill have slowed and prices are down, and this edition of Home Price Watch takes a look at why.
During the first four months of 2018, sales volume on Capitol Hill dropped by 17 percent and home prices followed suit, falling by 12 percent from a median price of $1,087,457 to $930,000. Three-bedroom rowhouses in particular, one of the more popular property types in the neighborhood, have been selling for 12 percent less than they did over the same period last year.
story continues below
loading...story continues above
Despite the drop in prices and sales, homes for sale are spending a median of just seven days on the market this year and over half of the homes sold in 2018 did so within ten days of being listed. There also remains a high level of competition, as the contract ratio came in just below 2.0.
This year's drop in sales and prices is not so much a sign of a less competitive market than perhaps evidence of buyers growing increasingly frustrated with their lack of options. There was less than a month's supply of homes on the market starting last December up until April, when supply went back up to five weeks' worth.
Check out this year's other Home Price Watch features here:
- Home Price Watch: Competition Reigns in Chevy Chase DC
- Home Price Watch: Prices Shoot Up 33% in Trinidad
See other articles related to: capitol hill, capitol hill home prices, home price watch
This article originally published at https://dc.urbanturf.com/articles/blog/sales-are-down-in-capitol-hill-buyer-fatigue-or-short-supply/14045.
Most Popular... This Week • Last 30 Days • Ever
In this article, UrbanTurf looks at the estimated annual maintenance costs associated... read »
Another concept has been unveiled for one of DC's most contentious development sites,... read »
The residential development in the works along Florida Avenue NE is looking to increa... read »
Renter demand has continued to push Class A apartment rents in the DC region up this ... read »
The big news in the development pipeline east of DC's H Street Corridor is the resur... read »
- What Are the Annual Maintenance Costs When You Own a Home?
- A First Look At The New Plans For Adams Morgan's SunTrust Plaza
- 46 to 48: The Biggest Project In Trinidad Looks To Get Bigger
- How Much Did DC-Area Rents Rise At The Beginning of 2024?
- The 4 Projects In The Works Near DC's Starburst Intersection
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro