The pandemic disrupted DC’s housing market last year, but that disruption only seems to have strengthened neighborhoods that normally have high demand. Capitol Hill is one of those markets.
"We've been averaging five to seven offers on one listing,” Jeanne Harrison of Compass said. “The minute I mention an upcoming property on the Hill in our internal company calls, I get several calls or texts from my colleagues asking how quickly they can get their buyers in to see it."
Joel Nelson with Keller Williams Capital Properties says the neighborhood buyer activity has continued to grow stronger this year, due to low mortgage rates and demand that exceeds the housing supply.
"About 136 homes have listed across the Hill since April 1, and 100 of them have gone under contract or sold," he says.
Rowhomes, for which Capitol Hill is known, are perhaps the most elusive home type to find on the market as well as the most in-demand, according to Gary Jankowski, an agent with The Gary + Michael Team at Coldwell Banker.
"We listed a rowhome at $975,000, which I thought that was reasonable, and we ended up with five offers, no contingencies and $185,000 over list price,” Jankowski told UrbanTurf. “It's just been insane."
Those in the market for a condo on Capitol Hill also have to contend with low inventory, especially because new condo buildings have sold out. If there is a slow segment of the market, it’s the bracket above $3 million, Jankowski said.
"I have some high-end listings -- 712 E. Capitol, also known as "the Deer House," -- has been on the market for 11 months now, and it’s down to $3.85 million,” Jankowski says. “What’s playing out in the luxury market -- and even in listings around $1-$1.2 million -- is buyers don’t want a project, and several luxury listings are older and might need updating.”
The summer months may help balance out the market a bit more.
“It remains to be seen how much travel Washingtonians will undertake this summer,” Nelson says. “Buyers that are most motivated will remain focused on new listings each week, and may be rewarded if others take a brief break from house hunting.”
Here are stats we found most interesting:
- $927,030 -- The average home price in April 2021, up 21% compared to March 2021.
- 73 -- The number of closed sales in April, the most in recent years (31 in April 2020, 44 in April 2019, 38 in April 2018, 37 in April 2017)
- 6 -- The median days that homes were spending on the market in April 2021.
- 1.36 -- The monthly supply of homes for sale on Capitol Hill, 10% compared to last April.
- 101.4% -- The average sales price to original list price ratio on Capitol Hill this year.
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- Logan Circle: Standard Competition
This article originally published at http://dc.urbanturf.com/articles/blog/the-sky-high-demand-on-capitol-hill/18277
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