Capitol Hill Real Estate Market is Smoking Hot
Sales are up more than 14 percent in the Capitol Hill neighborhood of DC, one of the oldest and most historical residential communities in DC. Urban Turf, a DC real estate guide, looked at data from the first quarter of 2015, and its analysis of the real estate market in DC confirms what we already knew: home prices are stable but the number of sales is soaring. Capitol Hill stretches in front of the U.S. Capitol building for 150 square miles along wide avenues through diverse neighborhoods. The Anacostia River bounds Capitol Hill real estate to the east; the Southeast/Southwest Freeway and Washington Navy Yard to the south; H Street corridor to the north; and to the west are the National Mall and the city’s central business district. It straddles two quadrants of the city, Southeast and Northeast. A larger portion of it is now designated as the Capitol Hill Historic District.
From January to March, Capitol Hill saw sales increased 14.47 percent over the same period last year. Median home prices rose only 1.82 percent over the period, from $672,500 in 2014 to $684,730 this year. This analysis is in line with other trend reports we have recently seen. It’s interesting to note that homes are spending fewer days on the market than last year. The average days on the market are now 35 days, down from 46 days during last year. Homes are selling fast in the Capitol Hill real estate market. Most are off the market within 10 days of being listed. Sellers are getting a little more from their asking prices for their homes this year. The average sold price was up almost 2 percent, close to original list price.
An annual highlight on Capitol Hill is the popular house-and-garden tour that takes place around Mother’s Day weekend, hosted by the Capitol Hill Restoration Society. Residents and locals walk the neighborhood’s gracious brick sidewalks to visit row houses and townhomes in the architecture styles of Federal, Beaux-Arts, Queen Anne and Richardsonian that dot the community. Capitol Hill includes the Senate and House office buildings, the Supreme Court building, the Library of Congress and Pennsylvania Avenue, a lively commercial street with shops, restaurants and bars. It also includes a local favorite, Eastern Market with outdoor farmers stands and a variety of vendors’ fresh local produce as well as jewelry and crafts.