Reply to Capitol Hill State of the Market?

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[quote=Anonymous]Ouch for Capitol Hill, it is slow out there... and if year on year listings are up (51%!), but sales are down, seems the Capitol Hill market is in for a rough go; prices may drop further except for perhaps the very close in areas.

"As we enter the spring housing market, UrbanTurf is starting its annual look at the neighborhood markets around the DC region. Today, we head to Capitol Hill.

The Capitol Hill housing market often provides a good sense of what is happening across the larger regional housing market, and that may be the case again this year. Home sales are down about 8% in the neighborhood compared to 2023 while prices haven't moved much.

In what seems to be a trend happening around the region, more listings are hitting the market on Capitol Hill. The supply in the first two months of the year is up notably compared to the same time in 2023.

Below, we picked out some statistics for the neighborhood that are illustrative of what is happening.

$1.041 million -- The average home price on Capitol Hill so far in 2023, down slightly compared to last year. 
42 -- The number of homes sold so far in 2023, down 8% compared to last year.
33% -- The percentage of homes that sold within ten days of hitting the market
68 -- The number of active listings on the market in February, up 51% compared to last year."

[url]https://dc.urbanturf.com/articles/blog/supply_pops_sales_drop_the_capitol_hill_housing_market_by_the_numbers/22092[/url]

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