Guest contributor Jessica Wilkie is a Hill resident and Realtor with DCRealEstate.com. She also blogs at Wilkie on the Hill.
As with condos in DC, generally, the Capitol Hill condo market has remained stable this year. Citywide, condo prices declined about 4% in June from a year ago, and our two ZIP codes, 20002 and 20003, reflected a similar trend. This could be a result of more restrictive lending practices, causing fewer buyers to qualify–or even apply–for loans. The number of sales went down slightly in ZIP 20003 from last year and remained steady in ZIP 20002. Whatever the cause, there is good news for anyone wondering where to buy a condo in DC.
While Capitol Hill is better known for houses, some of the best deals on condos in DC are on the Hill when it comes to getting bang for your buck. After all, a pied-a-terre perfectly houses a hardworking Member during the work week and does just as nicely for a single professional who just needs a simple place to land at the end of a busy day or work week–not an estate or a many-roomed property requiring a lot of upkeep.
As with houses, Capitol Hill condos offer very good value when compared with other areas of the city. Comparing the average selling price of 2-bedroom condos in the first half of 2011, here is what we see in these especially high-destination neighborhoods across Washington, DC.
The average sale price of two-bedroom condos in DC, by neighborhood, January thru June, 2011:
Capitol Hill North/H Street and its environs (ZIP 20002) offers the most for your money — average sales prices were $358,264;
Capitol Hill South (ZIP 20003) averaged $503,154 (excluding two million-dollar+ sales that occurred at Bryan School Lofts at 1315 Independence Avenue);
Dupont/Adams Morgan/U Street (ZIP of 20009) averaged $522,612;
Georgetown/Palisades (ZIP 20007) averaged $575,960; and
Dupont/West End (ZIP 20036/20037), came in on top at an average sale price of $866,068.
So, for its proximity to downtown, Metro convenience, easy access to airports and thoroughfares, H St revitalization including the long-awaited trolley and lots of new businesses and entertainment venues…the Capitol Hill area has a lot to offer.
In fact you could say, “there’s no place like the Hill to call home.”