According to real estate price site Zillow.com, for much of the past 365 days, the growth in Capitol Hill home prices has lagged — falling behind everything from the city in general to the entire USA. We’re using zip code 98112 as a proxy for Capitol Hill homes in this case. It’s a similiar situation with other nearby zips.
With the arrival of June, Capitol Hill prices are soaring again and growth is catching up — still trailing the county and state as a whole but surpassing the city’s growth and the rest of the country. We also know of several anecdotes of the classic old-school bidding wars and houses selling the second they are listed. I’m sure there is seasonality at work here and the folks from Rain City can probably blow a zillion holes in Zillow’s data but comparison measurements across the different areas at least share the same bad measuring sticks. Bottom line: It doesn’t look like it’s going to get any easier to buy a home on the Hill any time soon.
–j
