Eckington By The Numbers || Weekend 02.03.2024

Happy Sunday Eckington!

Taking a closer look at this week's activity in Eckington, we observed a decrease in active listings from 23 to 21, with a total of 3 closings in the last 30 days. In January 2024, we had 7 closings, surpassing the 6 closings in January 2023, but falling short of the 14 closings in January 2022.. It's worth noting that January 2022 still benefited from historically low-interest rates.

The positive news is that the Eckington market is moving at a slightly better pace than last year. However, a more extensive dataset is required to assess the trend thoroughly. If interest rates continue to decline, as widely expected, I anticipate surpassing last year's numbers.

As of Friday, February 2, 2024, the current average interest rate for a 30-year fixed mortgage is 6.92%. We source this data from Mortgage News Daily. 

Another noteworthy data point is the highest residential sale on record for Eckington at 22 Q St NE, Washington, DC 20002, closing on 7/31/23 at $1,600,000.

An intriguing prospect is the listing at the Eckington School, 111 Quincy Pl NE #1, Washington, DC 20002, currently listed for $2,500,000. If this property succeeds, it will significantly surpass the highest sale in Eckington. Not only does it exceed in value, but it also boasts an impressive size of 5,863 sq ft. I personally toured the home with a client last week, and it is indeed a unique and special place. As a former architect, I appreciate distinctive spaces. While other cities often have unique buildings from former working harbors, DC never had that. DC's adaptive reuse projects frequently involve schools, churches, and some warehouse/garage-like spaces.