A home on Oakwood Terrace in Mount Pleasant
In Home Price Watch this week, UrbanTurf heads to Mount Pleasant, a neighborhood where homebuyers are still paying above asking, even if sales aren’t as brisk as last year.
It is easy to think of Mount Pleasant as a neighborhood solely filled with million-dollar rowhouses, but in fact the majority of the homes sold in the area this year were condos and co-ops. As such, the median sales price for homes in Mount Pleasant this year is $595,450, a lower number than some might expect. In contrast, the average price for four-bedroom homes rose to $1.086 million, a 4.3 percent increase over 2014.
Sales volume in the neighborhood has dropped off notably compared to 2014. Last year at this time, 132 homes had sold; this year, 100 units have closed, a 26 percent decline. Despite the drop in sales, Mount Pleasant remains a very popular area for homebuyers, if the sales-to-original list price ratio is any indication.
When the sales-to-original list price ratio for a neighborhood sits north of 100 percent, it means that, more often than not, listed homes garnered multiple offers and sold for above the asking price. In Mount Pleasant, the ratio for 2015 has been 101.6 percent, one of the highest in the city.
A couple other highlights for the Mount Pleasant market:
- 79 of the 100 units listed sold in under 30 days; 59 sold in less than 10 days.
- The average days on market for the neighborhood is 25, a rather high number that is pushed up by the few homes that have been sitting on the market for months.
UrbanTurf used data on the advertised Mount Pleasant subdivision from real estate data firm RealEstate Business Intelligence for this article.
- Home Price Watch: The 35 Percent Increase in Anacostia
- Home Price Watch: A Good Year for AU Park
- Home Price Watch: Woodridge Prices Shoot Up 20 Percent
- Home Price Watch: The Very Fast Moving Market of Logan Circle
- Home Price Watch: Home Prices in LeDroit Park Increase 14 Percent
- Home Price Watch: Prices Edge up Slightly in Palisades
- Home Price Watch: Prices Jump 13 Percent in Brightwood
- Home Price Watch: Trinidad, Where Prices Jumped 7 Percent
- Home Price Watch: Eckington, Where Median Prices Jumped 19 Percent
- Home Price Watch: The Very Active Housing Market in Columbia Heights
- Home Price Watch: Cash is King in Georgetown
This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_neighborhood_where_you_will_pay_above_asking/10332
Most Popular... This Week • Last 30 Days • Ever
Landmark Theatres is in the final stages of negotiations that would have it operating... read »
The housing market last month was not as hot as September 2020, but that is probably ... read »
The next phase on the Center Block would deliver 166 apartments and 221 hotel rooms.... read »
DC's crane count still ranks as one of the highest among U.S. cities despite a declin... read »
The latest installment of Above Asking revisits two recently-featured listings in the... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
The preferred mortgage product among most home buyers is the fixed-rate mortgage. How... read »
STAY DC provides rental aid and utility payment grants to at-risk District residents ... read »
The yet-to-be-built home may set a new bar for luxury in the residential real estate ... read »
Federal Realty plans to eventually file a planned unit development application for th... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro