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Home Price Watch: Prices (And Condos) Increase in Mount Pleasant and Park View

by Shilpi Paul

Home Price Watch: Prices (And Condos) Increase in Mount Pleasant and Park View: Figure 1
A home on the market in 20010.

Over the past several months, UrbanTurf has been analyzing the home price data for a number of zip codes around the region. A full rundown of those that we have covered is listed below.

This week, we examine 20010, which encompasses portions of Mount Pleasant, Columbia Heights, Pleasant Plains and Park View. A west to east-stretching zip code from Rock Creek Park to North Capitol Street NW, 20010 is roughly bordered on the north by Piney Branch Parkway/Quincy Street/Rock Creek Church Road and on the south by Irving Street and Michigan Avenue.

Home Price Watch: Prices (And Condos) Increase in Mount Pleasant and Park View: Figure 2

Prices rose pretty steadily between 2002 and 2012 in every property category — condos, townouses and detached homes — for 20010. While the jump was more significant between 2002 and 2007 than in the last five years, the increasing median prices indicate the growing desirability of the zip code in recent years. (In zip codes with more established reputations, UrbanTurf has noticed that prices tended to peak with the housing bubble in 2007.)

Interestingly, there appears to be a bell curve in the median days on market for all property categories, with houses finding buyers quickly in 2002 and 2012, but taking relatively longer in 2007. For example, townhouses spent a median of 9 days on the market in 2002, 23 days in 2007, and 8 days in 2012.

Finally, like many zip codes around the city, the number of condos on the market in 20010 increased dramatically over the last decade. In 2002, 49 condos sold; in contrast, last year, 124 condos sold in the area. One could hypothesize that the increase in condo sales and the drop in townhouse sales is because many of the townhomes in 20010 have been converted to small condo projects.

Home Price Watch: Prices (And Condos) Increase in Mount Pleasant and Park View: Figure 3

This article is based on data provided by RealEstate Business Intelligence (RBI), a primary source of real estate data, analytics and business intelligence for real estate professionals with business interests in the Mid-Atlantic region.

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This article originally published at http://dc.urbanturf.com/articles/blog/home_price_watch_prices_increase_in_mount_pleasant_and_park_view/6603

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