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Home Price Watch: The Quick Pace of Mount Pleasant

by Nena Perry-Brown

Home Price Watch: The Quick Pace of Mount Pleasant: Figure 1
A home on Newton Street in Mount Pleasant.

In this week’s installment of Home Price Watch, UrbanTurf takes a look at Mount Pleasant, where homes are selling at a quicker clip than last year resulting in just about a month’s supply of active listings for sale.

Thus far in 2017, homes are selling, on average, ten days faster than they sold last year and nearly 59 percent of homes sold within ten days of hitting the market. These quick sales also indicate a level of competition that has homes selling for an average of 101 percent of listing price, and has the supply of active listings at 1.2 months.

Home Price Watch: The Quick Pace of Mount Pleasant: Figure 2
Months of supply in Mount Pleasant

As the neighborhood has maintained its popularity as one of DC homebuyers’ most popular, median sales prices rose about 7 percent compared to last year. The average price for rowhouses with 4 or more bedrooms, arguably the most popular property type in the neighborhood, rose 5.65 percent to just under $1.2 million.

Sales are outpacing prices, with total sold dollar volume up by 12 percent, and almost 100 homes sold so far this year, compared to 85 at at this point in 2016.

Housing data for the legal subdivision of Mount Pleasant was provided by RealEstate Business Intelligence. Mount Pleasant is roughly bound by Beach Drive to the west, Piney Branch Parkway to the north, 16th Street to the east and Harvard Street NW to the south.

This article originally published at https://dc.urbanturf.com/articles/blog/home_price_watch_the_quick_pace_of_mount_pleasant/12708

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