Housing Inventory Hits a Five-Year High in Mount Pleasant

• July 24, 2018

by Nena Perry-Brown

So far this year, Mount Pleasant has been one of the most in-demand housing markets in the city, with homes selling in a median of 9 days.

Now, for Home Price Watch this week, UrbanTurf takes a closer look at the neighborhood, where high demand means prices are still increasing, but more listings are also on the market.

Neighborhood home prices have risen 6 percent this year, from $597,000 to $635,000. The price increase has been led by a 23 percent rise in the average price of three-bedroom rowhouses.

Higher prices haven't dampened enthusiasm much in the neighborhood. While slightly down from last year, the average sale price to original list price ratio still sits above 100 percent. Additionally, 67 percent of homes on the market sold within three weeks of hitting the market.

This high demand has not gone unnoticed by neighborhood homeowners, more of whom have been putting their homes on the market. Inventory levels shot up to a 2.45-month supply in June, the highest inventory level for the neighborhood since October 2012.

It is worth noting that although three-bedroom rowhouses have seen the greatest price increase in the neighborhood, the Mount Pleasant market has been dominated by condos this year. Out of 108 listings sold thus far this year, 80 have been condos, and 75 percent of active listings are also condo units.

Housing data for the legal subdivision of Mount Pleasant for this article was provided by RealEstate Business Intelligence. The Mount Pleasant neighborhood is to the southeast of Rock Creek Parkway and Beach Drive, north of Harvard Street and west of 16th Street NW.

This article originally published at http://dc.urbanturf.com/articles/blog/inventory-hits-a-five-year-high-in-mount-pleasant/14250