For years, Mount Pleasant was an undervalued neighborhood, with home prices trailing adjacent areas like Woodley Park and Cleveland Park. But within the last seven to eight years, that has changed.
“[People started to discover] Mount Pleasant because it is a true residential neighborhood adjacent to Rock Creek Park, but also convenient for commuting to downtown,” Loic Pritchett, an agent with TTR Sotheby’s International Realty and a 10-year resident of the neighborhood, told UrbanTurf.
“Mount Pleasant is an incredibly robust market,” Mandy Mills, an agent with Compass and a 16-year resident, said. “It’s always had great local restaurants, but now it has more vibrancy, with other types of retail, like coffee shops and fitness boutiques, as well as a gem of a school -- Bancroft Elementary School -- which draws lots of families to the neighborhood.”
The for-sale real estate market in Mount Pleasant largely consists of two property types: the condos and co-ops that can be found along and just off the neighborhood’s main drag of Mount Pleasant Street and the rowhouses of varying sizes that line the many residential streets tucked away closer to the National Zoo. The average price for condos and co-ops so far in 2021 is about $580,000 while three-bedroom rowhomes are averaging $905,000. Prices and competition for larger homes in the neighborhood are much higher.
Buyers looking in the neighborhood are interested in extra square footage and outdoor space, according to Pritchett and Mills, however as with almost everywhere else you look in the city, homes with these features are in low supply. In the first quarter of the year, the supply of single-family homes for sale in the neighborhood was at its lowest point on record. When these homes do come on the market, they are selling in under a week in competitive scenarios.
Though prices are trending upwards and days on market are trending lower, home sellers still need to be reasonable.
“The days on market for homes in Mount Pleasant is lower than last year, but that doesn’t mean sellers can get whatever they want for a home,” Pritchett says.
Here are stats we found most interesting about the Mount Pleasant market:
- $1.54 million -- The average sales price of rowhomes in Mount Pleasant with 4+ bedrooms.
- 102% -- The average sales price to original list price ratio for homes sold in 2021, up 1.8% compared to 2020.
- 60% -- The percentage of homes that sold in ten days or less in Mount Pleasant this year.
- 3 -- The median number of days that rowhomes spent on the market in 2021.
This article originally published at http://dc.urbanturf.com/articles/blog/mount-pleasant-no-longer-undervalued/18179
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