An 8-Year Snapshot of Mount Pleasant Home Prices in Three Charts

• May 25th 2016

by Nena Perry-Brown

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Although the DC area weathered the storm of the 2008 recession better than many other parts of the country, home prices in some neighborhoods have had it rougher than others — especially depending on the type of house. UrbanTurf has spent 2016 taking a look at neighborhoods in the area to see how housing prices have fared over the last eight years.

We have examined Capitol Hill; the zip code that includes Shaw, Bloomingdale, LeDroit Park and Mount Vernon Square; Chevy Chase DC; Trinidad; Columbia Heights; the zip code including Historic Anacostia, Naylor Gardens and Hillcrest; Petworth; Cleveland Park; and Georgetown.

This week, we are taking a look at how prices fared in Mount Pleasant.

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Slight Depreciation For Two-Bedrooms

Although a glance at the above graph may give the impression of a decent, if not flat, run for two-bedroom condos and co-ops in Mount Pleasant, the inflation-adjusted numbers aren’t quite as encouraging. A semi-bumpy ride led to prices falling from $643,429 in the second quarter of 2008 to $625,365 in the final quarter of 2015. Despite the drop, prices have been relatively stable in this submarket since 2010, after hitting a low of $496,841 in the fourth quarter of 2009.

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A 34 Percent Price Jump For Four-Bedroom Townhomes

The median price of four-bedroom rowhouses in Mount Pleasant fluctuated a lot through early 2009 — in the first two quarters of that year, there weren’t even any sales of this popular property type and size. Prices then gradually stabilized, hovering in the $700,000-plus range before spiking and hitting an inflation-adjusted $1,081,803 in 2013. Last year was a banner year for this submarket, with prices hitting a high of $1,123,033 in the third quarter before settling at $1,008,963. So, between the second quarter of 2008 when the median price was $751,500, and the beginning of this year, prices have risen 34 percent.

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Five-Bedroom Rowhouses Also See Significant Appreciation

Despite ups and downs, prices for five-bedroom rowhouses in Mount Pleasant have increased by 35 percent, jumping from a second-quarter 2008 median of $860,683 to $1.16 million in the fourth quarter of 2015. This makes for an annual inflation-adjusted appreciation of 3.81 percent.

(Note: The dip to zero on the above charts represent quarters in which no houses in that submarket sold in the neighborhood.)

This article originally published at https://dc.urbanturf.com/articles/blog/the_8-year_snapshot_of_mount_pleasant_home_prices_in_three_charts/11276.