What's Hot: Friendship Heights Food Hall Could Open This Month | Summer Ready With Quick Move-In Homes at Brookland Grove
The Hottest Housing Market in DC in 2014
A home in Mount Pleasant
There was no shortage of areas in the region this year that could be described as having “hot” housing markets. But the market in a DC neighborhood that abuts Rock Creek Park stood out from the rest.
Now, admittedly, Mount Pleasant has been pretty hot for a couple years, but this year, things seemed to reach a fever pitch.
“The market has been heating up a lot in recent years, but this year, it culminated in multiple offers on almost every listing,” TTR Sotheby’s Loic Pritchett said.
Coldwell Banker’s Mandy Mills echoed this sentiment.
“Mount Pleasant has been undervalued for a really long time, so it’s poised to have this heated market. It’s finally catching up to public perception.”
Mills mentioned a home that her team listed at 3108 18th Street NW where the asking price was $1.25 million. They received six offers and the home ultimately sold for above $1.3 million. “I could name ten other houses that had the same outcome this year,” Mills said.
Pritchett said that he and partner Kelly Williams listed a three-bedroom, 2.5-bath detached rowhouse at 1701 Hobart Street for $1.089 million, a healthy price given comparison sales on the same block. The home generated five offers, three of which had no contingencies.
“We continue to see a buyer pool that is willing to remove their contingencies, have pre-inspections and in some instances offer all cash to win,” Pritchett said. The speed with which homes find buyers in this neighborhood and the competition level of the market is born out in statistics:
- On average, homes sold within 8 days of hitting the market. Only one neighborhood had a faster sales pace in the whole city.
- For the entire year, the average sales price to original list price ratio for Mount Pleasant sat north of 100 percent. That means that more often than not, listed homes garnered multiple offers, and sold for above the asking price.
- 175 homes sold in the neighborhood this year. 103 sold within ten days of hitting the market; 21 of those sold in 24 hours.
Long-time neighborhood agent Rob Low noted that people are drawn to Mount Pleasant because of the proximity to Rock Creek Park, its location relative to downtown, and the “interesting, caring, intelligent people” who live there and often recruit their friends. Mills also pointed out that you can get a lot more house in Mount Pleasant for the same amount of money that you would spend in Dupont or Cleveland Park.
Whatever the reasons, it doesn’t appear that the level of interest is waning. Shortly before we started writing this article last week, we featured a recently-listed four-bedroom on Monroe Street. It was under contract just 72 hours later.
This article originally published at https://dc.urbanturf.com/articles/blog/the_hottest_housing_market_of_2014_mount_pleasant/9345.
Most Popular... This Week • Last 30 Days • Ever
A look at the larger residential developments in the works from Cardozo to Mount Vern... read »
The Heights, a ten-stall food hall that is taking over the spaces formerly occupied b... read »
A piece of legislation quietly introduced in the House of Representatives earlier thi... read »
The backlash over backyard pool rentals; the "housing matchmaker"; and the townhouse ... read »
In this week's edition of Under Contract, we look at a homes that sold in 24 hours, 3... read »
Virginia's homebuyer assistance programs can seem complex. This edition of First-Time... read »
The residential projects that have sprouted up on the Maryland and DC sides of the Fr... read »
With a groundbreaking ceremony on Wednesday, the redevelopment of the Georgetown Wes... read »
The 23,600 square-foot mansion just hit the market, and would set a record if it fetc... read »
The immaculately kept 100-year-old house features six bedrooms and four-and-a-half ba... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- First-Timer Primer: Virginia's Home Buyer Assistance Programs
- Mall Conversions, Trader Joes? The 1,500 Units in the Friendship Heights Pipeline
- The Four Seasons Private Residences in Georgetown Break Ground
- DC's Blaine Mansion Lists For $30 Million, A Potentially Record-Setting Price in the City
- Now Selling: A 16th Street Heights Victorian on an Island of Its Own
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro