Home Price Watch: Mount Pleasant, Where Home Prices Rose 12 Percent

• July 23rd 2014

by Lark Turner

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In this week’s Home Price Watch, UrbanTurf looks at Mount Pleasant, where home prices rose about 12 percent year-over-year as the number of days homes spent on the market fell. We used segmented data from real estate data firm RealEstate Business Intelligence (RBI), which reflects a year-over-year snapshot in the legal Mount Pleasant subdivision between January-June 2013 and January-June 2014.

The neighborhood sits in northwest DC near Adams Morgan and Columbia Heights. It’s bounded by Piney Branch Parkway and Rock Creek Park to the west and north, Harvard Street to the south, and 16th Street to the east.

Though its growth has not been quite so dramatic as the neighborhood examined in our last Home Price Watch, 16th Street Heights, Mount Pleasant is definitely becoming a more exclusive place to live. Here’s how we know:

• The median price went up 11.75 percent.
• The number of days homes spent on the market went down by about 25 percent, shifting from 39 last year to 29 this year.
• Homeowners think they can get more for their money in Mount Pleasant, and they’re right. List prices rose by nearly the same degree as prices: 11.06 percent, from $552,596 to $613,687.
• Over half of homes sold in their first 10 days on the market.

Prices are rising in Mount Pleasant, but not at the breakneck speed of some other neighborhoods; Columbia Heights and Bloomingdale have both seen slightly steeper year-over-year growth. Mount Pleasant has also managed to keep pace with last year’s inventory level while maintaining a 12 percent increase in value. 126 units have sold so far this year, up from 119 last year. That’s led to an increase in total sold dollar volume of 16.41 percent in the neighborhood thanks to the sales of more units at an increasing value. Time will tell if that year-over-year increase in inventory will be maintained through the end of 2014.

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/home_price_watch_mount_pleasant/8767.