As we reflect on the past year and anticipate the changes that 2024 may bring, we’re thrilled to share a comprehensive review of Rock Creek’s 2023 real estate sales and provide insights into the exciting prospects for the upcoming year.
2023 Sales Data Review: A Year of Resilience
Despite the challenges posed by rising interest rates, Rock Creek’s real estate market stood strong in 2023, achieving record-breaking sales. Noteworthy highlights include:
- Cash Buyers: In 2023, an impressive 25% of buyers paid in cash, indicating strong investor interest and a desire for swift property acquisition.
- Conventional Financing: The majority, 75%, chose conventional financing with down payments of 5% or more, reflecting their commitment to competitive offers.
- Absence of FHA and VA Financing: In 2023, there were no buyers utilizing FHA or VA financing, likely due to the competitive landscape and the preference for offers perceived as stronger.
Additionally, it’s worth noting that there were approximately 20% fewer transactions in 2023 compared to 2022. This kept inventory low, resulting in prices remaining relatively stable, and in some cases, even slightly ahead of 2022 prices.
One sale in particular stands out from the rest – a 2-bedroom + loft (marketed as 3 bedrooms) condo in Rock Creek Village. This unique unit featured 2 bathrooms and closed for a remarkable $430,000, setting a record at $409 per square foot.
| ROCK CREEK GARDENS | BR / BA | SQ FT | PRICE | DATE |
| 2220 Washington Ave 203 | 2 / 1 | 863 | $305,000 | 02/24/23 |
| 2234 Washington Ave 101 | 2 / 1 | 824 | $295,000 | 04/14/23 |
| 2234 Washington Ave 201 | 2 / 1 | 843 | $299,000 | 07/10/23 |
| 2216 Washington Ave 201 | 2 / 1 | 1,219 | $365,000 | 08/21/23 |
| 2246 Washington Ave 201 | 2 / 1 | 1,109 | $380,000 | 10/05/23 |
| 2200 Washington Ave 202 | 2 /1 | 994 | $333,000 | 11/30/23 |
| 2200 Washington Ave 203 | 2 / 1 | 1,238 | $414,000 | 12/20/23 |
| ROCK CREEK VILLAGE | BR / BA | SQ FT | PRICE | DATE |
| 2414 Colston Drive 201 | 1 / 1 | 702 | $215,000 | 01/20/23 |
| 8333 Grubb Road 104 | 1 / 1 | 739 | $220,000 | 06/20/23 |
| 2215 Washington Ave 103 | 2 / 1 | 864 | $305,000 | 07/14/23 |
| 8331 Grubb Road 301 | 2 / 1 | 843 | $297,000 | 08/25/23 |
| 2302 Colston Drive | 1 / 1 | 732 | $235,000 | 10/19/23 |
| 2208 Colston Drive 101 | 1 / 1 | 698 | $231,000 | 02/10/23 |
| 8329 Grubb Road 104 | 1 / 1 | 732 | $225,000 | 02/14/23 |
| 2316 Colston Drive 201 | 3 / 2 | 1,050 | $430,000 | 04/24/23 |
| 2312 Colston Drive 101 | 1 / 1 | 739 | $200,000 | 04/26/23 |
| 2412 Colston Drive 102 | 1 / 1 | 723 | $225,000 | 05/01/23 |
| 2302 Colston Drive 103 | 1 / 1 | 696 | $242,500 | 06/20/23 |
| 2212 Colston Drive 303 | 2 / 1 | 874 | $303,000 | 07/05/23 |
| 2312 Colston Drive 201 | 2 / 1 | 1,282 | $360,008 | 07/10/23 |
| 2223 Washington Ave 202 | 2 / 1 | 1,017 | $337,500 | 07/12/23 |
| 2412 Colston Drive 201 | 2 / 1 | 1,186 | $336,000 | 08/07/23 |
| 2404 Colston Drive 201 | 2 / 1 | 867 | $303,000 | 10/13/23 |
| 2210 Colston Drive 201 | 2 / 1 | 907 | $315,000 | 12/08/23 |
| SADDLE RIDGE | BR / BA | SQ FT | PRICE | DATE |
| 2006 Derby Ridge Lane | 3 / 3 | 1,120 | $583,500 | 04/18/23 |
| 2111 Derby Ridge Lane | 3 / 2.5 | 1,120 | $535,000 | 04/20/23 |
| SUDBURY HOUSE | BR / BA | SQ FT | PRICE | DATE |
| 2100 Washington Ave, #4A | 2 / 2 | 1,059 | $259,000 | 01/18/23 |
| 2100 Washington Ave, #2A | 2 / 2 | 1,059 | $257,000 | 03/20/23 |
| 2100 Washington Ave, #10A | 2 / 2 | 1,059 | $250,000 | 08/11/13 |
Anticipating 2024: A Year of Opportunity and Change
Looking ahead to 2024, we expect significant shifts in the real estate landscape. With the Federal Reserve hinting at rate cuts, we anticipate:
- Increased Demand: Lower mortgage rates will encourage more buyers to re-enter the housing market, as they’ll qualify for higher-price points. This surge in demand could lead to higher prices through bidding wars.
- Unlocking Inventory: Lower rates will make it more palatable for sellers to let go of their historically low interest rates to move and secure a new home, opening new inventory that has been bottlenecked as a result of everyone locking in historically low mortgage rates in 2020 and 2021.
In conclusion, 2023 showcased the resilience of our Rock Creek condo communities, and 2024 promises even more excitement. As we navigate these evolving real estate dynamics, we look forward to assisting you in with your real estate needs.
