The Trump administration’s cost-cutting measures creating upheaval among the federal government workforce could impact the Washington-area housing market. Around 75,000 federal employees reportedly have accepted buyout offers, while other employees have been laid off.
But so far, there have been no drastic changes in the buying and selling trends in Washington or its suburbs in Maryland and Virginia, according to a Homes.com analysis. The number of active listings, sold properties and median sales prices in the area have remained steady on a year-over-year basis, the report said. There has been a slight increase in the number of listings and asking prices, but this trend pre-dated the start of the new administration, Homes.com found.
However, the report predicts big changes in the size of the federal workforce may drive an exodus from the area as well as reluctance to move into the area. With the peak moving season approaching, it may be difficult to parse out normal listings and sales from workforce-driven activity.
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The study noted an increase in ultraluxury listings and buyers in the DC Maryland Virginia (DMV) housing market. In the past month, there have been 13 houses in the city and its suburbs priced at $7 million or higher, according to Homes.com data. Local real estate insiders expect this trend to continue.
“I do anticipate this continuing just given, again, the shift in the way I think businesspeople are thinking about the policy that's very quickly changing,” said Daniel Heider, EVP and agent at TTR Sotheby’s International Realty. “These folks feel as though, economically, they’re going to do quite well.”
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Kristen Smithberg
Kristen Smithberg is a Colorado-based freelance writer who covers commercial real estate, insurance, benefits and retirement topics for BenefitsPRO and other industry publications.
