The housing market in Washington, D.C. is experiencing significant shifts due to federal workforce reductions attributed to layoffs from the Department of Government Efficiency (DOGE). Approximately 75,000 federal workers accepted buyouts, prompting a wave of inventory as retirement decisions increase. Bright MLS data reveals that four in ten real estate agents noted that buyer and seller decisions are influenced by these job cuts. As a result, retirees are predominating the selling trend, significantly affecting market dynamics and showcasing a notable change in housing demand.
"This spring marked a turning point for the Washington housing market," says Lisa Sturtevant, chief economist at Bright MLS.
Over half of D.C. area real estate agents surveyed said that federal workforce reductions are affecting market activity. 43% said they've seen an uptick in sellers, and only 3% reported seeing more buyers due to the DOGE layoffs.
The report reveals in the greater Washington, D.C. area, retirees are leading the sell-off. 15% of spring home sales were due to retirement, compared to just 10% across the broader Bright MLS area.
...those agents report the buyout offer may be driving retirement decisions among home sellers in the greater D.C. region.
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