Home prices in Washington, DC, have plummeted since the Trump administration and the Department of Government Efficiency began discussing layoffs.
Since Donald Trump took office, Elon Musk‘s Department of Government Efficiency (DOGE) has fired thousands of federal workers in a push to reduce spending.
In the wake of those layoffs, droves of former federal employees have packed up their bags and put their homes on the market, causing the average listing price to sink, The Kobeissi Letter (TKL) reported.
In November, the median home in the nation’s capital was worth $699,000, according to Redfin.By February, the median home value dropped 20 percent, bringing the price down to $560,000.
TKL found there are now nearly 8,000 homes listed for sale in the Washington, DC metro area, and almost half of them have been put on the market in the last 30 days.
There has also been a surge in new listings of homes over $1 million. According to TKL, there are 525 listings worth $1 million and 44 listings worth $5 million, suggesting DOGE layoffs could affect people in high-profile jobs.
Redfin agents in Washington, DC, reported that return-to-office mandates and uncertainty for federal workers have caused a listing surge.
Time to warm up the Dacia Sandero again!
