“For sale” signs are popping up everywhere near Washington, D.C., following the Trump administration’s federal shakeup.
Compared to this time last year, the number of active home listings in the nation’s capital shot up by almost 47%, according to FOX5 DC, citing data from real estate agency Bright MLS.
In March alone, records tracked 6,000 new listings and almost 5,000 new pending contracts in the D.C. area, according to Bright MLS Chief Economist Lisa Sturtevan, the outlet reported.
Sturtevan told the outlet that the rise in inventory has been great for the real estate market as listings were previously at “historically low levels.”
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“Inventory has just been so tight here in the Washington area,” Sturtevant said. “More inventory coming onto the market is a good thing for the market.”
Median sale prices last week in the D.C. region were listed at $630,000, according to Bright MLS. While prices may remain high, FOX5 reported one home that was only on the market for 41 days saw a price drop of $45,000.
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The rise in new listings has been fueled by the area’s high concentration of federal employees impacted by the Trump administration’s new policies, FOX Business previously reported, citing Redfin agents.
The Department of Government Efficiency, which aimed to eliminate wasteful government spending by trimming the federal workforce, has slashed thousands of jobs across agencies such as the Department of Health and Human Services and the Internal Revenue Service.
In addition, buyout offers were accepted by nearly 75,000 employees, Fox News Digital previously reported.
Return-to-office mandates have also affected the real estate market. FOX Business previously reported that a D.C.-area couple who had to return to the office sought to list their home in the hopes of finding another home closer to public transportation.
The abundance of homes for sale presents an opportunistic moment for buyers.
“Developers are buying these homes because they’re reasonably priced,” northwest D.C. resident Robin Roth told FOX5. “They develop them, put a third story on and away they go.”
While new listings have increased dramatically, the housing market is still performing below pre-pandemic levels, Sturtevant said.
D.C. Mayor Muriel Bowser also said she believes the capital’s real estate market still has room to grow, according to the outlet.
“I remain very optimistic about the downtown, very bullish about the future of the District of Columbia,” Bowser said. “We have laid out a plan, we’ve delivered on the plan, we continue to have people come forward with ideas. We continue to attract partners and continue to make investments.”
Fox News’ Alexandra Koch contributed to this report.
