The Washington, D.C. housing market is feeling the effects of the Trump administration’s policies, particularly return-to-office mandates for federal workers and plans to cut hundreds of thousands of jobs.
Home buyers are flocking to the area as federal employees look for a more convenient commute, but many others are hesitant to buy or sell due to uncertainty about job cuts. The number of people selling their homes has increased, with some even considering listing because they want to be closer to public transportation.
According to Redfin agents, home prices in D.C. were down 8.6% in January compared to last year, with a median price of $560,000. However, overall sales for the month were up from last year.
The Department of Government Efficiency (DOGE) is expected to cut $2 trillion from the federal government budget by eliminating programs and trimming the federal workforce. This has led to job cuts, including 3,600 probationary Health and Human Services employees who were fired on Friday.
Federal workers have taken to protesting the cuts, with demonstrators carrying signs saying “No One Voted For Elon Musk” and “Federal Workers Defy DOGE.” The Trump administration’s policies are sparking uncertainty in the housing market, with many people waiting to see how the situation will unfold.
Source: https://www.foxbusiness.com/real-estate/return-office-federal-layoffs-how-trump-policies-affecting-dc-housing-market-report