The article discusses the impact of federal layoffs in Washington DC, attributed to the DOGE phenomenon, which led to a significant shift in the housing market. With approximately 59,000 jobs cut, many federal workers retired and entered the housing market, with a Bright MLS survey revealing that a notable percentage of transactions were influenced by these layoffs. Despite the job cuts, home prices reached a record high median of $659,950 in May, indicating complex dynamics at play, including increased inventory and demand from affluent buyers.
In May, home prices hit a record high in the region, with a median sold price of $659,950, up from $640,000 a year ago.
43 percent of the surveyed agents said that the layoffs and budget cuts have increased the number of sellers in their area market.
37 percent of agents reported working with clients buying or selling due to federal layoffs, indicating a shift in the local housing market.
It's been a totally different dynamic,” says Roby Thompson, of the way the market has shifted over the past two years.
Collection
[
|
...
]