Luxury home sale surge in D.C. area signals "Trump bump"
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Bret Baier's former Foxhall home, which Howard Lutnick purchased last year for $25 million. Photo: Courtesy of Studio Trejo
Washington saw a significant flurry of multi-million dollar property sales toward the end of 2024 — a development that some experts are attributing to the "Trump bump."
The big picture: Last year, the Washington area experienced its highest number of homes selling for $5 million or more in over a decade, with a significant spike in sales during November and December ahead of the new administration, according to Bright MLS data.
- In fact, half of the region's top 10 most expensive sales of 2024 closed during the tail end of December.
This comes as President-elect Trump's incoming administration, known for its unprecedented wealth, begins to move into the DMV. The Cabinet is expected to promote policies favoring business and the financial elite.
- Trump's incoming commerce secretary, Howard Lutnick, purchased Fox News host Bret Baier's Foxhall mansion late last year for $25 million — a record for D.C.
What they're saying: "[The 'Trump bump'] is not just anecdotal, it's measurable. The ultra-luxury segment, in particular, has emerged as the clearest beneficiary," writes D.C. real estate agent Daniel Heider in a statement to Axios, adding that reported numbers don't account for the additional high-end transactions happening off-market.
- "The post-election environment, combined with anticipatory confidence in pro-business policies, has clearly accelerated decision-making among luxury buyers."
Zoom in: Other recent pricey pads include:
- 1113 Langley Lane in McLean, which closed last week for $11.2 million.
- 1534 28th St. NW and 2727 Q St. NW in Georgetown, which both sold last month for a respective $10.5 million and $10.3 million.
- 2230 S. St. in Kalorama, which previously belonged to the late philanthropist Esther Coopersmith and sold in December for $9.4 million.
- And a penthouse in Georgetown's Ritz-Carlton Residences that went for $10.3 million last month.
The intrigue: The buyers behind many of these recent high-end transactions are hidden via LLCs, trusts or estate lawyers, and several real estate agents have told Axios they've signed non-disclosure agreements — making it difficult to figure out who's picking up which spots.
By the numbers: 87 Washington homes closed at $5 million and up last year — a 64% increase from 2023, according to data from Bright MLS.
- Of those homes, 10 went for $10 million and up — a jump of 67% from 2023.
- 17 of these high-end sales closed in either November or December — up from nine in 2023.
Context: This surge in buying coincided with a broader luxury market boom in Washington last year, as high-end buyers, less affected by high prices and rates, often made all-cash offers.
What we're watching: If more high-end transactions close in the sprint toward the inauguration — and if any big-name politicians reveal where they're living.