DMV home listings soar amid federal layoffs
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DMV home inventory is seeing a record-high spike amid federal layoffs, according to a new Redfin report.
The big picture: Elon Musk's DOGE layoffs have created ripple effects across the Washington region and its federal workforce, long seen as a stable option for employment.
By the numbers: The number of active home listings in the Washington metro during the four weeks ending on April 27 jumped 25% compared to the same period last year — a record-breaking spike.
- Meanwhile, listings across the country only rose 14% during the same period.
The number of active Washington listings is now the highest it's been since 2022, per the report.
Yes, but: Strong demand for homes in the DMV is keeping prices steady: The median home sale price upped 4% year-over-year, to $600,964, per the report — higher than the national jump of 2%.
- Washington's median days on market, 26, is lower than the national average of 39.
- And 57% of DMV homes went off the market in two weeks, compared to 40% nationally.
What they're saying: "Quite a few people in D.C. are selling their homes because they're losing their jobs," local agent Mary Bazargan told Redfin.
- "Many of those people are planning to leave the area because the cost of living is high and they want a new job that allows them to work remotely and be closer to family."
Bazargan told Redfin she's received several calls from potential sellers who are waiting to see if they'll be laid off soon.
- And one local buyer, Bazargan, recently worked with got passed over for an all-cash bid even though their offer was higher and they waived all contingencies, she said — the seller was nervous about going with a financed buyer due to layoff news.
The intrigue: Inventory is increasing the most year-over-year in the D.C. 'burbs, found the report.
- Alexandria saw the highest jump in active listings — 41%.
- Montgomery County came in second, with 39%. Then Loudoun County with 37%, and Fairfax County with 33%.
D.C., meanwhile, only saw a 15% jump.