Now's the time to buy or sell an ultra-lux mansion in D.C.
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If you're one of the lucky few looking to sell or buy a $10 million Washington house with an elevator, a pool, a wine cellar and a golf simulator — now's the time to do it, agents tell Axios.
The big picture: President Trump's uber-wealthy cabinet members are picking up pads in town, as are the high-profile tech titans and CEOs who want proximity to an administration that's seen as pro-business.
- "I don't recall having so many [buyers] that just want to do business and don't have roots in the D.C. area," says Washington agent Piper Yerks. "That seems to be motivated by the administration."
State of play: The DMV's real estate landscape has become something of a tale of two markets — while many of the area's standard buyers are worried about federal layoffs, a possible recession, inflation, or tariffs, those concerns don't apply to the lux set, agents tell Axios.
- Instead, they're worried about finding something in Georgetown, Kalorama, or Massachusetts Avenue Heights that's move-in ready, needs zero work, is on a secure, private lot, and has space to entertain, say agents.
- And more high-end homes are coming onto the Washington market to meet this demand.
What they're saying: "If you were ever going to sell your house, and it was a big house and an important house and an expensive house, this would be the time to do it," says Washington agent Michael Rankin. "It would be when you had the big buyer pool in town."
- Rankin tells Axios he's knocked on doors and made phone calls encouraging high-end owners who've considered selling to take the leap now.
And, yes, most of these high-profile newcomers are buying, not renting. It's easy to find a leasable two-bedroom, two-bathroom rowhouse in D.C. But a compound with a guesthouse? You gotta buy that.
- "[D.C. is] not a town like Manhattan or Palm Beach," says Rankin. "It's really hard to find a good house for rent."
Zoom in: Central Northwest D.C. neighborhoods are big for bigwigs, says Rankin, as are units at the Georgetown and West End Ritz-Carlton residences, as well as the WestLight in West End.
- The ZIP code 22101 in McLean has been popular, too, says Yerks. (Median sales price last month: $1.8 million, per Redfin.)
By the numbers: While the number of $10 million-plus year-to-date listings in Washington is the same this year as it was at this point last year (14), the number of $5 million-plus listings has increased, per BrightMLS data.
- There have been 109 such listings so far this year, compared to 99 at this point last year — a 10% bump.
And the number of $5 million-plus year-to-date sales in Washington has jumped about 39% compared to the same period last year, from 28 to 39.
- The number of $10 million-plus sales has upped from 2 to 5.
The intrigue: With so many administration-minded people looking for a house in such a hyperpolitical era, you might wonder if sellers are only open to buyers from their side of the aisle.
- The answer: Nah. "A sale is a sale," says Rankin.
And it's not just the administration officials and big-name CEOs coming to town: Many providers are moving to the area to cater to this new, wealthier group, says Yerks — she just sold a home to a restaurateur who's opening several spots in the area targeted at this big-spending crowd.
Yes, but: "Timing is just as important as the financial motivation," says Rankin of sellers. "Money alone doesn't motivate this upper-bracket part of the market."
Zoom out: It's not just the DMV that's seeing momentum in the lux market — nearby coastal areas like Maryland's Eastern Shore and Delaware's Rehoboth Beach have seen more high-end sales and higher lux home prices, per Bright MLS.
- This comes as more people with means buy second homes. "These are people who have cash to spend," says BrightMLS chief economist Lisa Sturtevant. "Interest rates aren't as much of a sensitive issue for them."
- While she doesn't believe this has anything to do with the Trump administration coming to town, she says that many second-home buyers in this area are historically people from the Washington region.
What we're watching: Washington hasn't claimed a permanent spot among leading areas of high-priced homes like Florida's Palm Beach, Aspen, Colorado, or Los Angeles — yet.
- But it could. "It's certainly become more on the map," says Yerks. "We're becoming more of a destination for housing like that."
- "I think this is the new bottom of pricing that we'll see," says Rankin.