Connor Group’s founders and managing partners will discuss what it takes to unleash the housing market and the impact of regulations on California’s reconstruction following the wildfires.
The Washington DC area is enjoying “Trump Bump” in its luxurious home market.
That so-called “Trump Bump” began around November, as the country’s capital saw a massive increase in demand for luxury homes worth at least $5 million, and according to the managing partner of agency DC, Nurit Coombe, the new year It continues until.
“Usually, homes that exceed $5 million in November had eight sales, for example, a year ago,” she told Fox Business in an interview this week. “During November, there were 20 sales over $5 million, big jumps, lots of cash buyers.”
WASHINGTON, DC-January 19: The U.S. Capitol is on display at the sunrise the day before President Donald Trump was held in Washington, DC on January 19, 2025. Donald Trump and Vice President Sen. JD Vance (R-OH) (Joe Raedle / Getty Images / Getty Images)
“That’s a lot of sales,” Coombe said. Because DC Luxury Market “doesn’t have that much stock.”
Bozeman, Montana, is home to a booming real estate market
According to the managing partner of agency DC, the market in the DC area has detached houses with over $5 million, less than 30 people, even less in the ultra-luxury category. She said several gorgeous homes that had been for sale for a long time soon signed a deal in November.
More than 60 luxury homes, typically $5 million more than $5 million in homes, have been on sale in the DC market since the November election, according to agency DC.
“The current market in DC is very, very strong and very hot. Especially in the luxury market, since when you reach the top of the price, there are certainly not many buyers, but in reality we have I have it. It’s far more than usual, far more than usual,” Coomb told Fox Business.
Trump’s administration has been a major contributor to the recent surge in luxury markets in the DC area.
“The administration is a very wealthy government and they’re all going to move to the area to work from here. You’ve seen it in previous administrations, and some really aren’t moving full-time. So here you go, we’re moving to the whole family and we’re going to be here full time, and very wealthy people are moving to this area, so you’re going to make a complete change. I see. There’s a lot of demand,” she said.
However, they are not the only ones providing fuel.
“It’s also a big company, a lawyer, they’re moving, and there’s a lot of that happening because there are people who are more in line with the new administration,” Coomb added. “The CEO of a company, its support staff, lawyers, and many consultants from large companies.”
Washington DC Skyline includes the US Capitol, Washington Monument, Lincoln Memorial and National Mall, January 29, 2010, AFP Photo/Saul Loeb (Photo Credits Need to Read Saul Loeb/AFP via Getty Images )) (Saul Loeb/AFP via Getty Images/Getty Images)
Kalorama, Foxhall, Georgetown and Kent are part of the region of the country’s capital that benefits from the “Trump uplift.”
Recent sales include a $25 million deal in Foxhall and a $10.5 million deal in Georgetown, according to the Wall Street Journal.
According to Coombe, demand for the DC Luxury Market is up 18% year-on-year.
She has also seen more luxurious demand in recent months, including parts of the broader DC, Maryland and Virginia areas known as DMV, including Bethesda, North Bethesda and MacLean neighborhoods. He said that.
Aside from the luxurious homes, townhouses and condominiums are in high demand.
According to Redfin, these were the most expensive homes sold in 2024
According to Coomb, the “civil servant situation” also makes the real estate market in the DC region more dynamic.
Trump issued an order in late January to bring federal workers back to offices full time. His administration offered many federal workers acquisitions to quit their jobs or start in-person work, Fox News Digital reported.
Detroit, Michigan – August 26: Republican presidential candidate, former US President Donald Trump National Guard’s 146th General Assembly Meeting & AUGU’s Huntington Place Convention Center (Emily Elconin/Getty Images/Getty Images)
“This is because when you look at government officials, you’re not necessarily upper class, not necessarily high luxury, not even in the middle,” Coomb said. “There are a lot of people who have taken the incentives for the government to offer to leave the government. If you see it, many of them aren’t in the area.”
Meanwhile, others have to work full-time in the office again, so they are back in the area, she said.
According to Coombe, whether or not the DC market’s “trump bump” will continue “will depend on policy.”
“We’re looking at what happens to government officials, what happens with the international taxes we have, what happens on the stock market, and what happens on the mortgage,” she assumes. did. “I think lenders will sit tight and watch.”
According to Freddie Mac, the national 30-year fixed mortgage rate averaged 6.87% on February 13th. This marked a 0.02 point drop from the previous week.
Bentonville, Arkansas is growing rapidly and promoting a hot real estate market
She said that home buyers in the DC area are used to their current levels and have not really affected the DC luxury market, particularly in the DC market, and since November, more than 60% of buyers in that category have “all He said he pointed out that he was paying “cash.” “Heavy cash.”
DC had five sales of ultra-luxury homes worth at least $10 million in 2024, according to a recent Compass report. These sales totaled $67.85 million.
In January, homes in the real estate market in DC and Montgomery County were sold at a median of $552,500, according to the Real Estate Association of Greater Capital Areas Association.
