Washington DC gets ‘Trump Bump’ in luxury home market

The Washington, D.C.-area has been enjoying a “Trump Bump” in its luxury home market. 

That so-called “Trump Bump” started around November, when the nation’s capital saw a major increase in demand for luxury homes worth at least $5 million, and has continued into the new year, according to The Agency DC managing partner Nurit Coombe.  

“Usually, houses above $5 million in November, for example, a year ago, there were eight sales or so,” she told FOX Business in an interview this week. “Between November, December, we had 20 sales above $5 million, a huge jump, and a lot of cash buyers.”  

WASHINGTON, DC – JANUARY 19: The U.S. Capitol is shown at sunrise the day before President-elect Donald Trump’s 2nd term inauguration January 19, 2025 in Washington, DC. U.S. President-elect Donald Trump and Vice President-elect Sen. JD Vance (R-OH) (Joe Raedle/Getty Images / Getty Images)

“That’s a lot of sales,” Coombe noted, because the D.C. luxury market “doesn’t have that much inventory.”

BOZEMAN, MONTANA HOME TO A BOOMING REAL ESTATE MARKET

There are less than 30 single-family homes above $5 million – and even less in the ultra-luxury category – on the market in the D.C. area, according to The Agency DC managing partner. She said several luxury homes that had been up for sale for a long time quickly went under contract in November. 

More than 60 luxury homes, generally considered those above the $5 million-mark, have sold in the D.C. market since the November election, according to The Agency DC.   

“The market right now in DC is very, very strong, very hot, especially in the luxury market, for sure, because as you go up to the top of the price, you don’t have as many buyers, but we actually have more than usual, much more than usual,” Coombe told FOX Business. 

Trump’s administration has been a big contributor to the D.C.-area luxury market’s recent surge.

“The administration is a very wealthy administration, and they’re all going to be moving to the area to work from here. You’ve seen in the prior administration, it was not as wealthy, much less wealthy administration people who moved in, and some did not move in really full-time … So here you see a complete shift where we move in the whole family, we’re going to be here full-time, and very wealthy people are moving into the area, so there’s a lot of demand,” she said. 

However, they aren’t the only ones providing fuel.

“It’s also the big companies, the attorneys, they’re moving as well. There are people that are more aligned with the new administration, so a lot of that is happening,” Coombe added. “CEOs of companies, their support staff, the attorneys, a lot of consultants for big companies.” 

The skyline of Washington, DC, including the US Capitol building,…