Active listings of homes in Washington, DC metro area shot up by 25.1% year-over-year during the four weeks ending April 27, according to data from Redfin (NASDAQ: RDFN). This marked the highest level of home for sale in that market since 2022. By comparison, active listings nationwide rose 14.2%, the smallest increase since March 2024.
Redfin noted that new listings in the Washington area were up 11.4% year-over-year to the highest level since 2022. This level of listings is also nearly double the national gain of 5.8%.
Redfin attributed this activity to the cuts in the federal workforce, with at least 121,000 workers either being laid off or targeted for layoffs since the Trump administration took over the Executive Branch. Federal jobs represent 11.1% of all positions in this market.
However, Redfin also noted homes were selling faster and prices posted larger increases in this market – the median home sale price rose 4.1% year-over-year to $600,964 during the four weeks ending April 27, outpacing the nationwide increase of 1.9% to $387,855.
“What’s happening with housing inventory in Washington, DC could be a sign of what’s to come in other US housing markets,” said Redfin Senior Economist Asad Khan. “And while strong housing demand is buoying prices in DC, the rest of the country isn’t so hot. Other markets may not be able to absorb further inventory growth without prices softening.”
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