The new Trump administration’s glut of multimillionaires and multibillionaires is causing a surge in the Washington, DC luxury housing market. Veuer’s Matt Hoffman has the story.
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00:00The new Trump administration's effect on the economy remains to be seen,
00:03but it's already made an impact on the Washington, D.C. real estate market.
00:07A variety of outlets report that expensive luxury home sales have exploded in the D.C.
00:11area since Trump's re-election. According to Axios, data from real estate agency Bright
00:16MLS indicates that 2024 sales for $5 million and up increased by 64% from the year before.
00:23This bump is thought to be driven by the glut of multi-millionaires and multi-billionaires in
00:27Trump's administration. The most striking single purchase was the Fox Hall Road mansion previously
00:32owned by Fox News host Brett Baier. Axios says it was bought by incoming Commerce Secretary
00:38Howard Lutnick for $25 million. The New York Times notes that some wealthy people who are
00:43not in the administration are also coming to D.C. in an attempt to exercise more influence.
00:48Jim Bell of TTR Sotheby's International Realty told the Times,
00:51We've really been overwhelmed by the wealth factor that has come to Washington since the election.
00:55But it's not all good news in D.C. real estate. The New York Post says that Trump's intentions
01:00to reduce the federal workforce could cut demand for homes at the middle and upper middle class level.