A new report has shed light on what many have speculated since President Donald Trump took office: that the apparently wealthiest cabinet in history will boost the luxury property market in and around the nation’s capital.
The average price of luxury homes in Washington, D.C., surged 32.6% to $2.7 million in the first quarter, as a result of several deals by new cabinet members, according to Redfin’s luxury market report published Thursday. Redfin defines luxury homes as the top 5% most expensive homes in the city.
Thanks to the affluent cabinet members’ big-ticket deals, Washington, D.C. had the fastest-growing luxury market among the more-than-1,000 cities across the country that Redfin tracks. The first quarter of the year also reversed a year-long downward trend in sales prices of luxury homes in the city.
“The luxury market has benefited from the new administration,” said Kimberly Casey, a luxury agent at Washington Fine Properties, “But improving job and economic condition and confidence in real estate market also contributed to the surge,” she added.
New upscale condos are being rolled out to meet the anticipated increase in demand. One of them, The Logan, at 1310 Q St., N.W. and within walking distance to the White House, will hit the market next week, according to Ms. Casey, who is handling sales. It offers six residences with prices ranging from $1.15 million to $2.845 million.