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recent Bright MLS survey indicates that the Washington, D.C. area is experiencing a surge in retirement-related home sales, which is contributing to increased inventory and downward pressure on prices. The survey of agents and brokers found that 15% of home sales in the D.C. area were attributed to retirement, compared to 10% across other communities served by Bright MLS.

    The rise in retirement-driven sales is largely due to federal job cuts that began earlier this year. More than half (54%) of surveyed agents reported that layoffs and job cuts are impacting market activity, with 38% suggesting these workforce reductions are also contributing to a decline in home prices. However, prices in the area remain above national averages.

    According to Lisa Sturtevant, chief economist at Bright MLS, while price drops are expected in the D.C. area, they will likely be smaller than those seen in other parts of the country where inventory is rising rapidly. The region is expected to see a continued increase in housing inventory into the summer, potentially leading to further price pressure.

    Sturtevant notes that this spring marked a turning point for the Washington housing market, with federal buyouts providing older homeowners an opportunity to cash out and relocate. As more impacted families list their homes post-school year, the region may see increased market activity and downward pressure on prices.