T
he luxury real estate market in Washington D.C. is experiencing a surge, with an influx of new billionaires and high-net-worth individuals buying up properties in the city's most exclusive neighborhoods. Jim Bell, executive vice president of TTR Sotheby's International Realty, notes that he has seen more billionaires in the past three weeks than ever before, creating a "Trump bump" in the local luxury market.

    The estimated net worth of the new administration's cabinet members is over $450 billion, and their presence is driving up demand for high-end properties. Between Election Day and mid-January, over 56 area homes priced at $4 million and above went under contract or sold. Daniel Heider of TTR Sotheby's International Realty says that he is selling more real estate than ever before, calling it a "Trump surge" rather than just a bump.

    The luxury market was already thriving before the election, thanks in part to a strong stock market. However, the new administration has unleashed a wave of activity, with high-income Washingtonians deciding to trade up before incoming members of the administration can snag the best properties. The demand for these properties is outpacing supply, and agents are having to get creative to find buyers.

    Properties that fit the needs of billionaire cabinet members are limited, but they often center around a few key neighborhoods such as Georgetown, Kalorama, and Massachusetts Avenue Heights. These homes must have the right provenance and amenities to host high-level business meetings and social events.

    To reach these buyers, agents are using targeted outreach and networking, but many in the billionaire bracket prefer discretion and privacy. Listings for these properties often aren't added to the MLS, and transactions come together through word of mouth and agent connections. As a result, sales close quietly, with the purchaser shielded behind an LLC or other entity.

    While some details of these transactions may become public in the coming weeks and months, for now, the evidence is largely anecdotal. Agents are reporting increased activity and demand, but it will take time to see if this surge continues and what its full scope will be.