Want to buy your first home? Cash is king, according to ATTOM. On average 38% of home sales nationally in 2023 were cash sales, the company reported – the third successive uptick since 2021. Indeed, in 10 MSAs cash buyers represented more than 50% of all home purchases. It is a pattern that could influence future market dynamics, ATTOM stated, noting "the data from these MSAs can serve as a bellwether for real estate professionals, investors and policymakers." It expects them to closely monitor changes in demand and homebuyer preferences and to try to understand how economic policies affect real estate.
ATTOM thinks the trend may be due to a post-pandemic economic recovery – or to a significant influx of investors into the housing market. Whatever the reason, at least some of the 10 MSA's cited have housing markets that have been identified as underpriced by www.gobankingrates.com.
Heading that list is Macon, GA, where 61.5% of homes were bought with cash in 2023, up from 53.2% in 2021. Also on the list are Cape Coral-Fort Myers, FL (52.2%) and Lake Havasu City, AZ (52.9%). In Syracuse, NY (52.8%) the $155,000 median sale price of a home is also 63% lower than the national average, according to Redfin. Homes here move fast. Desirable homes can sell for around 11% more than list price and go pending in 7 days; the average home sells for 2% above list price and goes pending in 20 days.
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Other cities with high percentages of cash sales attract buyers searching for vacation homes, investments properties or retirement homes. These include Myrtle Beach, SC (56.3%), Youngstown, OH (5.1%), and Prescott, AZ (51.5%). Cash sales in well-to-do Naples, FL (58.9%) jumped sharply from 51.7% in 2021. Salisbury, MD (54.4%) and Gainesville, GA (52.2%) rounded out the top 10.
Any investor wanting to capitalize on this trend and capture the low prices may have to move quickly, as a review of Redfin data shows that prices in many of these cities are already trending upward. Investors can benefit from shorter timelines to finalize deals, avoid the hassles of mortgage approvals, and enjoy greater bargaining power, ATTOM noted.
For the average young couple trying to find a home to raise a family and get a foothold on the property ladder, however, the trend presents yet another obstacle to achieving the American dream.
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