All-cash home purchases continue to make up a major share of all home sales than they did before the pandemic, representing 32.6% of all houses purchased in 2024. However, that figure was 2.5% below the level of 35.1% recorded in 2023, and the lowest since 2021, according to a new report from Redfin.
The real estate firm attributed the drop to a decrease in the number of homes bought by investors, who make up a big share of all-cash buyers. It found the number of all-cash home sales nationwide fell to its lowest level since 2014, as the housing market in general slowed.
“The rate of all-cash sales remains high because when housing is expensive—like it is now—wealthier Americans who can afford to pay cash are more likely than lower-income Americans to be buying homes,” said Redfin senior economist Sheharyar Bokhari. “We are unlikely to see the share of all-cash purchases fall much lower in 2025, unless mortgage rates drop enough to drive a significant increase in sales.”
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Even in Florida metros with the highest share of such sales, the percentage of all-cash purchases dipped. The highest declines in market share were in Jacksonville, down 6.4 ppts to 40.6%, Miami, down 3.8 ppts to 38.1%, Orlando, down 3.4 ppts to 34.7%, Fort Lauderdale, down 2.5 ppts to 38.9%, and West Palm Beach, down 1.2 ppts to 49.6%.
Expensive coastal markets like San Jose, Oakland, Seattle, Virginia Beach and Los Angeles also saw declines to the lowest levels of all-cash sales nationwide.
Other metros with notable declines in all-cash sales compared to 2023 were Cleveland, down 8.3 ppts, Baltimore, down 6.8 ppts, and Cincinnati, down six ppts. However, there were slight increases in some other cities, including Pittsburgh, Oakland, and New York.
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