Redfin: Florida Leads in All-Cash Sales
Florida led the nation in cash home sales in 2024, with West Palm Beach topping the list. However, the share fell across major Florida metros.
SEATTLE — Just under one-third (32.6%) of U.S. home purchases were made in cash in 2024, down from 35.1% the year before and the lowest share since 2021. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Still, all-cash sales made up a bigger piece of the homebuying pie than before the pandemic, when the share ranged from 25% to 30%.
Redfin’s report is based on its analysis of county-level home purchase records across 40 of the most populous U.S. metropolitan areas going back through 2014. Redfin defines an all-cash purchase as a home purchase with no mortgage loan information on the deed.
One reason the share of cash purchases fell was because investors — who make up a significant proportion of all-cash buyers — bought fewer homes than they did during the past few years.
“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.”
The number of all-cash home sales dropped to its lowest level in at least a decade in 2024 as total home sales fell to historic lows.
Florida metros recorded highest share of cash purchases, but the rate is dropping
Florida metros had the highest share of cash homebuyers out of the metros Redfin analyzed. First comes West Palm Beach, where just under half (49.6%) of home purchases were made in cash in 2024.
Next came Jacksonville, FL (40.6%), Cleveland (40%), Fort Lauderdale, FL (38.9%) and Miami (38.1%). While the percentage of cash sales remains high, all of those metros saw the share fall in 2024.
Expensive coastal metros had the lowest share of all-cash buyers, led by San Jose, CA where only 18.1% of home purchases were made in cash. Next came Oakland, CA (18.6%), Seattle (20.6%), Virginia Beach, VA (21.9%) and Los Angeles (22.2%).
U.S. Metros With Lowest Share of All-Cash Purchases (2024)
The share of all-cash purchases increased most from a year earlier in Pittsburgh (+2.1 ppts), followed by Oakland, CA (+1 ppt) and New York (+1 ppt). Cleveland (-8.3 ppts), Baltimore (-6.8 ppts) and Jacksonville, FL (-6.4 ppts) saw the share of cash purchases fall most.
Source: Redfin
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