SEATTLE--(BUSINESS WIRE)--
(NASDAQ: RDFN) — 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 from Redfin (), 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 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 .
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.
U.S. Metros With Highest Share of All-Cash Purchases (2024) |
||
Metro |
Share of All-Cash Purchases (2024) |
2023→2024 YoY Change (percentage points) |
West Palm Beach, FL |
49.6% |
-1.2 ppts |
Jacksonville, FL |
40.6% |
-6.4 ppts |
Cleveland, OH |
40.0% |
-8.3 ppts |
Fort Lauderdale, FL |
38.9% |
-2.5 ppts |
Miami, FL |
38.1% |
-3.8 ppts |
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) |
||
Metro |
Share of All-Cash Purchases (2024) |
2023→2024 YoY Change (percentage points) |
San Jose, CA |
18.1% |
-0.8 ppts |
Oakland, CA |
18.6% |
1 ppt |
Seattle, WA |
20.6% |
0.1 ppts |
Virginia Beach, VA |
21.9% |
-0.7 ppts |
Los Angeles, CA |
22.2% |
0.2 ppts |
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.
To view the full report, including charts, additional metro-level data and full methodology, please visit:
About Redfin
Redfin () is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.
Redfin’s subsidiaries and affiliated brands include: Bay Equity Home Loans®, Rent.™, Apartment Guide®, Title Forward® and WalkScore®.
For more information or to contact a local Redfin real estate agent, visit . To learn about housing market trends and download data, visit the . To be added to Redfin's press release distribution list, email . To view Redfin's press center, .
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