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49m ago

Nearly One-Third of U.S. Home Sales Were All-Cash in Early 2025

Realtor.com's deed-record analysis attributes the elevated cash share to equity-rich buyers, investors, second-home demand.

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Overview

  • All-cash transactions accounted for 32.8% of sales in the first half of 2025, a slight dip from last year yet still above the 28.6% pre-pandemic average.
  • Cash buying clustered at the price extremes, with roughly two-thirds of sub-$100,000 homes and over 40% of $1 million-plus homes sold without mortgages, exceeding 50% above $2 million.
  • States with the highest shares included Mississippi (49.6%), Montana (46.0%), Idaho (45.0%), Hawaii (44.9%) and Maine (44.4%).
  • Metros with the greatest concentrations included Miami (43.0%), San Antonio (39.6%), Kansas City, Kan. (39.2%), Birmingham (38.8%), Houston (38.8%) and St. Louis (38.1%), while Seattle (17.9%), San Jose (20.6%), Denver (20.7%) and Washington, D.C. (21.5%) ranked lowest.
  • Year over year, West Virginia (+5.3%), New Mexico (+4.0%), Texas (+2.8%) and New York (+2.0%) rose the most, whereas Hawaii (-4.0%), New Hampshire (-3.7%) and North Dakota (-3.6%) declined, with analysts noting cash’s edge could narrow if mortgage rates fall.