Cha-ching: Many Homebuyers Now Pay All Cash in These Markets

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A home in a suburb of Cleveland
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About 1 in 3 U.S. homebuyers are paying all cash for their homes, the highest share since 2014.

Nationwide, 34.1% of U.S. home purchases in September were made with all cash, according to real-estate brokerage Redfin. That figure is up from 29.5% one year prior.

Following are the cities where all-cash deals were most prevalent in September, according to Redfin’s analysis of 40 of the most populous U.S. metropolitan areas.

1. Cleveland, Ohio

Cleveland, Ohio
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Share of home purchases in this metro area that were made in all cash in September: 49.2% — which is a year-over-year increase of 7.4 percentage points

When the lights went on in Cleveland in 1879, it became the first city lit by electricity.

2. West Palm Beach, Florida

West Palm Beach Florida
CrackerClips Stock Media / Shutterstock.com

Share of home purchases in this metro area that were made in all cash in September: 49% — which is a year-over-year increase of 0.8 of a percentage point

The city of West Palm Beach is the county seat of Palm Beach County. At 2,578 square miles, the Florida county is larger than the entire state of Rhode Island as well as the state of Delaware.

3. Jacksonville, Florida

Duval County Courthouse
Felix Mizioznikov / Shutterstock.com

Share of home purchases in this metro area that were made in all cash in September: 46.2% — which is a year-over-year increase of 3.2 percentage points

The city of Jacksonville encompasses more than 840 square miles. That means that, by landmass, it is the largest city in the continental U.S.

Other markets where cash deals are common

Street scene in Cincinnati, Ohio
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Here is a list of additional cities where all-cash deals were common in September:

  • Cincinnati: 45.6% — which is a year-over-year (YOY) increase of 6.5 percentage points
  • Baltimore: 41.8% — YOY increase of 11.2 percentage points
  • Pittsburgh: 41.2% — YOY increase of 13.3 percentage points
  • Philadelphia: 41.1% — YOY increase of 6.7 percentage points
  • Atlanta: 41% — YOY increase of 1.1 percentage points
  • Miami: 40.7% — YOY increase of 2.0 percentage points
  • Riverside, California: 40.7% — YOY increase of 6.0 percentage points
  • Fort Lauderdale, Florida: 40.5% — YOY decrease of 0.5 of a percentage point
  • Nashville, Tennessee: 40.1% — YOY increase of 6.6 percentage points
  • Orlando, Florida: 40.0% — YOY increase of 0.6 of a percentage point

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