Key Details:
- Realtor.com® reports 32.8% of homes sold in H1 2025 were all-cash with Mississippi leading states at 49.6% and Miami topping metros at 43.0%.
- San Antonio posted the largest metro gain at +7.7% while West Virginia led state-level increases at +5.3%.
- Seattle recorded the lowest cash share at 17.9%.
Nearly one in three homes sold in the first half of 2025 were paid for entirely in cash, according to a new Realtor.com® analysis.
The report shows that while the share of cash purchases has dipped slightly from last year, cash remains a powerful force in the housing market and a consistent hurdle for buyers who rely on financing.
Cash has always been part of the real estate landscape, but its role has grown more significant since the pandemic.
The new report provides a detailed look at where cash is most prevalent, which states and metros saw the biggest shifts over the past year, and how changing interest rates could alter the balance going forward.
The National Picture
Nationwide, 32.8% of homes sold between January and June were all-cash transactions. That figure is down slightly from 2024 but still sits well above pre-pandemic norms, when the average was just 28.6%.
Cash buying surged during the pandemic as investors and equity-rich buyers competed for scarce listings.
Even as the market has cooled, cash continues to account for nearly one-third of sales.
Danielle Hale, chief economist at Realtor.com®, explained the significance of this trend.
“Cash buyers have long been a fixture in the market, but their influence is more pronounced today than in pre-pandemic years. High-wealth buyers, investors, and those with significant equity can move quickly and often win out in competitive situations.
“For traditional, mortgage-reliant buyers, this can add another hurdle in an already challenging affordability environment.”
Where Cash Dominates
Cash has an outsized influence at both the high and low ends of the market. Two-thirds of homes priced under $100,000 sold without a mortgage.
On the luxury side, more than 40% of homes over $1 million were cash purchases, with the share topping 50% for homes over $2 million.
Older households, downsizers, and equity-rich buyers are especially likely to purchase without financing. For high-wealth households, the decision to use cash is often driven by broader financial considerations rather than borrowing costs.
States with the Highest Cash Share
Five states led the nation in cash purchases during the first half of 2025:
- Mississippi: 49.6%
- Montana: 46.0%
- Idaho: 45.0%
- Hawaii: 44.9%
- Maine: 44.4%
These results reflect very different local dynamics. Mississippi’s high share is tied to affordability and limited access to credit in some areas, while Hawaii and Maine attract older, equity-rich second-home buyers.
Montana and Idaho have seen elevated demand from out-of-state movers.
Metro Leaders and Laggards
Among metro areas, Miami took the top spot with 43.0% of sales closing in cash during the first half of the year.
San Antonio followed at 39.6%, with Kansas City (39.2%), Birmingham (38.8%), and Houston (38.8%) rounding out the top five.
These markets highlight different drivers, from international demand in Miami and Houston to investor activity in affordability-friendly cities like San Antonio and Kansas City.
At the other end of the spectrum, some of the nation’s younger and higher-cost metros saw far fewer cash deals. Seattle ranked lowest at 17.9%, followed by San Jose (20.6%), Denver (20.7%), Washington, D.C. (21.5%), and Portland (21.7%).
These markets are dominated by mortgage-dependent buyers, many of whom already carry substantial debt.
Year-over-Year Shifts
Cash share also shifted in meaningful ways compared to 2024.
- Biggest state increases: West Virginia (+5.3%), New Mexico (+4.0%), Texas (+2.8%), and New York (+2.0%).
- Biggest state declines: Hawaii (-4.0%), New Hampshire (-3.7%), and North Dakota (-3.6%).
Metro-level changes were even more dramatic. San Antonio saw the single largest jump, up 7.7 percentage points year-over-year, fueled by in-migration and renewed investor activity. Dallas-Fort Worth (+3.5%) and Houston (+2.5%) also posted sizable gains.
In the opposite camp, Louisville fell by 4.0%, while Jacksonville dropped 3.1%.
What Happens if Rates Fall?
For now, cash remains a clear competitive edge in many markets. But the balance could change if borrowing costs come down. Lower rates would bring more financed buyers back into the market, particularly first-time buyers who have been sidelined by affordability challenges.
Hannah Jones, senior economic research analyst at Realtor.com®, put it this way:
“Cash sales underscore the wealth concentration shaping today’s housing market. If mortgage rates fall, we could see financed buyers regain ground, but for now, cash remains a powerful competitive advantage.”
Cash buyers are here to stay, but shifts in rates and affordability could rebalance the market over time. For now, the data highlights just how concentrated housing wealth remains.
Use this information to help buyers and sellers set realistic expectations.
- Buyers should know where they may face stiff competition from cash offers.
- Sellers should recognize how cash activity shapes demand in their market.
Having these numbers at your fingertips can build credibility and frame stronger conversations with clients who want to understand what’s really happening on the ground.
