Cash is King & Money Talks in These Metros

Key Highlights

• All-cash offers stand out to sellers and help buyers get dream homes
• All-cash offers increasing in secondary cities, vacation spots and heavily competitive region

All-Cash Offers Like Catnip to Sellers

Cash has always been king but in this frenzied real estate market where, according to Realtor.com®, 29% of potential sellers are considering listing their homes above valuations, cash can be the difference between getting a buyer getting her/his dream home or getting nothing.

Basically, sellers are in the driver’s seat in this fierce seller’s market and sellers like hassle-free, quicker-to-close cash offers.

Cash Offers Now Up to 20% of All Sales

According to CoreLogic, all-cash offers have been the name of the game in 20% of sales over Q1 2021 and heading in to most of Q2 2021 sales.

Cash offers have been increasing in secondary cities that  have (relatively) affordable homes, vacation destinations and in regions that have exceptionally competitive housing markets.

One important caveat however: most homebuyers in the US still get a mortgage to buy a home.  All-cash buyers tend to be a subset of investors, people wanting second homes and/or international buyers.

Metros Recording Biggest Jumps in Cash Sales

Realtor.com® took a look at CoreLogic’s “all cash” data to see which metros saw the biggest jumps in cash offers on a year-to-year basis in the pre-pandemic months of January and February.

Realtor.com® limited its rankings to one metro per state. Realtor.com® also defined metros as including the main city, surrounding towns, suburbs and smaller urban areas

Ten Metros Where Cash is King

1. Reno NV
   1. Median list price in April 2021 – $524,500
   2. Share of cash sales in January and February – 51%
   3. Change from last year – 29%
2. Racine WI
   1. Median list price in April 2021 – 289,200
   2. Share of cash sales in January and February – 40%
   3. Change from last year – 18%
3. Greenville SC
   1. Median list price in April 2021 – $323,950
   2. Share of cash sales in January and February – 38%
   3. Change from last year – 14%
4. El Paso TX
   1. Median list price in April 2021 – $240,925
   2. Share of cash sales in January and February – 15%
   3. Change from last year – 13%
5. Clarksville TN
   1. Median list price in April 2021 – $322,650
   2. Share of cash sales in January and February – 30%
   3. Change from last year – 12%
6. Torrington CT
   1. Median list price in April 2021 – $425,000
   2. Share of cash sales in January and February – 41%
   3. Change from last year – 11%
7. Kahului HI
   1. Median list price in April 2021 – $891,500
   2. Share of cash sales in January and February – 40%
   3. Change from last year – 11%
8. Canton OH
   1. Median list price in April 2021 – $186,900
   2. Share of cash sales in January and February – 40%
   3. Change from last year – 11%
9. Claremont NH
   1. Median list price in April 2021 – 327,000
   2. Share of cash sales in January and February – 33%
   3. Change from last year – 10%
10. Bellingham WA
    1. Median list price in April 2021 – $499,450
    2. Share of cash sales in January and February – 33%
    3. Change from last year – 9%

Thanks to Realtor.com®, MansionGlobal and CoreLogic.

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