--- title: 'Where Cash Is King: 10 Cities With the Highest Share of All-Cash Home Sales' description: Cash purchases by home buyers were down slightly at the end of last year after peaking to about 32% in November, according to Redfin. authors: - name: Mary Ellen Cagnassola role: Reporter url: https://money.com/author/mary-ellen-cagnassola/ bio: Mary Ellen (M.E.) Cagnassola is a former Money reporter who specialized in U.S. rent and real estate, with a focus on market trends and affordability. education: Rutgers University, BA Journalism at_money_since: 2021 articles: 205 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes former_staff: true editors: - name: Brad Tuttle role: Senior Editor url: https://money.com/author/brad-tuttle/ bio: Brad Tuttle is a former senior editor at Money with over 10 years’ experience covering a vast number of personal finance topics, including careers, cars, travel, budgeting, investing, insurance, credit cards, consumer psychology, real estate, banking, and shopping and deals. education: Columbia University School of Journalism, MS at_money_since: 2014 articles: 366 covers: - Housing - Banking - Business - Career Advice - Credit - Credit Cards - Economy and Politics - Education - Health and Wellness - Identity Theft - Insurance - Investing - Lifestyle - Loans - Mortgages - Personal Finance - Pets - Professional Services - Retirement - Shopping - Taxes - Technology social: - https://twitter.com/bradrtuttle - https://linkedin.com/in/brad-tuttle-834b225 former_staff: true published: '2023-02-17T20:36:28.000Z' modified: '2024-02-18T12:58:43.000Z' section: Housing tags: - News word_count: 333 canonical: https://money.com/cities-most-cash-home-sales/ type: NewsArticle source: structured-blocks --- > **Disclosure:** We research all brands listed and may earn a fee from our partners. Research and financial considerations may influence how brands are displayed. Not all brands are included. [Learn more](https://money.com/page/disclaimer/). ![West Palm Beach, Florida, Exterior View](https://img.money.com/2023/02/News-WestPalmBeach-All-Cash-Home.jpg) *West Palm Beach, Florida* An unusually high share of homebuyers continue to avoid high [mortgage rates](https://money.com/current-mortgage-rates/) and make their purchases in cash. All-cash [home sales](https://money.com/housing-market-2023-expert-predictions/) edged slightly lower at the end of 2022 but were close to an eight-year high, according to recently released data. A [report](https://www.redfin.com/news/all-cash-purchases-fha-loans-december-2022/) from real estate brokerage Redfin found that roughly a third (31%) of home purchases across the U.S. last December were purchased in cash, down slightly from November’s peak. Redfin analyzed county records from 40 of the most populated metro areas going back to 2011. ## What the data says - All-cash home purchases reached their highest levels since 2014 last November, coming in at about 32%. - That’s up from the same month in 2021 — when all-cash purchases were around 29% — as well as up from pre-pandemic levels. ## Why cash is king in home sales - The [competitive housing market](https://money.com/bidding-wars-housing-market-recovery/) is partly to blame for the rise in all-cash home sales. Sellers are more likely to choose buyers who make cash offers, explaining why all-cash purchases skyrocketed in late 2020 and stayed high through 2021. - Redfin says [high mortgage rates](https://money.com/current-mortgage-rates/), which rose throughout 2022 and averaged 6.36% in December, are a big reason affluent buyers have been paying in cash more recently. Cash purchases allow these buyers to avoid currently elevated interest rates on home loans. ## Top 10 cities for all-cash home sales The percentage of homes purchased in cash dipped slightly in December from a recent peak reached the month before. Here are the cities where all-cash home sales were most common at the end of 2022: 1. West Palm Beach, Florida (52%) 2. Jacksonville, Florida (45.3%) 3. Miami, Florida (45%) 4. Cleveland, Ohio (43.6%) 5. Fort Lauderdale, Florida (43.5%) 6. Tampa, Florida (39.10%) 7. Orlando, Florida (37.7%) 8. Cincinnati, Ohio (36.6%) 9. Philadelphia, Pennsylvania (35.9%) 10. 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