Cash is still king in the housing market.
A new report out from real estate brokerage Redfin finds that close to a third of homes sold in the U.S. in 2021 were purchased with cash.
"[Thirty percent] of U.S. home purchases this year were paid for with all cash," the report said. "That’s up from 25.3% during all of 2020 and represents the largest share since 2014, when 30.6% of homes were purchased with all cash."
The report attributes buyers reaping profits from the stock market as the main driver for the increase in cash purchases.
In DC, approximately 25% of homes sold this year were all-cash deals, but UrbanTurf found that in some neighborhoods, that percentage is higher. In Georgetown, about 1 in 3 homes sold in a cash transaction in 2021 and in Spring Valley, 40% of sales were all-cash.
Chart courtesy of Redfin.
This article originally published at https://dc.urbanturf.com/articles/blog/1-in-4-dc-home-sales-in-2021-was-all-cash-per-new-report/18502.
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