About one in four home sales in the District this year was an all-cash transaction.
Approximately 6,000 homes sold in the city in the first ten months of 2023 — and 24% of those listings went to buyers paying all cash. The proportion of homes selling in all-cash transactions has been rising in recent years -- moving from 17% in 2018-2020 to closer to 25% in 2021-2024.
As home sales have dropped this year (down nearly 23%), cash sales have remained constant. The cause in both cases is likely higher interest rates, as most buyers have pulled back on financed purchases while wealthier buyers are opting to pay cash rather than get a mortgage.
The all-cash neighborhoods in DC are largely some of the priciest, with three of the top five coming in neighborhoods where the median home price exceeds $1 million.
Below is a sampling of DC neighborhoods and the percentage of all-cash transactions so far this year:
- West End: 60 percent
- Georgetown: 44 percent
- Spring Valley: 40 percent
In this article, the term “home” is defined as any single-family house, condo or co-op that sold in the city in 2023.
This article originally published at https://dc.urbanturf.com/articles/blog/1in_4_home_sales_in_dc_in_2023_have_been_all-cash/21772.
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