About one in four home sales in the District so far this year were all-cash transactions.
2,142 homes sold in the city through the first four months of 2023 — and 24% of those listings went to buyers paying all cash. In recent years, approximately 17-20% of homes sold in all-cash transactions, so this year's numbers are a bit higher, perhaps because higher interest rates are moving buyers toward cash. It should also be noted that sales are down 32% in 2023, compared with the same period last year.
The all-cash neighborhoods in DC are largely 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: 72 percent
- Georgetown: 46 percent
- Spring Valley: 42 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/25_of_homes_sales_in_dc_in_2023_have_been_all-cash/21111.
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