Nearly One in 5 Homes Sold in DC in 2017 Were All-Cash Purchases

A rendering at Westlight Condos where many residences were purchased in all-cash transactions.
While many prospective homebuyers in DC are concerned with just finding a house they can afford, sellers are looking for deals with little to no red tape or contingencies, and cash sales fit that bill.
Since January, 7,758 homes have sold in the District — and just over 19 percent of those homes went to buyers paying all cash. Neighborhoods like West End* saw over half of home purchases made in cash while in Georgetown, where the sales volume is much higher, 30 percent of home purchases were all-cash transactions.
Competitive bidding wars didn’t necessarily correlate with a higher proportion of cash purchases; homes in North Cleveland Park, for example, sold for an average of 104 percent of listing price this year, yet just 16 percent of those sales were cash transactions.
story continues below
loading...story continues above
Below is a sampling of neighborhoods and the percentage of all-cash transactions in 2017:
* Spring Valley: 37.2 percent
* Congress Heights: 27.6 percent
* Capitol Hill: 22.5 percent
* Petworth: 19 percent
In this article, the term “home” is defined as any single-family house, condo or co-op that sold in the city in 2017. * indicates homes in advertised rather than legal subdivisions.
See other articles related to: cash sales in dc, housing market
This article originally published at https://dc.urbanturf.com/articles/blog/nearly_one_in_5_homes_sold_in_dc_in_2017_were_all-cash_purchases/13307.
Most Popular... This Week • Last 30 Days • Ever

The proposed district would encompass the neighborhood's commercial strip along Conne... read »

WTOP is reporting that The Heights, an eight-stall food hall that is taking over the ... read »

Where new housing is being built; the return of water in Dupont Circle; and a look at... read »

July Residential has filed plans with DC for a four-story, 50-unit apartment building... read »

As a tumultuous year for the housing market winds down, forecasts are being made for ... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro