Did you know? Nationally, cash buyers have accounted for approximately 1/3 of all home sales in 2021 thus far. This is actually the largest share of cash buyers for homes since 2014. With this said, The Sunshine State has an even higher percentage of all cash sales than the national average. In fact, the leading metro area in the country for all cash sales thus far this year is West Palm Beach, FL! In this slice of paradise, a whopping 52.6% of all homes sales have been purchased with all cash!
U.S. metros with the highest percentage of cash sales
The state of Florida has accounted for 7 of the top 10 metro areas with the highest percentage of cash sales. The top 10 metro list for the country thus far in 2021 is as follows:
- West Palm Beach: 52.6%
- Naples: 52.5%
- Nassau County, N.Y.: 50.2%
- North Port: 49.4%
- Port St. Lucie: 46.2%
- Greenville, S.C.: 45.4%
- Palm Bay: 44.1%
- Cape Coral: 44.1%
- Des Moines: 41%
- Jacksonville: 40.1%
There is no doubt that the prevalence of remote working environments has contributed to the higher number of Americans relocating to South Florida. With the higher percentage of cash buyers, it is quite likely that many buyers are selling their homes in more expensive states and relocating to South Florida with plenty of cash to purchase a home. Of course, having cash during the commonly seen bidding wars for homes right now is a significant advantage. In fact, approximately 2/3 of home offers written over the last month faced a bidding war. In addition to many buyers relocating to South Florida to work remotely, we are also seeing an increase in real estate investors and vacation home buyers entering the market. Unfortunately, this competitive market is making it even more difficult for lower income buyers and first-time homebuyers.
Are you looking to buy or sell a property in South Florida? Now more than ever, it is critical to have a qualified real estate team and the proper search tools behind you. At Live South Florida Realty, Inc., we have been a leader in the South Florida market for many years. Let our team of professionals assist you with buying or selling your piece of paradise today! In addition, our recently launched “Florida Home Search” app is now available on the Apple App Store and Google Play Store. With real-time MLS feeds, this app lets you set your own alerts to notify you as soon as a property meeting your needs hits the market. Furthermore, it will also let you know of recent closed sales in your area so that you may be even more educated on the market. Be sure to download this app for your smartphone or tablet today!