All-cash home purchases in Cleveland on the decline
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Cash didn't rule everything around Cleveland's housing market last year.
Driving the news: 40% of Cleveland-area homes purchased in 2024 were bought with cash, down from 48% in 2023, data shows.
Why it matters: Cash buyers, many of them investors, have pulled back after a pandemic shopping spree.
- But their piece of the homebuying pie remains historically high nationwide, according to a recent Redfin analysis.
By the numbers: The share of U.S. homes bought with cash fell to just under one-third last year — the lowest since 2021, per Redfin.
Between the lines: Wealthier people are more likely than lower-income Americans to purchase homes in this expensive market.
- Home sales overall hit a nearly 30-year low in 2024, National Association of Realtors data shows.
What's next: "We are unlikely to see the share of all-cash purchases fall much lower in 2025, unless mortgage rates drop enough to drive a significant increase in sales," Redfin senior economist Sheharyar Bokhari said in the report.
- The average rate on the 30-year mortgage is now hovering near 7%, per Freddie Mac.