May 14, 2024 - Real Estate

All-cash home sales in Detroit top national average

Line chart showing that the share of home purchases made with cash in the Detroit metro area changed from 44.9% in January 2011 to 30.1% in January 2020 and dropped to 23.2% in April 2020. In February 2024, the share was 40.9% compared with 34.5% nationally.
Data: Redfin; Note: Includes home purchases with no mortgage loan information on the deed. National data calculated from 40 of the most populous U.S. metro areas; Chart: Axios Visuals

More than 40% of Metro Detroit homes bought in February were all-cash purchases, according to Redfin.

  • That's up 3 percentage points from last year.

Why it matters: Rich people can adapt to this pricey market more easily than typical buyers needing a loan.

What they're saying: Those winning in this economy treat homes like savings accounts, Redfin chief economist Daryl Fairweather says. It's a relatively safe place to store your cash, and you can always borrow against the home if you need to tap into it.

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