Fewer Philly region homes are selling for all cash
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Fewer Philly metro buyers are scooping up homes with cash.
Why it matters: Cash buyers, many of them investors, have pulled back after a pandemic shopping spree nationwide.
- But their piece of the homebuying pie remains historically high nationwide, according to a recent Redfin analysis.
By the numbers: 33% of home purchases in the region were cash buys last year, down from 37.6% in 2023, per Redfin.
- Over the last decade, the region's share of cash buyers ranged from 28% to last year's high.
Zoom out: The share of U.S. homes bought with cash was 32.6%, per Redfin.
Between the lines: Investors were snatching up a larger share of Philly metro homes during the pandemic.
- The region has also been a hotbed for house-flippers.
🔮 What to expect: "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.