Cash home sales increase
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More Pittsburgh homes are being paid for in cash, according to a new report.
Why it matters: On a national level, cash buyers, many of them investors, have pulled back after a pandemic shopping spree.
- Pittsburgh's share of cash buyers has increased over the years, even if it still remains slightly under national averages, according to a recent Redfin analysis.
Zoom in: 30.6% of home purchases in the Pittsburgh metro area were cash buys last year, the highest percentage since 2014.
- Cash buyers increased by about 2% between 2023 and 2024.
Zoom out: The share of U.S. homes bought with cash was 32.6%, per Redfin.
Between the lines: Corporate investors, who pay in cash, have been increasing their home purchases in Allegheny County since 2019, according to a 2024 study from the University of Pittsburgh's Center for Social and Urban Research.
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.