Cash Buyers Make Up Nearly a Third of Home Sales in 2025

Homebuyers who pay cash continue to wield outsized influence in the U.S. housing market, even as the overall share has slipped slightly compared to pandemic peaks. In the first half of 2025, nearly one in three home purchases—32.8%—were made without a mortgage, according to an analysis from Realtor.com. The cash buyer pool includes affluent households, second-home purchasers and both single and institutional investors, underscoring a persistent wealth-driven dynamic in residential real estate.

Though the percentage has softened from last year, pandemic-era competition for limited inventory led to a notable shift from the pre-2020 average of 28.6%. During those years, cash became a frequent, decisive lever for buyers eager to secure “scarce listings”—a trend that continues to linger, according to Danielle Hale, chief economist at Realtor.com.

“Cash buyers have long been a fixture in the market, but their influence is more pronounced today than in pre-pandemic years,” Hale said.

The prevalence of cash transactions has also shaped market dynamics, often giving these buyers a leg up in bidding wars over those reliant on mortgage financing. Investors, in particular, have been active, targeting properties suitable for single-family rentals. Another subset of all-cash purchasers consists of homeowners leveraging substantial equity from their previous sales, enabling them to buy outright without financing.