Cash buyers cede ground as financed buyers return to US market
San Francisco’s all-cash purchases climbed 7.7% year over year in a market where the median sale price exceeds $1 million, reflecting the purchasing power of technology workers buoyed by AI-sector wealth creation and equity-based compensation.
At the state level, Mississippi (47.2%), Montana (45.9%), New Mexico (43.8%), Missouri (42%), and Florida (41.3%) posted the highest cash shares, reflecting a mix of retiree activity, lifestyle buyers, and limited financing access.
On the other hand, high-cost job centers including Seattle (16.4%), Washington, D.C. (18.2%), and Denver (18.8%) showed the lowest cash shares — markets where borrowers overwhelmingly rely on mortgage financing.
Cash buyer share by metro: highest and lowest
All-cash purchases as a % of total home sales — January–April 2026
| # | Metro area | State | Cash share | |
|---|---|---|---|---|
| ▲ Highest cash buyer share | ||||
| 1 | Miami | FL | 43.2% |
|
| 2 | Kansas City | MO | 38.9% |
|
| 3 | Houston | TX | 38.8% |
|
| 4 | San Antonio | TX | 38.7% |
|
| 5 | St. Louis | MO | 37.5% |
|
| National average (Jan–Apr 2026) | 31.4% |
|
||
| ▼ Lowest cash buyer share | ||||
| 1 | Seattle | WA | 16.4% |
|
| 2 | Washington, D.C. | DC | 18.2% |
|
| 3 | Denver | CO | 18.8% |
|
| 4 | San Jose | CA | 20.2% |
|
Source: Realtor.com®, Cash Sales Report, January–April 2026. Bar lengths for highest cash share metros are scaled relative to Miami (43.2% = 100%). Bar lengths for lowest cash share metros are scaled relative to the national average (31.4%).
* The Realtor.com report named four metros with the lowest cash share. A fifth lowest-share metro was not explicitly ranked in the source data.
A U-shaped pattern at the price extremes
The pullback in cash activity has not disrupted one persistent structural pattern: cash purchases remain heavily concentrated at both ends of the price spectrum.
More than two-thirds of homes sold below $100,000 were purchased outright during the first four months of 2026, driven largely by investor activity and credit barriers to financing.
