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  • Axios Detroit

    All-cash home sales in Detroit top national average

    By Annalise FrankBrianna Crane,

    2024-05-14

    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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