Florida emerges as a cash-driven real estate hub: Redfin data report

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Cash reigns supreme in the real estate realm, and Florida stands at the forefront of this trend.

Recent findings from a Redfin data report on March 29, 2024 reveal that over one-third of residential property transactions in the United States are completed in cash—a trend that is notably more prevalent in the Sunshine State compared to other regions.

The Significance: Affluent individuals are better positioned to navigate the high-cost housing market compared to conventional buyers reliant on loans.

By the Redfin Figures: Five of the top 10 metropolitan areas with the highest proportion of cash transactions, including Jacksonville and West Palm Beach, are lodged within Florida.

According to the Redfin data report, Jacksonville leads the pack at 54.4%, with West Palm Beach following closely behind in second place at 53.4%.

Fort Lauderdale and Miami followed next, securing the fourth and sixth positions, respectively, with 46.2% and 44.0%.

Meanwhile, Tampa Bay is eighth on the list with a 42.8% cash purchase rate, surpassing the national average of 34.5%. The median down payment in this region is $39,702.

The Redfin data report also provided several other notable statistics.

Jacksonville's 54.4% of home purchases made in cash have increased 8.0 percentage points from a year earlier per the metros Redfin studied, which is second on the list behind Atlanta at 12.5 percentage.

In contrast, 53.4% of home purchases in cash in West Palm Beach decreased by 1.6 percentage points from the previous year, which is the ninth-largest decline among the metros studied by Redfin.

In the meantime, Jacksonville is also among the highlighted regions in the median down payment after it jumped 29.4% year over year, the ninth-largest increase in that category.