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1 in 4 Home Sales in DC This Year Has Been All Cash

  • June 17th 2024

by UrbanTurf Staff

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A home on the market in Spring Valley. 

One in four home sales in the District this year has been an all-cash transaction. 

Approximately 2,700 homes sold in the city in the first five months of 2024 — and 25% of those listings went to buyers paying all cash. The proportion of homes selling in all-cash transactions has been rising in recent years -- moving from 17% in 2018-2020 to closer to 25% in 2021-2024. 

As home sales have dropped this year (down about 8% compared to 2023), cash sales have remained constant. The cause in both cases is likely high interest rates, as most buyers have pulled back on financed purchases while wealthier buyers are opting to pay cash rather than get a mortgage. 

The all-cash neighborhoods in DC are largely some of the priciest, with three of the top five coming in neighborhoods where the median home price exceeds $1 million. 

Below is a sampling of DC neighborhoods and the percentage of all-cash transactions so far this year:

  • West End: 60 percent
  • Georgetown: 56 percent
  • Spring Valley: 50 percent

In this article, the term “home” is defined as any single-family house, condo or co-op that sold in the city in 2024.

See other articles related to: all-cash sales, cash sales in dc

This article originally published at http://dc.urbanturf.production.logicbrush.com/articles/blog/1_in_4_home_sales_in_dc_this_year_all_cash/22433.

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