Redfin: March Cash Purchases Fall to Lowest Level Since 2020

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Redfin, Seattle, found 28.8% of U.S. homebuyers paid cash in March.

That’s tied (with March 2021) for the lowest share for that month since March 2020, and down from 29.8% in March 2025.

All-cash purchases peaked at nearly 35% in 2023, as mortgage rates hit a two-decade high. Buyers were more likely to pay in cash to avoid those rates.

In contrast, mortgage rates eased to below 6.2% in March, reducing the incentive to avoid financing. And, the housing market is better positioned for buyers right now, meaning that all-cash offers aren’t as commonly needed to break bidding wars. Moreover, economic and geopolitical uncertainty may be preferring to preserve or invest cash rather than tie it up in a home.

All-cash purchases were the most prevalent in two markets: Cleveland and West Palm Beach, Fla. In both, cash purchases were 51.1% of all home sales in March. Next on the list is Detroit, where 45.8% of purchases were cash, followed by Riverside, Calif., (38.1%) and Fort Lauderdale, Fla., (38%).

In contrast, in Seattle, only 17.6% of home purchases were cash, followed by Oakland (18.4%), Sacramento (19.9%), Los Angeles (20.5%) and San Diego (20.7%).