All-Cash Home Purchases Becoming More Common In Competitive Housing Market

In a housing market marked by bidding wars and fast-moving deals, all-cash buyers are gaining a competitive edge — and theyre doing so in growing numbers.

New data from independent mortgage lender New American Funding (NAF) reveals the top 10 U.S. states where cash offers dominate home purchases, giving buyers and sellers alike a clearer view of where cash is king. While all-cash offers have traditionally been associated with investors or retirees, they are increasingly being made by first-time buyers and current homeowners seeking to make their offers more appealing, accelerate the closing process, or navigate simultaneous sales and purchases.

According to NAFs analysis of 2024 data from real estate analytics firm ATTOM, about 27% of all homes purchased last year were bought outright in cash. The highest concentrations of these transactions were in states across the East Coast and South, as well as parts of the Midwest.

Leading the list was West Virginia, where 41.1% of homes were bought with all cash. New York followed closely at 40.4%, and Delaware came in third at 38.9%. Other states in the top ten included Georgia (37.5%), Alabama (36.7%), South Carolina (35.2%), North Carolina (34.3%), Louisiana (34.1%), Maine (33.4%), and Ohio (31.5%).

These findings reflect a wide range of housing markets — from more affordable areas like West Virginia and parts of the South to high-cost regions such as New York.

“Buyers dont have to wait to sell their home to purchase a new one,” said Miguel Villegas, director of NAF Cash. “They can save money and move into their next home faster. All-cash transactions continue to offer significant strategic advantages in todays competitive housing environment.”

The strategic edge of cash buying includes stronger negotiating power, more certainty in closing deals, and generally faster closings due to fewer contingencies and financing-related delays.

One recent buyer, Rhodabelle Braga, described the benefits of using NAF Cash during a major move from Los Angeles to OFallon, Mo. 

“NAF Cash turned what could have been a nerve-racking, cross-country move into a smooth hand-off,” Braga said. “Being able to make a cash offer before our California home sold let us secure the right house, enroll our kids in school on time and start our new jobs without juggling two closings or two mortgages. The peace of mind alone was worth it.”

NAF continues to monitor trends in cash transactions and provides tools like NAF Maps to help buyers assess the prevalence of all-cash deals in specific areas. Its NAF Cash program, available nationwide, has enabled nearly 1,500 families and individuals to purchase homes using cash, often completing deals in as little as 14 days.