Cash is king in Florida's real estate market, with the Sunshine State dominating nationwide rankings for all-cash home purchases.
Florida claims six of the top 10 cities nationally for all-cash home purchases, including three in Southwest Florida. This trend far exceeds the national average and highlights the state's unique position in the housing market.
Punta Gorda ranks third nationally with nearly 60% of all homes purchased with cash. Naples-Marco Island comes in at sixth place with 56% of all purchases being all cash. Cape Coral-Fort Myers rounds out the top 10 with just slightly more than half of all home purchases being made with cash.
To put this into perspective, only 28% of buyers nationwide bought homes with cash, according to the National Association of Realtors.
The complete list of Florida's hottest markets for all-cash buyers includes:
1. Sebastian-Vero Beach leads at 62.7% of buyers paying all cash
3. Punta Gorda at 59.8%
6. Naples-Marco Island at 56.1%
7. Ocala at 55.8%
8. The Villages at 52.9%
10. Cape Coral-Fort Myers at 50.4%
Before the COVID-19 pandemic, just 22% of buyers nationally were paying all cash, showing a significant shift in purchasing patterns.
The Sunshine State attracts cash buyers for several reasons. The state has an older population able to use equity from previous homes. There's also strong demand for second homes and investment properties.
With mortgage rates above 6%, cash buyers are staying competitive in tight housing markets while avoiding borrowing costs. The cash buyer peak was 35% two years ago, when mortgage rates topped 7%, according to an analysis from Redfin.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
