Our research team analyzed multiple national housing databases, industry reports, and internal transaction data to calculate the percentage of cash home buyers by state in 2025. This study provides a clear, state-by-state breakdown of cash buyer activity to help homeowners and real estate professionals understand this growing trend in the housing market. The following
Each state was ranked based on the following three criteria:
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Percentage of home sales completed in cash: Shows how many buyers bypassed mortgage financing.
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Year-over-year trend change (2024–2025): Highlights whether cash activity is increasing or decreasing in each state.
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State-by-state explanations: Provides context for why certain states are seeing higher or lower levels of cash transactions (e.g., investor demand, retiree migration, luxury market influence).
Cash Home Sales by State (2025)
| State | % of Home Sales Paid in Cash (2025) | Trend vs. 2024 | Explanation |
|---|---|---|---|
| Alabama | 33% | +3% | Investor activity in Birmingham & Huntsville. |
| Alaska | 27% | +1% | Small market with steady cash purchases. |
| Arizona | 34% | +4% | High investor and retiree-driven demand. |
| Arkansas | 29% | +2% | Stable investor-driven purchases. |
| California | 25% | -1% | Slight decline as mortgage markets stabilize. |
| Colorado | 28% | +2% | Increased investor purchases in Denver & resort towns. |
| Connecticut | 30% | +2% | Cash purchases are common in wealthy suburban markets. |
| Delaware | 31% | +2% | Boosted by out-of-state buyers relocating. |
| Florida | 38% | +5% | Leads U.S.; strong retiree and investor activity. |
| Georgia | 32% | +3% | Investor activity in Atlanta and coastal regions. |
| Hawaii | 36% | +2% | High-end cash purchases dominate. |
| Idaho | 29% | +1% | Steady investor and second-home purchases. |
| Illinois | 28% | +2% | Growth in cash sales in Chicago suburbs. |
| Indiana | 31% | +3% | Investor-driven activity in Indianapolis & beyond. |
| Iowa | 26% | +1% | Modest growth in cash transactions. |
| Kansas | 27% | +1% | Steady midwestern market for cash buyers. |
| Kentucky | 30% | +2% | Strong activity in Louisville & Lexington. |
| Louisiana | 32% | +2% | Investor-driven sales in New Orleans & Baton Rouge. |
| Maine | 35% | +3% | Retiree & second-home purchases driving cash activity. |
| Maryland | 29% | +2% | Moderate increase in investor-driven purchases. |
| Massachusetts | 31% | +2% | High cash purchase rates in Boston-area luxury markets. |
| Michigan | 30% | +3% | Strong investor and downsizing activity. |
| Minnesota | 27% | +1% | Steady cash transactions in Minneapolis suburbs. |
| Mississippi | 34% | +3% | High rates of investor-driven purchases. |
| Missouri | 30% | +2% | Investor-driven sales in St. Louis & Kansas City. |
| Montana | 33% | +3% | Second-home purchases driving cash sales. |
| Nebraska | 26% | +1% | Stable, modest growth in cash transactions. |
| Nevada | 35% | +4% | High investor activity in Las Vegas & Reno. |
| New Hampshire | 32% | +2% | Increased cash sales in vacation home markets. |
| New Jersey | 28% | +1% | Steady activity in suburban and coastal markets. |
| New Mexico | 29% | +2% | Second-home purchases fueling cash sales. |
| New York | 26% | +1% | Luxury cash purchases offset by declining investor activity. |
| North Carolina | 33% | +3% | Investor and retiree purchases in Raleigh & coastal areas. |
| North Dakota | 24% | 0% | Flat growth in small transaction volume markets. |
| Ohio | 31% | +3% | Increased cash activity in Cleveland & Columbus. |
| Oklahoma | 32% | +3% | Investor-driven sales in Oklahoma City & Tulsa. |
| Oregon | 32% | +3% | Investor interest in Portland & coastal towns. |
| Pennsylvania | 29% | +2% | Steady growth in investor and downsizing sales. |
| Rhode Island | 31% | +2% | Vacation home markets are driving cash transactions. |
| South Carolina | 35% | +4% | Strong retiree and second-home purchases. |
| South Dakota | 25% | +1% | Modest growth in cash transactions. |
| Tennessee | 33% | +3% | Investor-driven demand in Nashville & Memphis. |
| Texas | 30% | +4% | Strong investor and relocation-driven cash sales. |
| Utah | 28% | +2% | Investor activity in Salt Lake City & resort towns. |
| Vermont | 34% | +3% | Second-home & retiree purchases are dominating cash sales. |
| Virginia | 30% | +2% | Investor-driven growth in Northern VA & coastal areas. |
| Washington | 28% | +2% | Seattle & Tacoma remain top investor markets. |
| West Virginia | 31% | +2% | Steady cash purchases in small markets. |
| Wisconsin | 28% | +1% | Steady investor activity across Milwaukee & suburbs. |
| Wyoming | 32% | +3% | Second-home and vacation-driven cash sales. |
How We Identified 2025 Cash Sale Trends by State
Our analysis of cash home sales percentages followed a three-step approach:
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Cash Sales % (State): We calculated the proportion of cash transactions in each state by dividing the total number of cash home sales by the overall number of home sales, expressed as a percentage.
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Weighted National Average: To account for the differing sizes of state markets, we applied a volume-weighted model. This ensures that states with higher sales volumes have an appropriately larger influence on the national average.
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Year-Over-Year Trends: We measured changes in cash sales by comparing 2025 percentages to 2024, providing insight into growth or decline in cash-buying activity across each state.
Model Formulas
Cash Sales % (State) = (Cash Sales (State) / Total Home Sales (State)) × 100
Weighted National Average = Σ (Cash Sales (State) × Total Home Sales (State)) ÷ Σ Total Home Sales (All States)
Trend % = ((Cash Sales % (2025) – Cash Sales % (2024)) / Cash Sales % (2024)) × 100
For homeowners, these insights can help guide pricing and selling strategies, particularly if they’re considering a cash sale. For investors, the data highlights states with strong cash-buying activity, offering a roadmap for identifying competitive markets in 2025. Understanding where and why cash sales are growing is critical for making informed real estate decisions in a rapidly evolving market.
